I need to change my payout bank and currency. Right now it gives me options of account number and sortcode - but the only payout currency available is GBP. My store currency is USD and I would like to change the payout currency and bank account to USD and to a Revolut USD bank account.
How can I do this?
As mentioned my store currency IS set to USD. But my Store Address is set to UK. Could this be why?
Also my Revolut Business account for USD only gives me IBAN and BIC numbers not Account Numbers and Sort codes - how does this work?
My name is Lizzy and I’m from the support team at Shopify.
You're correct in that the reason you're unable to accept payouts in USD is because your store is set up with a UK address. This page here lists the available currencies for payouts based on your business location.
If you had a business based in the US you would see different requirements for your banking information, as this also adjusts based on your location.
If you have an address based in the United States as well as an EIN number and are able to operate legally as a US business you would have the option of updating your store information. Using Shopify Payments you would either need to be a Canadian or US based business to be able to receive your payouts in USD.
While I appreciate this isn't a solution, I hope I was able to clarify why you're not able to make the adjustment you're looking for. Please don't hesitate to let me know if you have any questions.
If your business is able to operate as a US based business, then yes you will be able to accept payouts in USD to a US based bank account.
You can update a current store with the new details, however there will be some issues if you've already been making sales in AUD and switch to USD. Your reporting will not be able to covert to USD equivalents, which means that going forward your numbers in the store will be off. For example if you currently show $10 AUD after changing to USD it will show as $10 USD, which is not correct. Also, any outstanding gift cards will not work after the currency has been changed.
Have you considered starting a new store for your US based customers?
Let me know if you have any further questions about this!
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