Shopify doesn't allow payout in the same country bank as the currency as we can have only one default currency. In our case, it was set up to be in USD but we are a Canadian brand operating in both countries and with new multi-currency support we wanted the CAD transaction deposit in a Canadian bank and All other payouts deposit in USD in American Bank Acct.
please advise what to do in this case. also having another store with CAD default currency seems like a duplication of everything. how marketing will work and which store would they direct the traffic too as campaigns run common for both US and Canadian markets.
anyone else faced this issue and how they resolved it. what are the pitfalls of having multiple stores?
You are right, the built-in currency conversion is for visual purposes. Upon checkout it is only default currency available.
As you mentioned, the alternative is run another store using CDA currency. Geo IP products, for example, Geo Redirect tool can detect your visitors' locations by IP, and auto direct them to correct sites. For example, if your customer is in Canada, and he goes to exampleshop.com(your US shop), it will auto direct him to exampleshop.com.ca associated with CAD currency. It's easy to set and integrate within a few steps. Shopify platform is perfectly supported.
Running multi-location sites, here is a tool to run campaigns: Geo Links. With a generated short URL link using the service, it can automatically redirect clicks by locations, like country and drive your traffic to your multi-location websites. Such link is perfect for you to post on social media.
Hope it helps!