Currency

Currency affects your international customers whether or not you display their currency. Understand how Zonos technology can improve your customers experience with local currency as well as how foreign exchange impacts your customers when you don’t offer local currency with your payments.

Decoding Currency

Currency conversion is driven by the markets current foreign exchange rates. The starting point for an exchange rate is the mid-market rate (a.k.a interbank rate), this is the rate you will see on XE, Google, or Yahoo Finance.

Currency and Customer Experience

Yes, shoppers do prefer to shop and pay in their local currency. Even if you only offer payment in USD it is still very convenient to buy in your local currency. Zonos supports currency conversion for your website as well as your checkout.

Currency comes into play in multiple areas of a customers shopping and buying experience.

Zonos supports displaying local currency in the Zonos Checkout, many of our plugins or via our APIs. The mid-market currency rate can be shown for the customer’s convenience even when your payment currency is USD. Zonos Payments supports a guaranteed currency rate and capturing payment in the local currency.

Currency and Payments

Payment in USD

Zonos supports multiple 3rd party payment gateways that will capture your payment in USD. When you capture the payment in USD, the processor and banks will determine the exchange rate to your shopper. It will not be the mid-market rate; it will be marked up above mid-market. For example, PayPal will add 2.5% for currency exchange above the quote from their bank. Also, the credit card may have a foreign transaction fee as much as 3% depending on the consumer’s credit card. There is some convenience for a US company to capture payment in USD.

Benefits for the business capturing payment in USD

  1. Easy to get started with your payment gateway
  2. Little to no change for reconciliation of payment
  3. There is no FX risk for the business (FX risk falls on the buyer)

Disadvantages to the customer when capturing payment in USD

  1. Extra costs upwards of 5% or more in currency markups and credit card fees
  2. Due to currency fluctuations, customers can lose money on full refunds (e.g. returns or cancellations)
  3. Customers don’t love surprises

Payment in Local Currency

Zonos Payments supports capturing payment in the local currency with a guaranteed USD payout as well as offering local payment methods. If you are using a 3rd party payment gateway, we offer local currency for a few of the gateways, but local payment methods may not be available.

Supported Currencies

Below is a list of Zonos 142 supported currencies. Currency codes marked with * are not currently supported for payments however the mid-market rates are still available for display to the customer in the Zonos API and Zonos Checkout.

ISO Currency Currency Name Currency Symbol Decimals
AED Utd. Arab Emir. Dirham   2
AFN Afghan Afghani ؋ 2
ALL Albanian Lek Lek 2
AMD Armenian Dram ֏ 2
ANG NL Antillian Guilder ƒ 2
AOA Angolan Kwanza Kz 2
ARS Argentine Peso   2
AUD Australian Dollar $ 2
AWG Aruban Florin ƒ 2
AZN Azerbaijani Manat ман 2
BAM Bosnia and Herzegovina Convertible Mark KM 2
BBD Barbadian Dollar $ 2
BDT Bangladeshi Taka 2
BGN Bulgarian Lev лв 2
BHD Bahraini Dinar   3
BIF Burundian franc FBu 0
BMD Bermudian Dollar $ 2
BND Brunei Dollar   2
BOB Bolivian Boliviano $b 2
BRL Brazilian Real R$ 2
BSD Bahamian Dollar $ 2
BWP Botswana Pula P 2
BYR* Belarusian ruble Br 0
BZD Belize Dollar BZ$ 2
CAD Canadian Dollar $ 2
CDF* Congolese Franc FC 2
CHF Swiss Franc CHF 2
CLF* Unidad de Fomento UF 0
CLP Chilean Peso   0
CNY Chinese Yuan Renminbi ¥ 2
COP Colombian Peso   2
CRC Costa Rican Colón 2
CVE Cape Verdean escudo   0
CZK Czech Koruna 2
DJF Djiboutian franc Fdj 0
DKK Danish Krone kr 2
DOP Dominican Peso RD$ 2
DZD Algerian Dinar دج 2
EGP Egyptian Pound £ 2
ETB Ethiopian Birr Br 2
EUR Euro 2
FJD Fiji Dollar   2
FKP Falkland Islands Pound £ 2
GBP British Pound £ 2
GEL Georgian Lari 2
GIP Gibraltar Pound £ 2
GMD Gambian Dalasi D 2
GNF Guinean franc FG 0
GTQ Guatemalan Quetzal Q 2
GYD Guyanese Dollar $ 2
HKD Hong Kong Dollar   2
HNL Honduran Lempira L 2
HRK Croatian Kuna kn 2
HTG* Haitian Gourde   2
HUF Hungarian Forint Ft 0
IDR Indonesian rupiah Rp 2
ILS Isreali New Shekel 2
INR Indian Rupee Rs 2
ISK Iceland Krona kr 0
JMD Jamaican Dollar J$ 2
JPY Japanese Yen ¥ 0
KES Kenyan Shilling KSh 2
KGS Kyrgyzstani Som лв 2
KHR Cambodian Riel 2
KMF Comorian franc CF 0
KRW South-Korean Won 0
KWD Kuwaiti Dinar   3
KYD Cayman Islands Dollar $ 2
KZT Kazakhastan Tenge лв 2
LAK Lao Kip 2
LBP Lebanese Pound £ 2
LKR Sri Lanka Rupee Rs 2
LRD Liberian Dollar $ 2
LSL* Lesotho Loti L 2
LTL* Lithuanian Litas Lt 2
MAD Moroccan Dirham   2
MDL Moldovan Leu   2
MGA Malagasy ariary Ar 0
MKD Macedonian Denar ден 2
MMK Myanmar Kyat K 2
MNT Mongolian Tögrög 2
MOP Macanese Pataca   2
MRO Mauritanian ouguiya UM 2
MUR Mauritius Rupee Rs 2
MVR Maldive Rufiyaa   2
MWK Malawian Kwacha MK 2
MXN Mexican Peso $ 2
MYR Malaysian Ringgit RM 2
MZN Mozambican Metical MT 2
NAD* Namibian Dollar $ 2
NGN Nigerian Naira 2
NIO Nicaraguan Córdoba C$ 2
NOK Norwegian Kroner kr 2
NPR Nepalese Rupee Rs 2
NZD New Zealand Dollar $ 2
OMR Omani Rial 3
PAB* Panamanian Balboa B/. 2
PEN Peruvian Nuevo Sol S/. 2
PGK Papua New Guinean Kina K 2
PHP Philippine Peso Php 2
PKR Pakistani Rupee 2
PLN Polish Zloty 2
PYG Paraguayan guaraní 0
QAR Qatari Rial 2
RON Romanian Leu lei 2
RSD Serbian Dinar Дин. 2
RUB Russian Rouble руб 2
RWF Rwandan franc FRw 0
SAR Saudi Riyal 2
SBD Solomon Islands Dollar $ 2
SCR Seychellois Rupee 2
SEK Swedish Krona kr 2
SGD Singapore Dollar   2
SHP* Saint Helenian Pound £ 2
SLL Sierra Leonean Leone   2
SOS Somali Shilling S 2
SRD Surinamese Dollar $ 2
STD São Tomé and Príncipe Dobra Db 2
SVC* Salvadoran Colón $ 2
SZL Swazi Lilangeni L 2
THB Thai Baht ฿ 2
TJS* Tajikistani Somoni   2
TOP Tongan Paʻanga T$ 2
TRY Turkish Lira TL 2
TTD Trinidad/Tobago Dollar TT$ 2
TWD Taiwan Dollar NT$ 2
TZS Tanzanian Shilling TSh 2
UAH Ukraine Hryvnia 2
UGX Ugandan shilling USh 2
USD US Dollar $ 2
UYU Uruguayan Peso $U 2
UZS Uzbekistani Som лв 2
VND Vietnamese dong 2
VUV Vanuatu vatu VT 0
WST Samoan Tala   2
XAF Central African CFA franc FCFA 0
XCD East Caribbean Dollar $ 2
XOF West African CFA franc CFA 2
XPF CFP franc F 0
YER Yemeni Rial 2
ZAR South African Rand R 2
ZMW Zambian Kwacha ZK 2