Version v1.0, effective 2026-08-31. The official language of the Terms is English; any translation is provided for convenience only.
KOMASHI CURRENCY AND EXCHANGE-RATE TERMS
Module F — Currency, Exchange Rates and Payouts
Version: v1.0 · Effective date: 2026-08-31
These Currency Terms apply to every person and entity that uses the Komashi Platform in any role — as a Provider, a Partner, or an End User. They are incorporated into the Komashi General Terms of Service (Module 0) and form part of the Terms. Capitalized terms not defined here have the meanings given in Module 0.
1. Scope; Relationship to the Other Modules
In short: This Module is the single place where currency questions are answered: which currencies you can invoice in, how amounts in other currencies are converted into US dollars for our fees and for Partner commission, the currency we invoice and pay in, and who carries the cost when money has to be converted. This summary is provided for convenience only and is not legally binding; the numbered terms below govern.
1.1. This Module governs all currency, currency-conversion and exchange-rate matters under the Terms, including: (a) the currencies in which Providers may invoice through the Platform; (b) the conversion of amounts into USD for the purpose of calculating Fees and Partner Commission; (c) the currency in which Komashi invoices Fees and pays Partner Commission; and (d) the allocation of currency risk and of currency-conversion costs.
1.2. This Module is incorporated into the Terms under Section 1.2 of Module 0 and applies to Providers, Partners and End Users in their respective roles. On currency and exchange-rate matters, this Module prevails over the Role Terms (Modules A, B and C) and their Schedules, provided that Sections 6, 10, 14 and 15 of Module 0 continue to prevail in all cases (Module 0 Section 3.2).
1.3. No currency service; no regulated activity. Nothing in this Module makes Komashi a provider of currency exchange, money remittance, hedging, or any other regulated financial service. The conversions described in Sections 4 and 7 are accounting conversions used to calculate amounts owed under the Terms. Where money actually changes currency, that conversion is performed by a bank, a card issuer, or a Payment Provider under its own terms and its own licence — never by Komashi (Module 0 Sections 1.3 and 6).
2. Definitions
In short: These are the currency words used throughout this Module, and what they mean. Everything Komashi bills and pays is in US dollars. Non-binding summary.
2.1. "Billing Currency" means US dollars (USD): the currency in which Komashi calculates, invoices and collects Fees, and in which it calculates and pays Partner Commission.
2.2. "Conversion Date" has the meaning given in Section 4.3.
2.3. "Invoice Currency" means the Supported Currency in which a Provider issues a particular invoice through the Platform.
2.4. "Reference Rate" means the exchange rate determined under Section 4.2.
2.5. "Supported Currency" means a currency listed in the Supported Currencies List as in force from time to time.
2.6. "Supported Currencies List" means the list of Supported Currencies published as Schedule 1 to this Module at https://komashi.com/legal/currencies, which forms part of this Module and has its own version and effective date.
3. Supported Currencies
In short: You can invoice only in the currencies on our published list. That list follows what our payment partners can actually process. We can add a currency at any time; if we ever remove one, you get advance notice and the invoices you have already issued stay valid. Non-binding summary.
3.1. Only Supported Currencies. Invoices may be issued through the Platform only in a Supported Currency. The Platform does not permit the selection of a currency that is not on the Supported Currencies List, and Komashi is under no obligation to support any particular currency.
3.2. How the list is set. The Supported Currencies List comprises those currencies that (a) are accepted by the Payment Provider(s) integrated with the Platform for the relevant payment method, and (b) Komashi has enabled on the Platform. The Supported Currencies List — and not any list published by a Payment Provider — is the contractual reference. A change in a Payment Provider's own currency coverage does not, by itself, change the Supported Currencies List or the Terms.
3.3. Adding a currency. Komashi may add a currency to the Supported Currencies List at any time, with effect on publication (Module 0 Section 4.2a(a)).
3.4. Removing a currency. Komashi will give at least 30 days' prior notice before removing a currency from the Supported Currencies List, in accordance with Section 4 of Module 0 and, for Providers within the scope of Regulation (EU) 2019/1150, on a durable medium (Module A Section 5.2a). With effect from the removal date: (a) no new invoice may be issued in that currency; (b) invoices already issued in that currency remain valid and payable in that currency, and Commission on them continues to be calculated under Section 4; and (c) you are responsible for selecting a replacement Supported Currency for your future invoices.
3.5. Your responsibility for the currency you choose. You are solely responsible for ensuring that the Invoice Currency you select is lawful and appropriate for your business, your customers, and your tax obligations, including any requirement of applicable law to invoice, report, or account for tax in a particular currency. Section 6.4a of Module A (correct configuration) applies to your currency configuration in the same way as it applies to your time-zone and VAT configuration.
3.6. Currency format. Amounts must comply with the format requirements of the relevant currency and of the Payment Provider, including minor-unit conventions and any minimum-amount or rounding constraints the Payment Provider applies to a given currency. You are responsible for setting prices that are valid in the Invoice Currency.
3.7. End User payments. The currency in which an End User is charged, any conversion applied to that payment, and any charge for that conversion are matters between the End User, the Provider, the End User's card issuer or bank, and the Payment Provider. Consistent with Section 6 of Module 0, Komashi is not part of that money flow and applies no conversion to it.
4. Conversion into USD for Fee and Commission Purposes
In short: Everything we bill or pay is worked out in US dollars. If you invoice in another currency, we convert it using a public reference rate fixed once a month — the same rate for everyone, shown on your invoice and statement. Non-binding summary.
4.1. What is converted. Where an amount relevant to the Terms is denominated in a currency other than USD, it is converted into USD for the purposes of: (a) determining the annual-revenue band under Section 4.1 of Module A and Schedule 1 to Module A; (b) calculating the Commission; (c) applying the free allowance under Section 4.2 of Module A (the "largest invoices" being determined by reference to their USD-converted gross value); (d) calculating and accruing Partner Commission under Module B and its Schedule 1; and (e) applying any threshold, cap, or other amount expressed in USD in the Terms.
4.2. Reference Rate. The Reference Rate is the euro foreign-exchange reference rate published by the European Central Bank, cross-rated through the euro where neither currency is the euro, as published for the Conversion Date. If no rate is published for a currency on the Conversion Date, the most recently published rate for that currency applies. If the European Central Bank publishes no rate for a currency at all, Komashi applies the following sources, in this order, and identifies on the invoice or statement which source was used:
(a) the rate published for the Conversion Date by the central bank of the country issuing that currency; failing which
(b) the rate published for the Conversion Date by the International Monetary Fund (representative exchange rates for selected currencies); failing which
(c) the rate reported to Komashi for that currency by the Payment Provider for the Conversion Date.
Sources (a) and (b) are publicly published rates that you can verify independently; source (c) is used only where no public rate exists. Komashi applies no margin to any of them (Section 4.5).
4.3. Conversion Date. The Conversion Date is the last day of the calendar month to which the Fee or the accrual relates, determined in UTC irrespective of any Provider's Local time (Module 0 Section 2.4a). A single Reference Rate per currency therefore applies to every user for that month, irrespective of the date of the individual invoice or payment. Which invoices fall into a given billing month is determined under Section 4.1 of Module A (Local time); the Reference Rate applied to that month is determined under this Section (UTC).
4.4. No margin. Komashi applies no margin, spread, or handling charge to the Reference Rate for the purposes of this Section 4.
4.5. Rounding. The Reference Rate is applied to six (6) decimal places; converted amounts are rounded to two (2) decimal places, half up.
4.6. Transparency. Each Fee invoice and each Partner Commission statement states the amount in the original currency, the Reference Rate applied, the Conversion Date, and the resulting USD amount.
4.7. Rate movements are not amendments. Movements in the Reference Rate are not changes to the Terms or to the Fees and do not require notice under Section 4 of Module 0. A change to the method by which the Reference Rate or the Conversion Date is determined, or the introduction of a margin under Section 4.4, is a change to the Terms and follows Section 4 of Module 0 (and, for Providers in scope, Module A Section 5.2a).
4.8. No liability for rate movements. Komashi is not liable for any loss arising from exchange-rate movements, from the application of the Reference Rate in accordance with this Section, or from any conversion carried out by a bank, card issuer, or Payment Provider.
5. Komashi's Fees — Currency, Invoicing and Collection (Providers)
In short: We invoice and charge you in US dollars, whatever currency you invoice your own customers in. If your bank or card converts that into your own currency, the rate and any charge for it are your bank's, not ours. Non-binding summary.
5.1. Billing Currency. Komashi calculates, invoices, and collects all Fees in the Billing Currency (USD), irrespective of the Invoice Currency of the underlying invoices.
5.2. Your conversion costs. If your registered payment method or bank account is denominated in another currency, the conversion of your payment into USD, the rate applied to it, and any conversion, cross-border, or transaction charge are applied by your card issuer, bank, or payment service provider at your cost. Those charges are not Fees, are neither set nor received by Komashi, and do not reduce the amount you owe: an invoice is settled only when the full invoiced USD amount is received by Komashi.
5.3. Charges to your registered payment method. Fees charged automatically to your registered payment method under Section 5.1a of Module A are denominated in USD. Your card issuer or bank may apply its own conversion and show a corresponding amount in your own currency; that rate and any foreign-transaction charge are set by your issuer or bank, not by Komashi (Section 3.7). Komashi applies no card validation charge and no validation hold (Module A Section 5.1a).
5.4. Taxes. Section 4.5 of Module A applies. Where applicable tax law requires tax to be calculated, invoiced, or reported in a currency other than the Invoice Currency or the Billing Currency, that conversion is your responsibility and is unaffected by the Reference Rate used under Section 4.
6. Partner Commission — Currency and Payout (Partners)
In short: Your commission is calculated and locked in US dollars at the end of each month, and we pay you in US dollars. If your bank converts the payment, that conversion and any bank charges are on your side. Non-binding summary.
6.1. Accrual in USD. Partner Commission accrues in USD. Where the Fee on which it is calculated was invoiced or received in another currency, it is converted under Section 4 at the Reference Rate for the Conversion Date of the calendar month in which the Partner Commission accrues.
6.2. Accrued amounts are fixed. Once Partner Commission has accrued as a USD amount, that amount does not change as a result of subsequent exchange-rate movements — neither the balance shown in your Partner account nor the amount paid out, subject only to the adjustments expressly permitted by Section 3.4 of Module B.
6.3. Payout currency. All payouts of Partner Commission are made in USD. You must provide and maintain payout details capable of receiving a payment in USD. Komashi does not pay Partner Commission in any other currency.
6.4. Conversion and charges on your side. If the account you nominate does not hold USD, or your bank or payment service provider converts the payment: (a) the rate applied is set by that institution and not by Komashi; and (b) any conversion charge, receiving charge, intermediary or correspondent-bank charge is your cost and may reduce the amount credited to you. Komashi bears its own sending charges. Komashi's payment obligation is discharged when it remits the accrued USD amount to the payout details you have provided.
6.5. Thresholds in USD. The minimum payout threshold and every other amount in Schedule 1 to Module B are USD amounts and are tested against your accrued USD balance.
6.6. Incorrect payout details. You are responsible for the accuracy of your payout details. Where a payment fails, is returned, or is credited to the wrong account because of details you provided, the resulting charges and any exchange-rate loss on the return are borne by you and may be set off against future payouts.
6.7. Sanctions and payment restrictions. Komashi may decline, delay, or reverse a payout, and may require alternative payout details, where the payment is or may be restricted by applicable sanctions, export-control, or anti-money-laundering law, or where a bank, correspondent bank, or Payment Provider refuses, blocks, or reverses it. US-dollar payments may be cleared through correspondent banks subject to United States law. Komashi will inform you where legally permitted to do so. Amounts that cannot lawfully be paid remain accrued to you and are paid when payment becomes lawfully possible.
6.8. Your invoicing and taxes. Where you are required to issue an invoice to Komashi (Section 4.1(b) of Module B), it must state the USD amount payable. Your own tax treatment — including any conversion into your local currency for tax purposes and any withholding — is your responsibility (Section 4.3 of Module B).
7. Amounts Stated in Other Currencies in the Terms
In short: Where the Terms name an amount in another currency — such as the EUR 500 consumer minimum cap — that amount counts as stated, in that currency. If it has to be shown in a different one, we convert it at the same public reference rate used everywhere else. Non-binding summary.
7.1. Where the Terms state an amount in a currency other than USD — including the consumer minimum cap in Section 10.5a of Module 0 (EUR 500) — that amount applies as stated in that currency. Where it has to be expressed in another currency, it is converted at the Reference Rate for the date on which the relevant liability is determined.
8. Currency Risk
In short: Exchange rates move, and each side carries that risk for itself. We do not promise you a rate, we do not hedge for you, and we are not responsible if a rate movement makes a fee, a commission or a payout worth more or less than you expected in your own currency. Non-binding summary.
8.1. Except as expressly provided in this Module, each party bears its own currency risk. Komashi does not guarantee any exchange rate, does not hedge on your behalf, and is not liable for the effect of exchange-rate movements on the value of any Fee, Commission, Partner Commission, or payout.
9. Changes
In short: We can change this Module with advance notice. Adding a currency takes effect when we publish it; removing one takes 30 days' notice. A rate moving is not a change to these terms. Non-binding summary.
9.1. This Module may be amended in accordance with Section 4 of Module 0 (advance notice and grace period for material changes). The Supported Currencies List (Schedule 1) has its own version and effective date and is amended under Section 3.3 (additions, effective on publication) and Section 3.4 (removals, on 30 days' notice).
Schedule 1 — Supported Currencies List
The Supported Currencies List forms part of this Module and is set out in a separate document, "Module F — Schedule 1 (Supported Currencies List)" (module-f-schedule-1-supported-currencies.md), published at https://komashi.com/legal/currencies and available on request. That Schedule has its own version and effective date and is maintained under Sections 3.3 and 3.4 of this Module. In case of any conflict between a currency list published elsewhere (including any list published by a Payment Provider) and that Schedule, that Schedule governs.