Setting up a default currency in your Giftbit account helps streamline the sending of global rewards and allows for less worry on managing multiple currencies across the regions.
Setting Up Default Currency
Giftbit accepts payments in USD and CAD, and are the two currencies available to be set as the default. If your account has currency for the region you are sending to, that currency will be used to fulfill part of the order, with your default currency being used to fund the remaining outstanding amount.
💡Currency conversion is based on the daily rate plus a 2% conversion fee.
Account Settings*
If you want to proactively set up your default currency, follow these steps:
Log in and click your username in the bottom left and select "Account Overview"
Scroll down to "Currency Conversion" and use the drop-down menu to select either USD or CAD as the default.
Once done, you are all set! All future global reward orders will be converted from your default currency, to the correct currency when rewards are sent.
First Global Send
If you did not set up your default currency before placing an order, you will be asked to do so when completing the payment step.
Place an order and proceed through the payment steps.
If you have not added a credit card yet, you will do so here as well
When reviewing the order, scroll down to find the "Select a default currency" section
Here, select either USD or CAD as the default.
NOTE: If you just added a credit card, set it to the same currency as that credit card.
With the default currency set, you are good to place the order!
💡Global rewards cannot be placed from within the app without first setting a default currency. If you are funding your account by wire, it may be best to wait until funds are deposited into your account before placing the order.
Canada and USA Funding with Conversion
If you are sending to both Canada and the USA, you can make use of the default currency to use one currency for both regions. Keep this in mind to set that up:
If using a credit card for payment, only have one credit card active in your account, and set the default region to match that currency.
Conversion to CAD or USD is still subject to the 2% conversion fee
If funding by wire, make sure to set your default currency in your account settings.
If your company has both a USD and CAD credit card, you can add both cards to your account to avoid conversion. Orders will always be fulfilled by the card that matches the region.