Stripe Review

Known primarily for its payment processing capabilities, Stripe’s multi-currency features offer impressive flexibility for those operating in today’s global marketplace. With competitive exchange rates, developer-friendly infrastructure, and a comprehensive suite of financial tools, Stripe appeals to businesses of all sizes, especially online merchants, subscription services, and platform businesses. Its intuitive dashboard and robust API make managing multiple currencies significantly less complicated than traditional banking solutions. But is Stripe the best option for managing multiple currencies? Let’s take a deep dive into its features, fees, pros, and cons.

Overview: What Is Stripe?

Founded in 2010 by Irish brothers Patrick and John Collison, Stripe has grown from a simple payment processor to a comprehensive financial infrastructure platform. Today, Stripe is valued at over $91 billion, making it one of the most valuable private fintech companies globally.

Unlike traditional banks, Stripe functions as a technology-first financial services provider, offering programmable infrastructure for internet commerce. Its core difference lies in its API-driven approach, allowing businesses to embed financial services directly into their operations.

Stripe works by providing businesses with tools to accept payments, send payouts, and manage funds across currencies. Users can collect payments in 135+ currencies while settling in their preferred currency, effectively eliminating the need for multiple bank accounts in different countries.

Stripe is best suited for businesses with online operations, including e-commerce stores, subscription services, marketplaces, platforms with complex payment flows, and businesses operating internationally.

Key Features of Stripe

Multi-Currency Support

Stripe supports transactions in over 135 currencies, with settlement available in 25+ major currencies. This extensive support makes it particularly valuable for businesses selling globally without wanting to manage multiple banking relationships. The platform’s currency management tools allow for automatic conversion or holding balances in multiple currencies depending on your business needs, giving you maximum flexibility in how you manage international revenue streams.

Exchange Rates & Fees

Stripe typically offers competitive exchange rates with a small markup over the mid-market rate. The markup varies by currency pair but is generally transparent and competitive compared to traditional banks. For businesses processing significant volume, custom rates can be negotiated. Stripe’s real-time currency conversion allows businesses to display prices in local currencies while still receiving funds in their preferred currency, increasing conversion rates for international customers by up to 30% according to Stripe’s internal studies.

International Transfers

Stripe Connect enables businesses to send payouts to recipients in 46+ countries, usually arriving within 2 business days. Transfer limits vary by country and account verification level but are generally sufficient for most business needs. The service integrates seamlessly with Stripe’s broader ecosystem, allowing marketplace businesses to automate payments to vendors, contractors, or partners globally without building complex payment infrastructure. For businesses with recurring international payouts, Stripe’s scheduled transfers feature helps automate the process, reducing manual operations.

Account Management

Stripe’s dashboard is renowned for its user-friendly design and detailed analytics capabilities. The mobile app provides on-the-go management, though with somewhat limited functionality compared to the web interface. Stripe’s API documentation is exceptional, enabling developers to build custom integrations. Customer support is available 24/7 via email, with phone support for specific account tiers. The Stripe Dashboard offers detailed reporting on currency performance, allowing businesses to track exchange rate fluctuations and optimize their currency strategy over time.

Security & Regulation

Stripe is PCI Service Provider Level 1 certified, the highest level of certification available. The company is regulated by financial authorities in multiple jurisdictions, including registering as a Money Services Business with FinCEN in the US. They implement bank-level security measures, including end-to-end encryption and adaptive fraud prevention. Stripe’s machine learning systems analyze transactions across their global network to identify and block fraudulent activity before it impacts your business, which significantly reduces chargeback risks for cross-border transactions.

Fees & Costs

Account Fees

Stripe does not charge monthly or annual fees for standard accounts. There’s no setup fee or minimum processing requirement, making it accessible for businesses of all sizes. This zero-overhead approach is particularly beneficial for seasonal businesses or startups with fluctuating payment volumes. Additionally, Stripe’s transparent pricing model means businesses only pay when they successfully process a transaction, helping with cash flow management.

Currency Conversion Fees

For currency conversions, Stripe typically charges 1-2% above the mid-market rate, depending on the currency pair. This is competitive compared to traditional banks but slightly higher than specialized currency exchange services like Wise. Businesses with significant international volume can negotiate preferential rates, potentially saving thousands in conversion fees annually. Stripe also offers the ability to hold balances in multiple currencies, allowing businesses to time conversions strategically when exchange rates are favorable.

Withdrawal & Deposit Fees

Standard payouts to your bank account are free in most countries. However, instant payouts (where available) incur a 1% fee. There are no deposit fees when customers pay you. ATM withdrawals are not applicable as Stripe doesn’t provide physical cards for its multi-currency accounts. The standard payout schedule is typically 2 business days in most major markets, though this can extend to 7+ days in some regions. Businesses can customize their payout schedule (daily, weekly, monthly) to match their cash flow requirements.

Transaction Fees

For standard payments, Stripe charges 2.9% + $0.30 per successful transaction in the US (rates vary by country). Additional fees apply for international cards (+1%) and currency conversion (+1-2%). Volume discounts are available for businesses processing over $1 million annually. For subscription businesses, Stripe’s Billing product offers tools specifically designed for recurring payments across multiple currencies, with smart retries and dunning management to maximize revenue recovery. Their machine learning system optimizes payment routing to improve authorization rates in different regions.

Hidden Costs

While Stripe is generally transparent, businesses should be aware of potential chargeback fees ($15 per instance), dispute fees, and penalty fees for prohibited businesses. Some advanced features like Radar for fraud prevention may have additional costs. For businesses operating in high-risk industries or regions, Stripe may require reserves to be held, temporarily reducing available cash flow. It’s also worth noting that some banking partners may charge incoming wire fees when receiving Stripe payouts, though this varies by bank and region.

Pros & Cons

Pros

Exceptional developer tools and API documentation
Supports 135+ currencies with competitive exchange rates
Seamless integration with other business tools
Advanced fraud protection built-in
No monthly fees or minimum requirements
Highly scalable for growing businesses
Detailed analytics and reporting capabilities
Continuous product innovation and feature releases
Strong reputation among developers and businesses
Extensive marketplace payout capabilities

Cons

Higher transaction fees than some competitors
Not designed for personal use or casual currency holders
Premium support requires higher processing volumes
Limited physical banking features
Account stability issues reported by some high-risk businesses
Steeper learning curve for non-technical users
Occasional currency conversion delays during high volatility
Limited options for cash-based businesses
Variable support quality depending on account size

How to Open an Account

Setting up a Stripe account is straightforward:

Visit Stripe.com and click “Start now” or “Create account”
Enter your email address and set a strong password
Provide basic business information including company name, address, and website
Verify your email address
Complete the business verification process by providing:
- Legal business name and type
- EIN or SSN (in the US)
- Identity verification of business owner/representative
- Bank account information for payouts

Most businesses can begin accepting payments immediately after email verification, though some features may be limited until full verification is complete. Full verification typically takes 1-2 business days, though it can be longer for complex business structures. For businesses operating in multiple regions, Stripe offers the ability to create linked accounts under a unified dashboard, streamlining multi-country operations while remaining compliant with local regulations.

Who Should Use Stripe?

Stripe’s multi-currency features are best suited for:

E-commerce businesses selling internationally
SaaS companies with global customer bases
Marketplace and platform businesses needing to pay out to international partners
Businesses with complex payment flows requiring customization
Companies with technical resources to leverage Stripe’s API capabilities
Digital content creators monetizing global audiences
Mobile app developers with international user bases
Subscription businesses serving multiple regions

If you run an online business that needs to collect payments in multiple currencies while minimizing conversion costs, Stripe offers significant advantages. For example, a US-based software company with customers in Europe, Asia, and South America can use Stripe to accept payments in local currencies, improving conversion rates while simplifying bookkeeping. Similarly, a marketplace connecting global buyers and sellers can utilize Stripe Connect to handle complex money movements while managing currency conversions behind the scenes.

However, Stripe is not ideal for individuals seeking personal multi-currency accounts, travelers needing ATM access, or businesses without any online presence. Traditional brick-and-mortar businesses may find other solutions better suited to their needs.

Competitor Comparison

When compared to other multi-currency solutions, Stripe has distinct advantages and limitations:

Stripe vs. Wise – While Wise offers true mid-market exchange rates and lower currency conversion fees (typically 0.4-0.5%), it lacks Stripe’s comprehensive payment processing capabilities. Wise is better for individuals or businesses primarily focused on transferring money, while Stripe excels for businesses needing integrated payment processing. Wise offers multi-currency account numbers (including IBAN, ACH, etc.) which Stripe doesn’t provide, but can’t match Stripe’s payment acceptance infrastructure.

Stripe vs. PayPal – PayPal offers similar multi-currency capabilities with wider consumer recognition but generally charges higher fees (3.9% + fixed fee for international transactions) and provides less flexibility for customization. PayPal is more user-friendly for non-technical businesses, while Stripe offers more control. PayPal’s consumer familiarity can boost conversion rates in some markets, but Stripe typically provides better checkout customization and optimization tools.

Stripe vs. Revolut – Revolut provides excellent multi-currency accounts with physical cards and lower exchange fees but has limited payment processing capabilities. It’s better for business spending and travel, while Stripe focuses on revenue collection. Revolut’s recent expansion into acquiring services is narrowing this gap, though their offering remains less mature than Stripe’s.

Stripe vs. Adyen – Both cater to enterprise clients, but Adyen typically requires higher volumes and offers more global payment methods. Stripe provides better developer tools and is more accessible to mid-market businesses. Adyen excels in complex global operations for large enterprises, while Stripe offers a more approachable solution for growing businesses not yet at enterprise scale.

Stripe vs. Braintree – Owned by PayPal, Braintree offers similar developer-friendly tools with competitive multi-currency support. However, Stripe generally provides a more comprehensive ecosystem of financial products beyond payment processing. Braintree’s integration with PayPal can be advantageous for businesses where PayPal is a popular payment method.

Conclusion: Is Stripe Worth It?

If you need a scalable payment infrastructure that handles multiple currencies within your business operations, Stripe is an excellent choice However, if you’re an individual traveler that desires a multi-currency account with a physical card, solutions like Wise or Revolut would serve you better. Similarly, small businesses without technical resources might find PayPal’s simpler interface more approachable.

As Stripe continues to expand its financial services ecosystem with additions like Stripe Treasury and Stripe Capital, its value proposition for businesses operating internationally only grows stronger. Their ongoing expansion into new markets and continual product innovation makes them a forward-thinking partner for globally ambitious businesses.

Thinking of signing up? Visit Stripe’s website and compare your specific needs against their offering before deciding. For many online businesses, the combination of multi-currency support, developer tools, and scalability make Stripe well worth the transaction fees.