Same here. This is a massive dent in any of our remaining profit. Realistically we'll need to look to leave

"UK businesses who are paying out in USD to a US-domiciled bank account will now incur a 1% fee, with a minimum fee of US$2.50."

So if we get paid out a USD payment, into a USD account. We get charged just because we're registered in the UK? That's a huge impact on our business.

Presumably you've got a UK bank account, so you can just use that and take on the currency risk and transaction fees of Wise or similar?

If you have a USD-denominated bank account, based in UK or elsewhere, you’ll be hit with the 1% fee.

If you have a bank account in another currency, you’ll be charged a 2% currency conversion fee from USD to your currency.

I dont know if it’s common in other countries, but Canadian banks offer USD denominated accounts. From the wording, it seems like only if you are paying USD into a US bank account you pay the fee. Presumably paying USD into a non US bank account (in USD) wouldn’t incur this fee. At least I’d hope so!

Hmm, you’re right about the wording, but the alternate currencies page doesn’t seem to differentiate between where the bank account is based:

https://stripe.com/docs/payouts/alternative-currencies

Here in Australia we’re charged the 1% fee for USD payouts even though the account is with a local bank.

We use Wise but their USD accounts are US-domiciled. So we have 3 options: - Continue paying out to Wise and incur an additional 1% fee (~$30k per year) - Use Stripe for currency conversion which is additional 2% fee (~$60k per year - Find a UK-domiciled USD account to pay out to. Might be possible - no idea really. Need to look into it.

> Find a UK-domiciled USD account to pay out to. Might be possible - no idea really. Need to look into it.

FWIW one of these was readily available from my existing bank (Barclays) last time I needed one (~10yrs ago). Bit of hoop-jumping to go through, but definitely worth it for $30k/year.

Thanks, we'll speak with Barclays then :)

Won't work. It's easy to get a USD bank with Barclays or other UK banks, but Stripe are still adding this 1% fee to pay out $USD wherever it goes.

Thanks for sharing. We've just spent the last hour debugging our website, thinking we had issues. This explains it.

Interestingly, we saw a bunch of other services degrade (Zoom, Zendesk, Datadog) before AWS services themselves degrade.

Convertkit is a front-end for Sendgrid, so possibly they use the same format as them?

Possibly, but I don't know. If someone points me to a Sendgrid-based newsletter that I can subscribe to, I'd be happy to look.

Mondo uses SendGrid. They have a subscription bar at the bottom of the homepage: mondoshop.com

I'd expect that the name and address will still be stored in their payment processor.

Then the invoice itself (containing your name/address/payment method) will need to be stored by the company in some form for accounting regulations.

There is a draft adequacy agreement between the two which should be signed before the end of June when the transition period ends: https://ec.europa.eu/commission/presscorner/detail/en/ip_21_...

Not quite, the EU and UK have a draft adequacy agreement in place. Should be signed by the time the transition period ends.

Can you supply a link - the UK would need something like GDPR in law (which we currently have rolled over) for the EU to recognise our laws... it seems like it would be difficult and pointless to change to something that slightly differs from the GDPR only to have to implement all of it's concerns for EU data anyway...

The very article we've commented under makes this point, but if you want to see the specific agreement: https://ec.europa.eu/commission/presscorner/detail/en/ip_21_...

Okay well if that is the case I'm less concerned!

Yep, although the phone call requirement is a new one and was introduced by a sneaky update to their terms: https://twitter.com/rtwlz/status/1341581686216245248

Run a business here, oh and we use Baremetrics too. To be 100% clear we never want to call you or Brian.

Listen to your customers here.

If there are people that want a call, offer the option, but please don't force it. And don't do sneaky updates to your terms which make this a requirement.

Just wanna chip in that we're also Baremetrics customers and that we also don't wanna call you.

usiegj00, don't make the mistake of assuming that most commenters here are just junior JavaScript programming trolling on a forum. Half your customers are reading this thread today.

> And don't do sneaky updates to your terms which make this a requirement.

Hmmm, doesn't a terms update require the customers to re-agree to the terms? So if they made the update to terms about requiring a call, and never requested customers re-agree to the terms, then technically the customer doesn't have to follow said terms, correct? The old terms are still in play, or the account must be canceled.

Loophole?

Long time customer of Baremetrics here. And this shady practice is really really offputting, to the extent where we are now looking into cancelling (without a phone call, of course)