# Adaptive Pricing

### Adaptive Pricing is a [Checkout](https://docs.stripe.com/payments/checkout), [Payment Links](https://docs.stripe.com/payment-links), [Hosted Invoices](https://docs.stripe.com/invoicing/hosted-invoice-page), and [Elements with Checkout Sessions](https://docs.stripe.com/payments/advanced) feature that converts prices to a customer’s local currency using the latest Stripe-provided exchange rates, allowing you to present prices in your customer’s local currency.
Adaptive Pricing is generally available for new cross-border subscriptions on Checkout, Payment Links, and Elements with Checkout Sessions. Learn more about this update and how it works.
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### What is Adaptive Pricing?
Adaptive Pricing is a feature that you can enable from the [Dashboard](https://dashboard.stripe.com/settings/adaptive-pricing) that converts prices to a customer’s preferred currency using the latest Stripe-provided exchange rates. This allows you to present prices in [150 countries](https://docs.stripe.com/payments/currencies/localize-prices/adaptive-pricing#supported-currencies) and unlock payment methods that require local currency presentment without any integration changes or paying any additional fees.
Stripe uses various session characteristics to determine the most relevant presentment currency, then automatically calculates the localized price and handles all currency conversion. Customers see prices converted to this currency, the exchange rate applied, and supported payment methods. They still have the option to pay in the original currency you set for your prices. All transactions are settled in one of your settlement currencies and match the price you set, regardless of the currency your customer pays in.
See our [technical documentation](https://docs.stripe.com/payments/checkout/adaptive-pricing) for more details.
### Why enable Adaptive Pricing?
Enabling this feature has been shown to result in higher international revenue by an average of 17.8%, and net new sales in new markets where customers predominantly pay in their local payment methods.
### What are the Stripe fees?
* [You pay 0%](https://docs.stripe.com/payments/checkout/adaptive-pricing#pricing)
* Your customers pay 2-4%
You don’t directly pay any additional Stripe fees for Adaptive Pricing, as all such fees are paid by your customers. The Stripe-provided exchange rate you present to your customers includes a conversion fee of between 2-4%, increasing their purchase price by a corresponding amount. Stripe determines the fee, which varies for the purposes of increasing customer conversion. Your customer doesn't pay this fee if they choose to pay in your integration currency, but their bank’s exchange rate and fees may apply. For detailed information about current Stripe fees, see our [pricing page](https://stripe.com/pricing).
**Example:**
If the mid-market exchange rate is 1 USD = 1 EUR and a US merchant sells a 100 USD item to a German customer, the Stripe-provided exchange rate applied will include a 4% conversion fee (1 USD = 1.04 EUR). In this case, the customer will be presented with the option to pay 100 USD or 104 EUR. Regardless of the customer’s currency selection, the merchant will receive 100 USD (104 EUR / 1.04), less applicable Stripe processing fees.
### For what period is the exchange rate guaranteed?
Stripe uses the mid-market exchange rate and applies the 2-4% conversion fee to guarantee the rate through settlement.
### How do refunds work?
You can initiate a refund in your integration currency and Stripe refunds your customer in the currency they paid in using the same exchange rate used in the transaction. You pay nothing to cover the refund and your customer is refunded exactly what they paid.
### Can I disable Adaptive Pricing?
You can enable or disable Adaptive Pricing for Checkout, Hosted Invoices, and Elements with Checkout Sessions on the [Dashboard](https://dashboard.stripe.com/settings/adaptive-pricing). Adaptive Pricing is always enabled for Payments Links. Disabling Adaptive Pricing doesn't affect converted Checkout Sessions or off-session payments of active subscriptions paid in customers' local currencies.
### What terms apply to Adaptive Pricing?
The Stripe Services [terms](https://stripe.com/legal/ssa) govern your use of Adaptive Pricing.