diff --git a/changelog/fix-198-mccy-fedex-conversion b/changelog/fix-198-mccy-fedex-conversion
new file mode 100644
index 00000000000..7fecbc49b87
--- /dev/null
+++ b/changelog/fix-198-mccy-fedex-conversion
@@ -0,0 +1,5 @@
+Significance: patch
+Type: fix
+Comment: Fix FedEx insurance rates with different currencies.
+
+
diff --git a/includes/multi-currency/Compatibility/WooCommerceFedEx.php b/includes/multi-currency/Compatibility/WooCommerceFedEx.php
index 8a38d058e40..15c25b4ba27 100644
--- a/includes/multi-currency/Compatibility/WooCommerceFedEx.php
+++ b/includes/multi-currency/Compatibility/WooCommerceFedEx.php
@@ -8,13 +8,25 @@
 namespace WCPay\MultiCurrency\Compatibility;
 
 use WCPay\MultiCurrency\MultiCurrency;
-use WCPay\MultiCurrency\Utils;
 
 /**
  * Class that controls Multi Currency Compatibility with WooCommerce FedEx Plugin.
  */
 class WooCommerceFedEx extends BaseCompatibility {
 
+	/**
+	 * Calls to look for in the backtrace when determining whether
+	 * to return store currency or skip converting product prices.
+	 */
+	private const WC_SHIPPING_FEDEX_CALLS = [
+		'WC_Shipping_Fedex->set_settings',
+		'WC_Shipping_Fedex->per_item_shipping',
+		'WC_Shipping_Fedex->box_shipping',
+		'WC_Shipping_Fedex->get_fedex_api_request',
+		'WC_Shipping_Fedex->get_fedex_requests',
+		'WC_Shipping_Fedex->process_result',
+	];
+
 	/**
 	 * Init the class.
 	 *
@@ -23,10 +35,31 @@ class WooCommerceFedEx extends BaseCompatibility {
 	public function init() {
 		// Add needed actions and filters if FedEx is active.
 		if ( class_exists( 'WC_Shipping_Fedex_Init' ) ) {
+			add_filter( MultiCurrency::FILTER_PREFIX . 'should_convert_product_price', [ $this, 'should_convert_product_price' ] );
 			add_filter( MultiCurrency::FILTER_PREFIX . 'should_return_store_currency', [ $this, 'should_return_store_currency' ] );
 		}
 	}
 
+	/**
+	 * Checks to see if the product's price should be converted.
+	 *
+	 * @param bool $return Whether to convert the product's price or not. Default is true.
+	 *
+	 * @return bool True if it should be converted.
+	 */
+	public function should_convert_product_price( bool $return ): bool {
+		// If it's already false, return it.
+		if ( ! $return ) {
+			return $return;
+		}
+
+		if ( $this->utils->is_call_in_backtrace( self::WC_SHIPPING_FEDEX_CALLS ) ) {
+			return false;
+		}
+
+		return $return;
+	}
+
 	/**
 	 * Determine whether to return the store currency or not.
 	 *
@@ -40,15 +73,7 @@ public function should_return_store_currency( bool $return ): bool {
 			return $return;
 		}
 
-		$calls = [
-			'WC_Shipping_Fedex->set_settings',
-			'WC_Shipping_Fedex->per_item_shipping',
-			'WC_Shipping_Fedex->box_shipping',
-			'WC_Shipping_Fedex->get_fedex_api_request',
-			'WC_Shipping_Fedex->get_fedex_requests',
-			'WC_Shipping_Fedex->process_result',
-		];
-		if ( $this->utils->is_call_in_backtrace( $calls ) ) {
+		if ( $this->utils->is_call_in_backtrace( self::WC_SHIPPING_FEDEX_CALLS ) ) {
 			return true;
 		}
 
diff --git a/tests/unit/multi-currency/compatibility/test-class-woocommerce-fedex.php b/tests/unit/multi-currency/compatibility/test-class-woocommerce-fedex.php
index 60e130390fd..e52927230ca 100644
--- a/tests/unit/multi-currency/compatibility/test-class-woocommerce-fedex.php
+++ b/tests/unit/multi-currency/compatibility/test-class-woocommerce-fedex.php
@@ -35,6 +35,20 @@ class WCPay_Multi_Currency_WooCommerceFedEx_Tests extends WCPAY_UnitTestCase {
 	 */
 	private $woocommerce_fedex;
 
+	/**
+	 * Calls to check in the backtrace.
+	 *
+	 * @var array
+	 */
+	private $woocommerce_fedex_calls = [
+		'WC_Shipping_Fedex->set_settings',
+		'WC_Shipping_Fedex->per_item_shipping',
+		'WC_Shipping_Fedex->box_shipping',
+		'WC_Shipping_Fedex->get_fedex_api_request',
+		'WC_Shipping_Fedex->get_fedex_requests',
+		'WC_Shipping_Fedex->process_result',
+	];
+
 	/**
 	 * Pre-test setup
 	 */
@@ -54,37 +68,45 @@ public function test_should_return_store_currency_returns_true_if_true_passed()
 
 	// If the calls are found, it should return true.
 	public function test_should_return_store_currency_returns_true_if_calls_found() {
-		$calls = [
-			'WC_Shipping_Fedex->set_settings',
-			'WC_Shipping_Fedex->per_item_shipping',
-			'WC_Shipping_Fedex->box_shipping',
-			'WC_Shipping_Fedex->get_fedex_api_request',
-			'WC_Shipping_Fedex->get_fedex_requests',
-			'WC_Shipping_Fedex->process_result',
-		];
 		$this->mock_utils
 			->expects( $this->once() )
 			->method( 'is_call_in_backtrace' )
-			->with( $calls )
+			->with( $this->woocommerce_fedex_calls )
 			->willReturn( true );
+
 		$this->assertTrue( $this->woocommerce_fedex->should_return_store_currency( false ) );
 	}
 
-	// If the calls are found, it should return true.
+	// If the calls are not found, it should return false.
 	public function test_should_return_store_currency_returns_false_if_no_calls_found() {
-		$calls = [
-			'WC_Shipping_Fedex->set_settings',
-			'WC_Shipping_Fedex->per_item_shipping',
-			'WC_Shipping_Fedex->box_shipping',
-			'WC_Shipping_Fedex->get_fedex_api_request',
-			'WC_Shipping_Fedex->get_fedex_requests',
-			'WC_Shipping_Fedex->process_result',
-		];
 		$this->mock_utils
 			->expects( $this->once() )
 			->method( 'is_call_in_backtrace' )
-			->with( $calls )
+			->with( $this->woocommerce_fedex_calls )
 			->willReturn( false );
+
 		$this->assertFalse( $this->woocommerce_fedex->should_return_store_currency( false ) );
 	}
+
+	// If true is passed to should_convert_product_price and no calls are found, it should return true.
+	public function test_should_convert_product_price_returns_true_if_true_passed_and_no_calls_found() {
+		$this->mock_utils
+			->expects( $this->once() )
+			->method( 'is_call_in_backtrace' )
+			->with( $this->woocommerce_fedex_calls )
+			->willReturn( false );
+
+		$this->assertTrue( $this->woocommerce_fedex->should_convert_product_price( true ) );
+	}
+
+	// If calls are found, should_convert_product_price should return false even if true was passed.
+	public function test_should_convert_product_price_returns_false_if_calls_found() {
+		$this->mock_utils
+			->expects( $this->once() )
+			->method( 'is_call_in_backtrace' )
+			->with( $this->woocommerce_fedex_calls )
+			->willReturn( true );
+
+		$this->assertFalse( $this->woocommerce_fedex->should_convert_product_price( true ) );
+	}
 }