In order to reduce the economic risk of fluctuating currencies and simplify the price-setting process for merchants, a store’s Local Currency Code may be set (accessible in the Currency Settings section of the Merchant Dashboard Account > Payment Settings page). Currently for Brazil-based merchants, Wish supports these Local Currency Codes: USD ($) and BRL (R$).
Please note that while Brazil-based merchants may update product prices and receive orders in BRL, payments will be disbursed in USD which will be one time converted based on the latest USD <> BRL exchange rate at the time of payment disbursement. PayPal and Payoneer are the accepted payment providers that allow BRL (R$) to be converted to USD ($) payments. For more information on payment providers and cycles, please see this FAQ article.
This FAQ article walks merchants through all necessary information regarding BRL Local Currency Code.
Wish may, in its sole discretion, update the Local Currency Code of merchant stores at any time, and request that merchants provide product prices in a currency consistent with the Local Currency Code.
To learn more on how to set localized prices for your new and existing products, check out the links:
- How Do I Add A Product Manually?
- How do I edit products I've already uploaded to Wish?
- Default Shipping Price FAQ
- How do I edit product shipping prices for different countries?
Frequently Asked Questions for Brazil-based merchants:
1. What does the ‘Local Currency’ mean to merchants?
Merchants have the ability to set localized pricing for their existing and new product listings based on the Local Currency Code in the Currency Settings section of the Merchant Dashboard Account > Payment Settings page.
Starting July 8, 2020, all Brazil-based merchants are able to directly update their stores’ Local Currency Code from USD to BRL at their own discretion. Please see below for more details.
Again, Wish may, in its sole discretion, update the Local Currency Code of merchant stores at any time, and request that merchants provide product prices in a currency consistent with the Local Currency Code.
2. Where do merchants view their current Local Currency Code?
A store’s current Local Currency Code can be found in the Currency Settings section of the Merchant Dashboard Account > Payment Settings page.
Merchants may also view their Currency Settings via API, specifically, GET /api/v3/merchant/currency_settings (relevant API documentation here).
3. What are the Local Currencies currently supported for Brazil-based merchants?
Currently for Brazil-based merchants, Wish supports USD ($) and BRL (R$) as the available Local Currency Codes.
Starting July 8, 2020, if a merchant updates his/her store’s Local Currency Code to BRL, that merchant only needs to provide product and shipping prices in BRL.
If a store's Local Currency Code remains in USD ($), that store’s merchant only needs to provide product and shipping prices in USD, and prices in all other localized currencies are optional.
4. Can I edit my store's Local Currency Code on Wish?
Brazil-based merchants whose stores’ Local Currency Code is in BRL as of July 8, 2020 are able to manually update their stores’ Local Currency Code from USD to BRL at their own discretion. Once the update to BRL is completed, merchants are not able to switch it back to USD.
To manually update the Local Currency Code, first go to the Currency Settings section of the Account > Payment Settings page on Merchant Dashboard:
After carefully reading through the Q&As on the right-hand side, once merchants decide to initiate the update to their stores’ Local Currency Code from USD to BRL, click “Get started” to begin.
A popup modal follows, allowing merchants to initiate the update and view all details around the update they are about to initiate:
As the example above shows, if a merchant initiates the update on July 2, 2020, the update will be completed by Wish on July 9, 2020 (7 calendar days after the “Update Initiated on” date).
Starting on the update completion day (i.e. July 9, 2020), the merchant’s Local Currency Code will be in BRL, and all product and shipping prices previously with USD amounts set will be automatically converted to BRL.
These new BRL amounts will be converted based on the average USD <> BRL exchange rate during the 30 calendar days immediately prior to the day this merchant initiates the update (i.e. July 2, 2020) to the Local Currency Code, in this case, the average exchange rate of 5.367 from June 2, 2020 to July 2, 2020).
In addition, starting July 9, 2020, the merchant only needs to provide product and shipping prices in BRL.
After reviewing & confirming all details in the popup modal above, click the “Update Local Currency Code to BRL (R$)” button to proceed.
Next, the popup modal will disappear and merchants will be redirected to the Currency Settings section of the Payment Settings page, where they can see the pending update as below:
Before the update completion day (in the example above, July 9, 2020), merchants have the option to cancel the update by clicking the “Cancel update” link next to the “Pending” Update Status. Once done, the update is cancelled and the store’s Local Currency Code is back to USD:
Merchants may choose to update again at another time by clicking the “Update your Local Currency Code to BRL (R$)” button here.
If no cancellation is made by merchants before the update completion day, merchants’ Local Currency Code will be updated to BRL as planned, and merchants will be able to see the following on their Payment Settings page, starting on the update completion day:
Once again, note that once the store’s Local Currency Code is updated from USD to BRL, merchants can no longer switch it back to USD.
5. Will I be paid in my Local Currency?
For merchants who update their stores’ Local Currency Code from USD to BRL starting July 8, 2020 based on the steps above, their orders released (i.e. available for fulfillment) after the update completion day will be paid in USD. The USD value will be based on the most current exchange rate at the time of payment disbursement. Please note that PayPal and Payoneer are the accepted payment providers that allow BRL (R$) to be converted to USD ($) payments.
6. What are some API changes I need to be aware of?
The localized_price, localized_shipping, localized_currency_code, localized_cc, and any other price-related fields with “localized_” will be mandatory for merchants whose Local Currency Code is BRL (not required for merchants whose Local Currency Code is USD). The following API endpoints are impacted:
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 = BRL, all price-related fields in the get pathways will return 999999 for the USD values. Please consume localized_ parameters instead.
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.
For more details about the local currency API changes, merchants and EPRs may visit this API documentation.
7. What other fees or amounts will be in BRL?
PB (ProductBoost) fees will also be converted to BRL based on the latest currency exchange rate at the time of when the fees or infractions are created.
Note that PB fees are generated every Monday. The timestamp of when the exchange rate is based on will be displayed on the PB Fee ID Summary page.