Selling and getting paid in different currencies
The currency that your customers use to pay for their orders can be different from the currency of your payouts from Shopify Payments. That is, your store currency can be different from the currency of your bank account.
Suppose that your store is located in Europe, but the majority of your customers are in the United States. Because you sell to a lot of Americans, you set your store currency to United States dollars (USD). And because you need to pay your suppliers and employees in Euros, you set your payout currency to Euros (EUR). Alternatively, you can open a separate bank account that accepts USD currency, but then you will have to manage both accounts and move your funds between them.
Your store uses the following currencies:
- Store currency - the currency of your Shopify admin and your reports. For example, this is the currency that you use when you set prices for your products. In accounting, this currency is referred to as the functional currency.
- Payout currency - the currency that Shopify Payments uses when it deposits money into your bank account. Your choice of payout currency depends on the location of your store. Your payout bank account needs to be located in the same country as your store. For example, if your store is located in Canada but you want to be paid in USD, then you need a USD account that is based in Canada. Your payout currency Shopify Payments supports the following country and payout currency pairings:
|Store location||Available payout currency (bank account currency)|
|Australia||Australian dollars (AUD)|
|Canada||Canadian dollars (CAD) or United States dollars (USD)|
|Hong Kong||Hong Kong dollars (HKD)|
|Japan||Japanese Yen (JPY)|
|New Zealand||New Zealand dollars (NZD)|
|Singapore||Singapore dollars (SGD)|
|United Kingdom||Pound sterling (GBP)|
|United States||United States Dollar (USD)|
Currency exchange and conversion fee
A currency exchange rate and a conversion fee are applied when a payment is captured or when a refund is issued. In your Shopify admin, you can view:
- the current currency exchange rate from Payment providers.
- the currency exchange rate that was used for an order from the order's timeline.
Changing your payout currency
You can change your payout currency at any time by updating your Shopify Payments banking information from the Payment providers page in your Shopify admin.
If your country supports several payout currencies, then you need to have a bank account in the currency that you want to be paid in. For example, if your store is located in Canada, but you want to be paid in US dollars (USD), then you need to have a bank account that accepts USD.
Changing your store currency
Your store currency is the currency that is used in your Shopify admin. It's the currency that you price your products in and it is currency that is used in your reports. If you change your store currency, then your reports can be affected. After you have launched your store and have made sales, you need to contact Shopify Support to change your store currency.
You can view and change your store currency from the Store currency section of the General settings page.
Legal and tax considerations
You should review any potential legal or tax implications involved with selling in a currency that is different from the one associated with the country where your store is located.