Nick here from Shopify.
I did some investigation and spoke to someone on our financial services team about this for you. They mentioned if you are selling in a different currency that is different from your payout currency, conversion fees will be incurred. You can change your selling currency, but they cannot change their payout currency. The payout currency always has to be your home/domestic currency for no currency conversion fees.
You can see this in the Shopify help documentation below:
You can see this and more information about this all here.
Can I ask what currency is your prime currency and which one you have set it to?
All the best, Nick
Thank you for your reply.
My sales currency is US dollars. Customers can pay in US dollars.
Although my store address is Hong Kong China, my credit can accept US dollars, which means I can set US dollars as the payment currency.
I want to set the currency to US dollars so that I don't need to pay an extra 1.5%. But this option is not selectable as the pic shows.
No worries at all @Link_4810. I hope it helped.
Thanks for breaking this down further. That's exactly why there is a conversion fee as you're mixing the currencies up a bit there. You're getting paid in HKD. That's the only currency you can be paid out in when operating from Hong Kong. Your selling currency is USD. Which is why you are being charged the conversion fee. To avoid any conversion fees you would need to be paid out in HKD in this case, with any other currencies it wouldn't be possible to avoid the fee.
|15 seconds ago|
|an hour ago|