Stores Based in Two locations with Different Currencies and Stock

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Hi all,

I have been browsing through the community and have linked together how I think things will work if I wish to have only one shop but actively sell in the US and the UK. I would be really grateful if someone would confirm that I have it all sorted. 

  1. I want to manually set the exchange rate between the home base of the shop. To do that, rather than accept a market exchange rate, I have to sign up for Shopify rather than Shopify Basic. With Shopify I must choose the exchange rate across all my products and won't have the ability to choose the exchange rate (effectively the price) for each product, a feature that is only available in Advanced Shopify. Did I get that right?
  2. I can choose to set up the shop in one location only as my primary location, but can choose any available currency to be my primary currency that is paid into my bank account that is only in that country. It is not possible to have customer payments deposited in their native currency, even if I can accept them in a multi currency account or different accounts. Correct?
  3. Shopify charges a foreign transaction fee if a customer buys in other than the base currency. Is the difference in the fee of 1.5% in the US and 2.0% in the UK based on the location of the shop or based on the primary currency if I can designate a different currency (i.e. a US shop but with Sterling as its currency)?
  4. The credit card processing fees are based on the currency of the customer transaction not the store's primary location or primary currency. Am I on track?
  5. The exchange rate is described as the "market rate", but that means different things to different people. Can you tell me what the specific benchmark is?
  6. I will be able to set stock levels in two locations (in my case, effectively two currencies) so that if I am out of stock in the UK, it will show that stock is not available to UK customers. Correct?

I would be grateful for any guidance from Shopify or the community!

Thanks in advance.