Local Currency Feature for Merchants

Since Wish introduced the Local Currency Feature for merchants in December 2018, merchants have been able to set their Local Currency price and the USD ($) price for new and existing products. The Local Currency is based on the Local Currency Code that can be found under Account > Settings > Currency Settings. Merchants can revisit the previous system announcement regarding the introduction of Local Currency Feature here.

The Local Currency Code is predetermined based on where the merchant does business. For now we are supporting: CNY (¥) and USD ($) as the available local currency codes. The Local Currency Code can not be disputed or altered at this time.

If the local currency code is set to CNY (¥), the localized prices can only be less than or equal to 6.886 times the USD ($) price (6.886 = December 2018 exchange rate).
If the local currency code is set to USD ($), all existing product prices are already recorded in USD ($), so no further action is needed by merchants to update the local product prices.

As of July 2, 2019 00:00 UTC, some merchants’ accounts will be in CNY and subject to the following changes:

Products that did not have the CNY amount set will automatically be converted over. The new CNY amount will be converted based on 6.7557 times the existing USD amount (this is the average exchange rate from February 27, 2019 to May 28, 2019).
Orders created after July 2, 2019 00:00 UTC will be paid in CNY. The CNY value is based off the CNY prices of a product as seen on the products page.
Select policy fines and amounts will be equal to seven (7) times the USD amount as reflected in each policy. Merchants may view a list of affected policies and detailed fine amounts in CNY in the table below.
In the case where a merchant has both USD and CNY order payments, if USD account balance is ever negative, will be converting it to CNY at time of payment.

In the coming months, the localized set product prices may be used to calculate merchant payments for more merchants whose local currency is CNY.

To learn more on how to set localized prices for your new and existing products, check out the links:

Manual:

CSV:

API:

FAQs:

1. What does the ‘local currency’ mean to merchants?

Starting December 10, 2018, merchants now have the ability to set their local currency for their existing and new product listings based off the Local Currency code found under Account > Settings > Currency Settings.

As of July 2, 2019 00:00 UTC, some merchants’ accounts will be in CNY, meaning that orders created after this time will be paid in CNY. The CNY value is based on the CNY cost of a product as seen on the products page. Products that did not have the CNY amount set will automatically be converted over as well. The new CNY amount will be converted based on 6.7557 times the existing USD amount (this is the average exchange rate from February 27, 2019 to May 28, 2019).

Note that for these merchants, select policy fines and amounts will also be issued in CNY and may be equal to seven (7) times the USD amount as reflected in each policy. Please see below for detailed fine amounts in CNY. Merchants and EPRs should be aware of the relevant API changes as well, as noted in detail below.

In the coming months, the localized set product prices may be used to calculate merchant payments for more merchants whose local currency is CNY.

2. Where do merchants view their preset Local Currency code?

The Local Currency code can be found under Account → Settings → Currency Settings on Merchant Dashboard. Or go to this link here.

3. What are the Local Currencies currently supported?

For now we are supporting: CNY (¥) and USD ($) as the available local currency codes.

If the local currency code is set to CNY (¥), the localized prices can only be less than or equal to 6.886 times the USD price.

If the local currency code is set to USD ($), all existing product prices are already recorded in USD, so no further action is needed to update the local product prices.

4. What are the limitations to updating the local currency price?

If the local currency code is set to CNY (¥), the localized prices can only be less than or equal to 6.886 times the USD ($) price (6.886 = December 2018 exchange rate).

5. Can I edit my local currency on Wish?

The local currency is determined by where you do business as a merchant. This cannot be edited or disputed.

6. Will I be paid in my local currency?

As of July 2, 2019 00:00 UTC, some merchants’ orders created after this time will be paid in CNY if their Local Currency Code is set as CNY. In the coming months, the localized set product prices may be used to calculate merchant payments for more merchants whose local currency is CNY.

Note that for payment disbursements starting September 1, 2019, in the event where merchant accounts have positive USD balance and negative CNY balance, Wish will issue a “consolidation payment” that converts only the necessary USD amount in the merchant accounts to CNY to cover the existing negative CNY balance before disbursing payments to merchants. The conversion rate will be the exchange rate value at 00:00 Pacific Time on each disbursement date (1st of the month and 15th of the month).

As an example, for the September 1, 2019, the conversion rate that Wish uses to convert necessary USD balance to cover negative CNY balance in a merchant account will be set based on 1 USD = 7.157 CNY, the exchange rate value on September 1, 2019 00:00 Pacific Time.

To learn more about your local currency, visit your Currency Settings.

7. Are all local country currencies supported?

At this time, only USD ($) and CNY (¥) are supported. We will notify merchants when other local currencies are supported.

8. Will the rate, 6.886 between USD ($) and localized currency CNY (¥) ever change?

This number is subject to change at a later date.

9. What if my local currency is set to USD?

No additional product price changes are needed to be made because the price was previously set to USD

10. What are some API changes I need to be aware of?

Effective June 20, 2019 00:00 UTC, the localized_price, localized_shipping, localized_currency_code, localized_cc, and any other price-related fields with “localized_” will be mandatory for merchants that have their Localized Currency Code set as CNY (not required for merchants whose Localized Currency Code is set as USD). The following endpoints are affected:

/product/add

/product/update-shipping

/product/update-multi-shipping

/product/add-variation

/product/update-variation

/variant/add

/variant/update

ERPs are able to use the API endpoint /api/v2/get-currency-code to retrieve the merchant’s localized_currency_code. This API endpoints also returns the parameter: payment_currency_code, which represents the currency at which the merchant will be paid in at this time.

In addition, if merchants’ payment_currency_code = CNY, all price-related fields in the get pathways will return 999999 for the USD values. Please consume localized_ parameters instead.

Effective January 25, 2019, the product and order API endpoints related to the new local currency API feature have been changed:

currency_code is now a response to all the following order pathways. Currency_code indicates the currency for all price-related fields for the related order. Currency_code returns need to be appropriately consumed by ERPs/private APIs for accurate records and/or displays of price-related fields for an order.

/order

/order/multi-get

/order/get-fulfill

/ticket

/ticket/get-action-required

For more details about the local currency API changes, merchants and EPRs may visit this API documentation.

11. I use PayPal to receive payments. Can I still receive payments in CNY?

No. Please note that PayPal doesn't currently support payments in CNY. PayPal is only available to merchants with Local Currency Code set as USD or who receive payments in USD. If merchants wish to receive payments in CNY but currently use PayPal as a payment provider, they need to update to a different payment provider that supports CNY payments. Merchants can update their payment provider in Account > Payment Settings on their Merchant Dashboard. Payments in CNY will not be disbursed until merchants switch to a different provider other than PayPal.

12. Will policy fines or amounts also be issued in CNY going forward?

Yes. Select policy fines and amounts may be equal to seven (7) times the USD amount as reflected in each policy. The affected policies include: 1.3, 2.3, 2.6, 2.7, 2.10, 2.11, 2.12, 3.3, 4.5, 5.1, 5.4, 5.5, 5.6, 5.7, 5.8, 5.9, 6.5, 8.6, 8.20, 10.1, 10.4.

Merchants may also refer to the tables below for specific fines & amounts in CNY:

Fine Policies:

Policy Link	Fine policy	Fine Amount (USD)	Fine Amount (CNY)
1.3	Store Registration Fee	$2,000	¥14,000
2.3	Repeat IP Infringement	$500	¥3,500
2.6	Modified Product	Up to $20	Up to ¥140
2.7	Prohibited Product	Up to $10	Up to ¥70
2.10	Misleading Product	Up to $200.00 if >0 order(s) in last 30 Days. Merchants may be responsible for all future refunds	Up to ¥1,400.00 if >0 order(s) in last 30 Days. Merchants may be responsible for all future refunds
2.10	Misleading Variation	Up to $200.00 if >0 order(s) in last 30 Days. Merchants may be responsible for all future refunds	Up to ¥1,400.00 if >0 order(s) in last 30 Days. Merchants may be responsible for all future refunds
2.12	Manipulated Reviews and Ratings	Up to $10 per affected order	Up to ¥70 per affected order
3.3	Disable Promoted Product	$1	¥7
3.3	Disable Promoted Product Country	$1	¥7
4.5	Counterfeit and/or IP Infringement	$10	¥70
5.1	Orders not Fulfilled in 5 Days	$50	¥350
5.5	Late Confirmed Fulfillment	20% of order value, or $1, whichever is greater. Applies to orders that are less than $100.00	20% of order value, or ¥7, whichever is greater Applies to orders that are less than ¥700.00
5.6	Fake Tracking	order value + $500	order value + ¥3500
5.7	Deceptive Fulfillment	$10,000	¥70,000
5.8	Orders from Mainland China not Shipped with WishPost	$100 / order	¥700 / order
5.9	Merchant Cancellation	$2	¥14
6.5	Directing Customer off Wish	$10,000	¥70,000
8.6	Directing Customer off Wish	$10,000	¥70,000
8.2	Wish Employee or Property Harassment	$100,000	¥700,000
10.1	Wish Express Fulfillment and Delivery Timeline	Refer to policy 5.1, 5.5, 5.9	Refer to policy 5.1, 5.5, 5.9
10.4	Wish Express Late Order	20% of order, or $5, whichever is greater	20% of order, or ¥35, whichever is greater

Merchants may also refer to Wish Merchant Policy 11 to learn more about Wish’s policy around local currency: https://merchant.wish.com/policy/currency.

Other Policy CNY Amounts:

Policy Link	Policy	Amount (USD)	Amount (CNY)
2.11	Extreme Price Increase	$1 or up to 20%	¥7 or up to 20%
3.3	Disable Promoted Product	$500+ GMV in the last 9 days	¥3500+ GMV in the last 9 days
3.3	Disable Promoted Product Country	$100+ GMV in the last 9 days in that country	¥700+ GMV in the last 9 days in that country
5.4	Confirmed Delivery Policy: Argentina, Canada, Chile, Colombia, Costa Rica, Denmark, France, Germany, Mexico, Saudi Arabia, Spain, United Kingdom, United States	≥ $10.00	≥ ¥70
5.4	Confirmed Delivery Policy: Italy	≥ $7.00	≥ ¥49
5.4	Confirmed Delivery Policy: Russia	≥ $3.00	≥ ¥21

13. What other fees or amounts will be in CNY?

FBW (Fulfillment by Wish) fees and PB (ProductBoost) fees will also be converted to CNY based on the latest currency exchange rate at the time of when the fees or fines are created.

Consolidation payments, one-off payments, or one-off fines will be converted to CNY based on the exchange rate value at 00:00 Pacific Time on each disbursement date (1st of the month and 15th of the month).

For example, FBW merchants can still view FBW fees in USD on their Merchant Dashboard. But once the FBW Invoice is created (once a month on the 14th), merchants are able to view the FBW fees in CNY based on the latest current exchange rate at the time of the FBW Invoice is created. The timestamp of when the exchange rate is based on will be displayed on the FBW Invoice Summary page on Merchant Dashboard.

The above also applies to PB fees (PB fee is generated every Monday). The timestamp of when the exchange rate is based on will be displayed on the PB Fee ID Summary page.

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