We have recently come across an issue which we will try to explain in steps to make it as easy as possible to understand.
1: Radhound has set up our store with USD as our currency due to our demographic and wholesalers being USA based.
2: Radhound is a registered business in Ontario, Canada with a Canadian bank also.
3: Payments in shopify do not work as our bank account isn't USA based and therefore we don't recive payouts.
4: We need to keep our store in USD but change our payments bank location to Canada, but this cannot be done (http://prntscr.com/8tp4ra).
What would be the best way going about this?
1: All our products are currently priced in USD, would we have to change them over to CAD and if so what is the most efficient way going about this?
2: Should we look into adding a currency switcher on our website? However, we don't want to pay a monthly fee for an app to do this as most are quite costly.
Any futher information is greatly appreicated as we have not had experience with this before and would like to start recieving payouts via Shopify.
The Radhound Team
Thanks for the reply Alex.
We have already been in contact with our bank. Our current account does hold US dollars but is still Canadian based. However, for us to open an official US account to recieve payments would require us to register our business in the United States and file taxes in the United States (as we would be technically be gaining income in the USA). This is our road block as we don't want to do that.
The Radhound Team
Tyler here from Shopify. I'm in Canada as well and have dealt with this exact same issue for my own store. In a nutshell, all I needed to do to make my Canadian store in USD is set up a USD bank account with my bank (TD). They have a couple of options for USD bank account plans. I went with the cheaper one for $4.99/month, which while it doesn't include a debit card or anything it does integrate with your current account and allows for online transfers between accounts. I just had to make a 20 minute appointment and it was done. Once I entered the info into my Shopify account I was able to sell in USD - no US-based business or bank account necessary.
That will keep your business Canadian-based and avoid all that nasty tax stuff you're concerned about. :) Hope that helps clear things up!
I'm doing the same (Canadian USD bank account) but am having trouble with the routing number. Anyone know the routing number format?
We figured out the issue by doing these steps:
I hope this helped!
I had the same issue when I launched. I'm in Canada and my store is in $US since I sell digital goods.
Like Tim Kline, I also set up a personal, no fee US dollar savings account with Tangerine. Works great! I received all my payments, don't have additional monthly charges, and I get a little interest.
Hi Scott, Tangerine also told me it was not possible. Well, one told me "no" and the other "maybe", but it works just fine for me. After I spoke to Tangerine, Shopify support said it should work with any personal $US account as long as the bank is in Canada, so I gave it a try and I receive all my payments in my personal Tangerine $US account now. I even started receiving a little interest.
I don't know for you, but my company is registered under my personal name with the variant "Presentation Shop" (so my company is not "Inc."). Maybe if yours is "Inc" you'll need a business account or something else.
Whatever your case is, it's worth trying since they're no fees when opening an account with Tangerine. and for me, it works great! :)