Managing multi-currency payouts with Shopify payments

For stores with a broad international customer base, handling payouts in multiple currencies can help you optimize the payment process. On this page, you can find detailed information on how to handle multi-currency payouts using Shopify Payments, including adding multiple bank accounts, understanding international payout fees, and the implications of selling in various currencies.

Overview of receiving international payouts

When you use Shopify Payments and opt to receive payouts in currencies other than your local currency, an international currency payout fee is applied. The fee rate depends on your specific Shopify plan and covers the costs associated with currency conversion. Learn more about [conversion rates and fees].(/manual/markets/pricing/fees#conversion-rate-and-fee).

Add a bank account for international payouts

For businesses located in regions like Canada, where both CAD and USD are commonly used, you can link two bank accounts to receive payouts in each currency. You can add a bank account to receive payouts in an international currency.

Steps:

1. From your Shopify admin, go to Settings > Payments.
2. In the Shopify Payments section, click Manage.
3. In the Payouts section, click Add in the Payout account area.
4. In the Bank country section, select the country where your bank account is registered.
5. In the Add a bank account section, enter your bank account number.
6. In the Payouts currency section, select a currency in which you want your payouts to be paid out into your bank account.
7. Click Add bank account.

Set a default bank account for payouts

After you add multiple bank accounts, you need to set one as your default. This is the account where Shopify will send payouts for any currencies not matched with a specific bank account. If you don't set a default account, then your first bank account is considered as your default account for payouts.

For example, suppose you receive payouts in CAD currency in your first bank account and in USD currency in your second bank account, and you're also selling in EUR currency. If you receive an order in EUR currency, then EUR is exchanged into the currency of your default bank account, in this case CAD, and exchange fees are applied.

Steps:

1. From your Shopify admin, go to Settings > Payments.
2. In the Shopify Payments section, click Manage.
3. In the Payouts section, click ... next to the bank account that you want to make as default.
4. Click Make default, and then click Make default.

Managing payouts in multiple currencies for businesses based in Canada

For businesses on Advanced Shopify or Shopify Plus plans based in Canada, managing payouts in both CAD and USD can be achieved by connecting two separate bank accounts. Each currency's transaction is processed into its respective bank account. For example, orders in CAD currency are routed to your CAD bank account, and orders in USD currency are paid out into your USD bank account.

For merchants based in Canada receiving USD payouts prior to May 24, 2023, if you choose to keep your existing setup with only USD payouts there will be no changes to your payout fees. However, if you decide to add a second bank account to your Shopify Payments account to receive payouts in CAD, then any payouts received in USD will be subject to an international currency payout fee.

Considerations for multi-currency payout in Canada

Review the following details to learn more about getting paid in multiple currencies:

• Supported currencies: Each supported currency must have a dedicated bank account. Your bank account in CAD currency needs to be located in Canada, but your bank account in USD currency can be located in either Canada or the United States.
• Handling orders in non-account currencies: Orders placed in currencies that don't have a specific payout account are exchanged into the default account's currency, applying the appropriate exchange fees.
• Inclusion of foreign exchange fees: When the payout currency and the currency you're selling match, your customers don't have to pay a currency conversion fee. You can choose to include or exclude currency conversion fees in your pricing strategy by making use of price adjustments for different markets.
• Refunding in multiple currencies: Refunds are processed in the same manner as other transactions. However, credit card transaction fees aren't returned. Learn more about refunding orders.

Understanding the international currency payout fee

Shopify charges an international currency payout fee for handling payouts in currencies other than your local one. This fee applies even if your store isn't set up for payouts in multiple currencies. The rate varies by your Shopify plan:

• Shopify Plus plans: Charged a 1.25% payout fee.
• All other Shopify plans: Charged a 1.50% payout fee.

Example of a payout fee calculation.

If you're based in Canada and you receive a $100 USD payout, then the calculation would be as follows:

100 USD payout - (2% Shopify Payments fee + 0.22 USD) - 1.25% international currency fee = 96.53 USD

Legal and financial considerations

Before engaging in multi-currency selling or managing multi-currency payouts, you should consult with a legal or tax expert to understand any potential implications related to international commerce. This helps ensure compliance with applicable laws and regulations and will help you to make informed decisions about your international sales strategy.