Jason here from Shopify Support.
Great question! Are you going to be using Shopify Payments as your default payment gateway? If so, keep in mind that you need to make sure the bank account that you're using to receive the payout is in the currency you want to get paid in. For example, if your store is located in Canada, but you want to be paid in US dollars (USD), then you need to have a bank account that accepts USD.
If you're using Shopify Payments, the currency exchange rate and a conversion fee are applied when a payment is captured or when a refund is issued. Just in case if you wish to have more detailed information, here's a great document going over selling and getting paid in different currencies.
If you're using a third-party payment gateway, this will be a question you need to discuss with the payment gateway support. As the payment gateway is the one who handles your transactions and offers you the payout.
I hope this information helps, however, should you have any questions, please don't hesitate to reply back here and I'd be happy to help out!
All the best,
The conversion fee is 1.5% to 2% to multi-currency orders depending on your country. The foreign exchange fees will be deducted from the total payout amount (similar to credit card rates). That being said, these fees are added to the price the customer sees, so you don’t lose any money. Here's a great document going over the conversion rate and fee.
Looking at today's exchange rates on xe.com, the rate on my storefront is less than 1 percent more than today's USD>CAD exchange rate high, which makes me think that the foreign exchange fee is not included in the price the customer pays, and is instead deducted from the payout. Am I incorrect about this?
currency rate from XE.com:
Currency rate on my shopify storefront: