I am a UK-based business serving a US market, shop currency is USD but payouts are GBP, losing my money on conversion fees, and because all transactions are classed as non-domestic.
My question is if I register my business in the US (likely in Delaware as an LLC), have a valid mailing address (via a virtual mailbox), have a bank account that can accept USD (Wise) and an EIN number, will I be able to update my shop's location to USA and thus change my payouts to USD?
I obviously don't want to go to all this effort and expense if, as a non-resident, I wont be able to make the changes.
It is unlikely that you would be able to use a Shopify Payments US account. We ask merchants to provide a Social Security Number (SSN) for verification purposes and you also will need to connect a valid checking account provided by a US-based financial institution, rather than a virtual account like those provided by Wise. I am also not sure if we would accept a virtual mailing address for verification purposes.
It sounds like you have USD set up as your store's currency and receive your payouts in GBP, which is permitted via Shopify Payments. However, if you are a UK-based store then it will not be possible for you to receive payouts in USD without conversion fees being applied.
I would have an ITIN and with that, I can also get a US-based bank. With this would I be able to use shopify payments in USD?
There must be other foreign-owned companies that use shopify payments in USD. Gym Shark for example, I can't imagine they are charging their US clients in USD and then converting the amount to GBP or Euros for payouts? I understand they are a very different company but the point stands, how can they, or other achieve it?
I can't comment on GymShark or any other company and how they have their payment processing set up. There are certain requirements for Shopify Payments accounts that must be met in each region that we sell to, and you should be fine opening a Shopify Payments US account if you can provide the following:
I hope this helps. You are always welcome to try to open a US account with the details that you have, and our Payments team will be able to confirm if you are eligible to use it.
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