Changing Store currency. What happens to existing product prices

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Excursionist
16 1 1

Hi there,

 

I am trying to anticipate what problem(s) are going to occur if I change my shop currency further down the road.

I am based in Hong Kong, and initially I will be marketing within Hong Kong. Eventually all-being-well we will expand into the US.

My store is currently set up in USD, but I wonder if it is better to switch to HKD before we officially open. This will save the customer having to use the currency menu. Further down the road I plan to go back to USD. What will happen to the prices of products that were created in HKD. I should add that I am connected to Printful which has its prices in USD anyway.

 

Cheers

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Shopify Partner
157 4 13
Hi,
Right now there is functionality of multi currency(HKD and USD are supported). Is that something helpful to you? Here is the official guide https://help.shopify.com/en/manual/payments/shopify-payments/multi-currency/setup
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Shopify Staff
Shopify Staff
81 8 15

Hey, @T8!

 

My name is Lilith, I'm on the Social Care team at Shopify.

 

With the changing of the store’s selling currency, I wanted to make sure that you know some things that might be impacted by changing it.

 

Reporting

 

With flip-flopping between currencies, our reporting doesn't factor in the difference between currencies.

 

For example, if you had $500 USD processed, that would show as $500 in reports. If the next day you switch to HKD or another currency, the report would still read as $500 for previous processing. Since HK$1 (or other currency) is not equal to $1 USD, the reports, in theory, will be wrong going forward.

 

Product Pricing

 

Since the value between currencies is not the same, a product price’s value could mean something different if currency is adjusted and impact your margins.

 

For example, HK$20, is not equal to $20 USD. Refunds processed after a currency change will also be affected by the currency change.

 

Apps

 

Some apps may have limitations when it comes to changing the selling currency. If you have questions on how changing selling currency will affect your apps, I recommend reaching out to the App developer for your app to clarify before changing your selling currency.

 

Fortunately, we have some workarounds for some of those effects above!

 

 

Some Solutions

 

Reporting

 

You can set a “date range” for the data being reviewed, to exclude any transactions that might have been processed in a different currency before the specific date of the currency switch.

 

Other

 

Making any adjustments to your product pricing if needed to factor in the currency difference. You may also want to review any of the product pages, themes, etc for currency information, that might need to be adjusted. Note that refunds will be processed in the new currency.

 

Multi-Currency with Shopify Payments

 

The option that @Jivan_Suhagiya mentioned is also a possibility. If you're using Shopify Payments as your payment gateway, you can activate the Multi-Currency function for the currencies that you're asking about. The complete guide here on that will give you the steps on how to activate that on your store.

 

If you're using a different payment gateway, you'll need to check in with the help center for that gateway to see what options you may have to accept multi-currency payments at checkout.

 

Once you've decided if you want to make any changes to your front store currency, let me know if you run into any difficulties making the switch.

 

Keep me posted on how you do with the information above! I'm happy to answer any questions you think of as you work on your business.

Lilith | Social Care @ Shopify
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Excursionist
16 1 1

Thank you Jivan, I have read this and it is already implemented in my store.

This question is more to do with  selling locally in Hong Kong and setting the store default to HKD and then perhaps 6 months later going global and updating the store preference to be USD.

I don't want my HK customers having to look for the currency menu in the top right corner as it is not very obvious, and in the future I don't want my US customers to be put off by seeing HKD prices and also not knowing where the currency menu was.

What I really need Is auto currency switching depending on the clients location or perhaps more simply a Pop-up that appears 'on first visit' that tell them they can change the store current if they wish. Finding a simple free Pop-up is not easy. I think for now I will have to choose the best currency for the the long term and add Section (image and arrow, pointing to the currency menu)

 

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Excursionist
16 1 1

Thank you Lilith,

 

For the suggestion by Jivan, I already have this implemented in my store. I think in the long term it is going to be better to just choose a currency and stick with it. It would appear that changing store currencies later on has too many risks.

What I really need Is auto currency switching depending on the clients location or perhaps more simply a Pop-up that appears 'on first visit' that informing them, that they can change the store current if they wish. Finding a simple free Pop-up is not easy. I think for now I will have to choose the best currency for the long term and add a Section (image and arrow, pointing to the currency menu) to help guide customer to the 'not so obvious currency menu'

 

David

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