What is USD Payouts?
- USD Payouts is an exclusive facility provided by PayHere, which allows you to collect your foreign customer payments directly into a USD Bank Account without converting to LKR.
What are the prerequisites to use this facility?
- A USD Bank Account at Seylan Bank (Also known as a BFC - Business Foriegn Currency account)
- A registered business entity in Sri Lanka
How can I use this facility?
- Open a USD Bank Account for your business at Seylan Bank. (Contact us if you need help for seamless account opening.)
- Sign up Online for a new PayHere Account.
- Select "USD" as the "Payout Currency" in the Activation Form of your new PayHere account & provide the details of your USD bank account.
- Wait for few days for the approval.
Can PayHere help me with USD bank account opening?
- Yes. We can connect you with a bank officer who will help you to seamlessly open the account. Please feel free to contact us on 0115339339 or [email protected] if you need help on bank account opening.
If we already have a PayHere account, can I get USD Payouts through that?
- No. Your current PayHere account is a LKR PayHere account. To get USD Payouts, you need to open a new USD PayHere account by following the above steps. Your new USD PayHere account will maintain all your funds & payment details in USD.
What are the fees & payment limits of a USD PayHere account?
- PayHere Plus & Premium plans are available for USD PayHere accounts. The fees & payment limits depends on the service plan you select.
- PayHere Plus plan
- Monthly fee is Rs.2,990
- Processing fee is 3.99%
- You can accept upto USD 1,000 per payment & USD 5,000 per month
- PayHere Premium plan
- Monthly fee is Rs.9,990
- Processing fee is 3.69%
- You can accept upto USD 5,000 per payment & Unlimited payments per month
Is there a setup fee for USD payout facility?
- No. Setting up this facility on your PayHere account is completely free.
Is USD Payouts facility available for PayHere Lite plan?
- No. Only PayHere Plus & Premium plans offer USD Payouts facility.
I already accepted USD payments from our existing PayHere account. What's the difference in this?
- Previously, even though you accepted foreign payments in USD, you received them to your bank account in LKR after currency conversions.
- This new facility allows you to receive that funds directly in USD to your USD Bank account without currency conversions.
How this facility can benefit my business?
- Since you can now receive your foreign customer payments directly in USD with this feature, you can mitigate the losses you incurred before due to currency conversions & USD exchange rate fluctuations.
- Further this allows you to transact in the same currency you receive your payments, so that you can also mitigate the losses you incurred due to currency conversions when paying to your foreign suppliers.
I already have a USD bank account at a different bank. Can I get USD Payouts to that?
- Unfortunately No. You need to have a USD Bank Account at Seylan Bank to get USD Payouts.
Why this facility cannot be offered for other bank USD accounts?
- Unlike LKR fund transfers, USD fund transfers done through TT (Telegraphic Transfer) between two banks incur a higher transfer fee which is too expensive to be absorbed nor pass to you for a daily payout transfer.
- That's why it's not financially feasible to offer this facility to USD bank account holders at other banks, even though it's technically feasible.
- We appreciate your understanding on that & flexibility to open a USD bank account at Seylan Bank if you wish to get USD Payouts through PayHere.
How can I learn more details about this facility?
USD Payouts - PayHere Knowledge Base
- Call our 24x7 Support HelpDesk on 0115 339 339 to learn more about this facility.