I have been trying to find one answer to this question but couldn't. So I need to ask here.
This is my situation:
Store currency: USD
Payout currency: GBP
Accept payment in: USD and GBP
now which scenarios are correct:
1) When someone pays in USD shopifypayments will accept the payment and not convert it into GBP until payout.
2) When someone pays in USD shopifypayments will convert into GBP as this is my payout currency.
3) When someone pays in GBP shopifypayments will convert into USD and then convert again into GBP when withdrawing.
4) When someone pays in GBP shopifypayments will keep it as GBP until payout.
So the question comes to this: Will GBP payments be converted to USD on checkout and then converts into GBP again on payout making me lose more money on conversion?
I really hope someone can provide on answer to this.
It sounds like you are using the sell and get paid in a different currency feature. However, there are two different features here, so you'll need to see which one you're using within your store to better understand what will happen to your payouts.
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. - Based on the details, you are selling in USD and getting payouts in GBP. Your customers would be charged in USD regardless of where they are in the world. They would be charged a conversion fee if they are not based in the United States, and you would see a conversion fee to convert from USD to GBP. There are two conversions, but one would be for the customer, and one would be for you. To directly answer the question, you would not be losing out on funds in a double conversion.
Selling in Multiple Currencies with Shopify Payments: Selling in multiple currencies lets you accept payments in multiple currencies with Shopify Payments. To use this feature, it would require that you have the currency switcher enabled in your store, and have your Shopify Payments settings set up to accept more than one currency. If using this feature, and you are selling in USD, but the customer pays in GBP, then the currency conversion fee (1.75% for the UK) would be baked into the final price that the customer pays and not something you would be out of pocket for.
Hope that helps clear up any confusion, though, if you have any questions, let me know!