I will be opening a shopify store and need some guidance on payouts.
I have a Canadian bank account with a USD Account associated to it.
The goods I will be selling will be sold in USD and I need to pay suppliers in USD.
Am I best to receive the payout in USD into my USD Account ? However I cannot pay my supplier from this account so would have to convert to CAD to be charged a USD coversion rate.
Or am I best to get the payout in Canadian dollars from shopify ?
Someone please help!!
I thought linking my Canadian USD account to Paypal would be the easiest option, but turns out you cant do this,.
Nick here from Shopify. Good questions!
Can I ask which country your store is registered in? If your store is based in Canada and you do want to go down the route of selling in USD, it is possible but you would need to make sure your bank account is compatible:
"If your payout currency is USD, then the bank account must be with a physical bank in Canada or the US, in USD currency, and eligible for ACH transfers."
In this situation, it would be up to you to decide the best way forward with regards to the setup and paying your supplier, it could depend on multiple variables and I wouldn't feel 100% comfortable saying one way or the other. Shopify does have a Shopify Payments FAQ for location and currency which you might find useful here as well as a section on selling in USD from Canada here.
Hopefully, this helps even a little, but if you do have any other questions, please let me know!