Payout Currency - different for different gateways?

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I have a store in Hong Kong. The Shopify site states that the payout currency can only be in Hong Kong Dollars. I was wondering if that is only for the payout using Shopify Payments? This thread I found seems to imply that payout currency can be different for different gateways.

 

https://community.shopify.com/c/Payments-Shipping-Fulfillment/UK-Based-GBP-only-option-as-Shopify-Pa...

 

For me, my presentment currency is in USD. If customers checkout using Shopify payments in USD, Shopify payments will convert it into HKD before being sent to my bank account. This is not ideal.

 

I also have PayPal Express Checkout. What I want to know is if I set my primary currency in PayPal as USD, does it somehow convert the USD (presentment currency) taken from the customer to HKD (payout currency) then back into USD before appearing in my PayPal account? Or does it just take the USD from customers straight into my PayPal as USD (thereby changing the payout currency to USD)?

 

I want to know if it is more beneficial to set my primary PayPal currency as USD or HKD.

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Shopify Staff
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This is an accepted solution.

Hi Zachariah,

 

Sophia here from Shopify! 

 

You're right - for stores in Hong Kong, the payout currency has to be in HDK if using Shopify Payments, as outlined in the Selling and getting paid in different currencies document from the Shopify Help Center. If you’re using Shopify Payments, your payout currency has to remain in HKD unless you have a physical presence in the United States as well as a USD checking account with a physical US bank.

 

For third-party payment gateways like PayPal Express Checkout, you might be able to get paid directly in USD if your PayPal account is in USD as well PayPal has more information on this here. You can change the currency in your PayPal account by heading to Wallet > Manage currencies. I recommend double checking with PayPal to ensure that the account you have connected is eligible to be paid out in USD without any currency conversion fees.

 

If you need a credit card gateway other than Shopify Payments, we have a list of the supported third-party payment gateways for Shopify stores in Hong Kong.

 

Please let me know if that helped! I’d be happy to answer any other questions you may have.

Sophia | Social Care @ Shopify
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Tourist
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Hi Sophia,

I am based in the UK however sell in the US, Europe and UK. 

I know clients similar to me are able to receive funds into their local Euros, local US and local UK bank accounts whilst trading from the UK.

Does this require Stripe or can I do this with Shopify Payments?

Kind regards,

Humbled

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Shopify Staff
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@Humbled wrote:

Hi Sophia,

I am based in the UK however sell in the US, Europe and UK. 

I know clients similar to me are able to receive funds into their local Euros, local US and local UK bank accounts whilst trading from the UK.

Does this require Stripe or can I do this with Shopify Payments?

Kind regards,

Humbled


Hi, @Humbled.

Welcome to the Shopify Community!

At this time, the supported payout currency for stores using Shopify Payments in the UK is GBP. However, you can still sell in multiple currencies if you'd like your customers to checkout with their local currency. Shopify Payments will then convert the amounts paid to GBP for your payouts. You can view these options under Settings > Payments in your admin by selecting "Manage" in the Shopify Payments section. The full list of steps to enable selling in multiple currencies can be found in the Shopify Help Center. Please let me know if you have any questions about the setup process or how it works.

Sophia | Social Care @ Shopify
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Tourist
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Thanks @Sophia.

I have locally based currency accounts, how do I receive funds directly into these different currency accounts for GBP, EUR and USD separately rather than Shopify converting it into my GBP account?

Kind regards,

Humbled

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Shopify Staff
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@Humbled wrote:

Thanks @Sophia.

I have locally based currency accounts, how do I receive funds directly into these different currency accounts for GBP, EUR and USD separately rather than Shopify converting it into my GBP account?

Kind regards,

Humbled


Shopify Payments can only send payouts in GPB for stores in the UK, so you'll need to use one of the supported third-party payment gateways instead if you need to receive payouts in GBP, EUR, and USD respectively. In the meantime, I would be happy to submit feedback to my team on your behalf in case Shopify Payments is able to offer other payout currencies to UK stores going forward.

Sophia | Social Care @ Shopify
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Tourist
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Thanks Sophia,

Would another solution be to open a store for each country?

Kind regards,

Humbled

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Shopify Staff
Shopify Staff
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@Humbled wrote:

Thanks Sophia,

Would another solution be to open a store for each country?

Kind regards,

Humbled


You can potentially open separate accounts for each country, as long as the bank account requirements for each country are met. For example, to use Shopify Payments in USD, you need to have an account with a physical bank in the United States.

Sophia | Social Care @ Shopify
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Tourist
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Hi Sophia,

My bank in the USA is a local bank but it is virtual rather than physical.

I have set up multiple pages, can I get funds paid out in USD to this account?

Kind regards,

Aforji

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Shopify Staff
Shopify Staff
507 34 73

@Humbled wrote:

Hi Sophia,

My bank in the USA is a local bank but it is virtual rather than physical.

I have set up multiple pages, can I get funds paid out in USD to this account?

Kind regards,

Aforji


The current bank account requirements for stores using Shopify Payments in the United States indicate that the account needs to be with a physical bank. If the virtual account isn't with a bank that has a physical presence in the US, it won't meet the requirements.

Sophia | Social Care @ Shopify
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 - Was your question answered? Mark it as an Accepted Solution
 - To learn more visit the Shopify Help Center or the Shopify Blog

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