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!
The information I shared above in regards to Shopify Payments payouts is still accurate, yes. You can see here that if you're using Shopify Payments in Australia, you would only be able to accept payouts in AUD.
That being said, we do have several alternative gateways that you can use if you're based in Australia. You can find them here. One of these gateways may be able to offer payouts in USD, which may be a good option for your business! Keep in mind that if you aren't using Shopify Payments, your orders will be subject to transaction fees, based on the plan that you have.
Let me know if you have any questions about this!
I use Woocommerce + Stripe and my business is based in UK. I have a price set in GBP for UK customers, Euro in EU and USD for US customers for each product. Currently Shopify doesn't provide this service and I would have to pay $29/month for Multi Country Pricing App.
Furthermore, Shopify only pay out in GBP for business based in UK, so even if I was able to sell in USD, Shopify convers the USD amount (at Shopify rate set in T&C) and pay out in GBP. Conversion rate and fee is charged by Shopify.
With Woocommerce + Shopify, USD and Euro sales are sent as original currency to USD and EURO bank accounts (Tranderwise or other local bank's foreign currency account)
As a Europen business we have suppliers across EU and USA and it would make sense to not convert every transation to GBP.
So if you want no conversion, I would recommend Woocommerce.