Multi-currency and payouts to multiple accounts?

[MackJon]

Hi,

Is it possible to get Shopify Payments to pay into separate accounts, or add more payment providers for individual countries?

With all the promotion of Shopify multi-currency, we opted to combine our sites earlier this year. It's now much easier to operate, but it's a nightmare for book-keeping. Is there a way to have multiple shopify payments on the system, so (for example) that the EU transactions payout to the EU side of the business and the UK transactions go to a UK account?

Or is there an alternative provider who can do this for us?

Or, should I just give up and go with running multiple stores again?

Cheers

Jon

[Michael_Butler_]

Hi Maz,

Has there been any progress towards this feature in the past five months? This is something that would really benefit a lot of your users and I'm sure something that has been requested a lot in the past two years since this post was created.

[RCosmin]

@Maz Still no update on this? I also need payouts to multiple accounts.

[Goldy1986]

Hi Maz, this thread has just been brought to my attention. This is something that we as a company really struggle with, trying to operate on a global scale out a single store. Finding / developing a viable solution to this problem is something i see as an absolute priority. I'm pretty sure this is (in theory) a relatively straight forward thing to develop / implement ... so why has it not been done thus far?

[jonesin]

@SeanMcEl 

Thanks for the heads up, I will look into Woocommerce's capabilities.

[firedude2020]

Thanks I'll be looking to switch my 3 stores as well to woocommerce as well. Its almost 2023 and surprised they still haven't sorted this out.

[rye_boy]

I would suggest you switch to WooCommerce with a lot of caution. I have
moved to Shopify from WooC and it has been nothing short of a blessing. Yes
Shopify lacks a lot of the functionality that WooC promises on paper, but
it has to be built well by someone who knows what they are doing and then
you have to maintain it, which in itself is a huge undertaking. Let me know
how you proceed.

[twistederik]

Jonesin - feel free to PM me. My company build a solution to do this in Woo - it works great. We run a lot of other stores in Shopify and really need a way to execute. 

[merlic]

I'm also searching for a solution for this. It's a disaster otherwise. I have corporations in the US and one in Canada, which serve different markets for the exact same brand and product. Duplicating the store doesn't make sense, as I have so many blog posts, pages, and apps that go into supporting just one.

[yarakamal]

I’m also really surprised that it’s been almost a year and there has been no upgrade on this. I’m also on the same boat, I’m hesitant to switch my two websites into one currently because of this. It’s the only thing holding me back, we need two currency payouts in different banks to operate and pay for operational expenses and it would be a headache to convert and lose on exchange everytime

[Maz]

Hey, @rivalhockey @merlic @yarakamal!

Thank you all for hopping on to this thread.

I can understand and appreciate how important this is to have for your businesses.

Regrettably, I do not have a timeline update for you, however if there is any update you will see it here first on our Shopify Changelog. That being said, feedback like this is super important, so I will add all of this feedback for our developers to take a look at further. While I cannot guarantee any updates or timelines, please know that we really do appreciate your voice!

[Paola10]

Hi,
Looping in cause we are moving to Shopify, one store with markets, and we are in the same situation.
With Stripe we had no problems managing two bank accounts (one for € and one for $), but now with Shopify payments I have seen that it is not possible to link payments to two different bank accounts.
I therefore join the request as it would be essential to better develop the markets and allow us merchants to develop sales, not to lose money in the unfavorable exchange rate and to consider opening up to new markets as well, (thus increasing more and more sales and profits for all).

[Maz]

Hey @Paola10!

Thank you for joining this thread and for this feedback, it is much appreciated!

I have also logged this feedback with our developer team along with the others above.

Which platform are you going to be migrating from?

[MovingForward]

Also jumping in here to request an update on the feature request above. 

This is clearly an important feature for many businesses so it would be helpful if Shopify could provide a timeline of when this might be addressed.

[Maz]

Hi @MovingForward!

Thanks for providing this feedback. At the moment there is no update on this feature request and that is something we generally do not provide. The best placed to keep an eye out for updates on this is our Changelog here. If there are any changes regarding this feature, you'll see it first there!

[Paola10]

Hello Maz,

we are migrating from Magento 1.

[Maz]

Hi @Paola10!

Thank you for responding!

I am excited to learn that you're going to be migrating from Magento 1 over to Shopify. When are you looking to start the migration, or have you already begun the process?

Ecommerce migration and replatforming is a reality many businesses at some point will have to face. Ecommerce migration has historically been viewed as a time-consuming and costly burden. And without the proper plan and execution strategy, it can be. This process can be achieved by using CSV files or automatically using apps, depending on what you're more comfortable with. Have a look at these options below and let me know if you have any questions:

• If you're thinking of moving from one platform to another, then you can use CSV files to transfer over your data. Check out our help center doc here on Using CSV files and also Migrate your data using a CSV file.
  
  
• You can also choose to migrate automatically using third party apps like Matrixify at this link.
  
  
• In addition to that, you can enlist the help of a Shopify Expert to handle the process for you. You can take a look here at some that specialize in migration here.

Also, if you have the time, I'd recommend checking out our resources on Migration such as What you need to consider when migrating here and Migrate to Shopify here.

As always, if you have any questions, let me know!

[iopool]

Is there any news about this feature? I think it's the most important feature for any serious multi-markets shopify store.

[Maz]

Hey @iopool!

We'll continue to provide feedback to our developers for members who provide use cases that haven't already been shared in this thread.

We do not have a timeline for when updates will be available, but we will update you here on our Changelog once we have further information to share.

Let me know if you have anything additional you would like to add.

[LuciaTSATS]

Also jumping in here to request an update on the feature request above.

I have a Swiss business and sell both in UE (in EUR ) and Switzerland (in CHF). Not being able to link 2 different bank accounts makes no sense! Especially when we all know that Stripe offers that option.

This is clearly a key feature for many businesses so it would be helpful if Shopify could provide a timeline of when this might be addressed? Many thanks for your help

[Maz]

Hi @LuciaTSATS!

Thank you for joining this thread.

I can appreciate how this would be important for your business and how it would be beneficial to you.

Regrettably, I still do not have any timelines, as mentioned previously on this thread. Please continue to keep an eye on our Changelog at this link or Announcements page here for any upcoming updates.

That being said, I will add your feedback with your examples for our developers to review. Thank you for your feedback in this matter.

Let me know if there is anything else I can help you with regarding your store!

[LuciaTSATS]

Thank you Maz for your response! Hope Shopify will do something about it soon 🙂

[Roseatrockies]

I am a Shopify Plus customer, and I would love the feature to split payouts to two different accounts to help pay down loans.  We had a Stripe Capital loan that took 9% of every sale, and we were able to pay off a large loan in a very short time using this automated process.  I wish that we could set up that 10% of our payouts went to a separate account automatically so we could continue to pay off debt easily.   Any updates on progress for this?

[iopool]

Hello, I had a chat with a Shopify Plus rep 2 weeks ago. He told me that a feature like this is on its way to Shopify Plus only. It would be released this year. So no luck for all the merchants on regular Shopify.

[Maz]

Hi @iopool!

Thank you for your input on this thread.

While I cannot confirm this information to be true, I will be relaying your request to our Product team surrounding this product! Thanks for your patience in the meantime.

[twistederik]

Any progress here?

Any company that is large enough to have local operations in more than one country will have this issue.

We have local operations in USA, UK, Sweden, Belgium (mainland Europe), Australia, New Zealand, and Korea. We need to be able to use a separate deposit bank account for each defined "Market" in Shopify Markets.

The Shopify Markets solution is a great way to "get started" selling international. With this feature, it would be a truly scalable solution. Without it, Shopify Markets isn't really a solution... A single WooCommerce store would be able to handle it much more cleanly.

[Jadeye]

Hopping onto this thread in hopes to increase the severity and importance of Shopify doing something about this problem.  We sell in multiple countries, and need payment options available for each country.  The issue I have is that the default country gets all the options but the minute you switch to a different location / marketplace they get 1 credit card option (nothing else).  This is very sad and can't see why this simple feature wouldn't be an easy fix for the developers?

[Maz]

Hello @Jadeye!

I can understand why this would be frustrating for your business, and thank you for subscribing to this thread and for sharing your feedback with me.

It would be difficult for me to provide a definitive answer on why this may or may not be an easy fix for our developers. However, I am more than happy to share your feedback with them along with the others on this feedback received.

If you have any further questions, please let me know!

[Sixhatssupply]

Hey Maz, 

I noticed that my shopify payouts now has an option for a US bank account alongside my Canadian bank account. 

does this mean I can have payouts in Canadian dollars to one account and US dollars to my US bank account without paying the 2% conversion fees?

let me know

[Maz]

Hey, @Sixhatssupply!

Thanks for subscribing to this thread.

Stores in Canada with Plus and Advanced plans can now accept payments from buyers in both USD and CAD, depending on the currency the buyer uses at checkout. Additionally, you can receive payouts into two Canadian bank accounts, one in USD and one in CAD.  Canadian stores that currently receive payouts in USD at a 0% fee will incur fees for all USD deposits if they opt in to this feature.

If you receive a sale in USD, the payment is converted to CAD before it’s paid out. Foreign currency conversion fees are applied each time this happens. Canadian merchants have the option to receive payouts in either CAD or USD without incurring any additional fees. However, if you use the Payouts in multiple currencies (Canada) feature, you will be charged a fee for USD payouts based on your subscription plan. Plus merchants will be charged 1.25%, while Advanced merchants will be charged 1.5%.

More information about this feature can be found here at this link!

Let me know if you have any questions!

[rmoli]

Are there any plans to allow more than 2 bank accounts? My store would allow EUR, GBP and AUD in which I already have the accounts to receive funds to.

[Maz]

Hi, @rmoli!

Thanks for joining this thread.

I can appreciate where you're coming from and how this would be beneficial for you. 

At this moment in time, this is currently only available for stores based in Canada and for now I have not had any update on if and when this will be available across the board. With that said, I have added your feedback to the current feedback of others, so our developers can review it. I do hope that this is something that will happen in the near future!

If you have any further questions, please let me know!

[TheZOOMGuy]

So, in other words, Shopify really doesn't have multicurrency payouts, unless the store owners pays all the monetary benefits of the multi-currency payouts back to Shopify, which really just moots the point.

[TheZOOMGuy]

How long does Shopify plan to continue avoiding this issue? It's only been an issue for years now and only needs a 2-3 day fix by a competent developer. What's the problem here? What's it going to finally take to fix this?

Do we all need to launch a class action suit against Shopify to finally get their attention and get them to smarten up?

[merlic]

Lol I doubt there's grounds for that. As a developer myself I do
acknowledge that this would be a multimillion dollar multi-year project.
It's not as simple on the backend as it looks upfront. I still think it
would be worth deploying to the customer base though.

[TheZOOMGuy]

I was somewhat tongue-in-cheek......However, Shopify is seriously asking for a huge lawsuit just by how they are handling payout, illegally using tied selling as the sledgehammer.......
That being said...There's no way that it's that big of a job to add multi-currency payouts. It's not a very complex issue. The only factors that change are currency and destinations. Probably can just copy-paste the existing code and change the variables & run it either concurrent, or use a selector switch. In a former company I had, we built and tested much more complex software in a matter of a couple months using just one skilled devel. This is a 2-3 day fix, plus testing, with a small team of developers. Chances are, they already have it built, but refuse to implement it because it's not in their financial interests to do so......
There's no excuse. Shopify is almost 20yrs old & this has been asked for, for most of that time. They need to focus more on the meat and potatoes and stop wasting devel resources on useless garnishes...

[Bpaldus]

Question to Shopify: how many customers are needed to request a feature before it is prioritized? If need to start polling customers for the multi-bank account feature (assigning different locations to different bank accounts) then we can start getting customer names.
One would think that in this current economic environment Shopify would want to retain customers. Or maybe this will become a situation like the mass migration from Celligo to Hyperspace.

[Michael_Butler_]

I would love to see this approach of polling customers / collecting names taken to push this up the priority list, from this thread alone and the number of reactions each comment gets, it's clear there are a lot of people that would love this feature to be a very high priority.

[Nathoselectros]

Is there any news on this?

i am aus based but sell to multiple countries. (USA, CANADA, EURO AND AUS)  I despise getting my usd sales to convert to aud to send to my bank account and then have to convert my aud to usd AGAIN to pay my supplier!!

would be great to have a multi currency payout option please as i could still be paid in the different currencies. This really needs to be implemented

[grafficNZ]

Hi. We've just activated Shopify Markets and added NZ as a second market to our US store. Is it possible yet to receive NZD sales into a separate NZ Stripe account, and keep the USD sales going into our US Stripe account? Our accounts team are pulling their hair out.

[Maz]

Hey, @grafficNZ!

Thanks for joining this thread!

From what I can see here, Stripe does allow multiple payout accounts in some regions.

They state in certain countries, Stripe users have the option to add extra bank accounts to receive settlements and payouts in different currencies. You can add one bank account per supported settlement currency. If you have multiple bank accounts, you need to choose a default settlement currency, which can be changed anytime. When charges are presented in any enabled settlement currency, they settle without currency conversion. However, if a payment is presented in a currency for which you haven't set up an additional bank account, it will automatically convert to your default currency.

For example, let's say you're a Stripe user in the UK with both GBP and USD bank accounts, and GBP is set as your default settlement currency. Payments in USD will be paid out to your USD bank account without conversion, while payments in other currencies will be converted to GBP.

To manage your bank accounts and default settlement currency, simply visit the "Bank accounts" section in your Dashboard.

I hope this clarifies the process for managing different currencies and bank accounts in Stripe. If you need further information on this please reach out to Stripe directly here at this link as we are limited with our support with third party payment providers.

[grafficNZ]

Thanks for your reply Maz.

I've forwarded it to the Accounts team to see if they can make it work - if not we will have to unwind all the work we just did adding NZ to Markets, and move it onto it's own separate site which would be very frustrating.

Thanks again.

[RWKHolesawsNZ]

Hi Max,

Any update on multiple bank accounts options.

This seems ridiculous it hasn't been sorted yet.

[Maz]

Hey, @RWKHolesawsNZ  & @SimonDG!

Thank you for your interest and support for this feature.

If you have unique feedback regarding the impact on your business please share it here, and we will forward it to our feature request team.

Please note that updates will be provided as they become available. However, we are unable to provide updates upon request. Rest assured, as soon as we have more information, we will promptly share it with everyone.

In the meantime, we appreciate your patience while our dedicated product teams and developers assess and review this matter.

[SimonDG]

Is there any update to this. Also having this issue

[merlic]

Just checking back in as a lot of people have responded.

I'm still waiting for a solution.

I'd like to franchise my brand to owners in the EU, Canada and Australia
and I'd like to be able to have customers pay in their local currencies and
then receive those payments in different bank accounts as these accounts
will be owned by local subsidiary corporations in the EU, Canada and
Australia respectively.

[Stevec87]

Also adding my support for this. This is a huge problem for us as an organisation and we would love to have this functionality. 

[Maz]

Hey, @Stevec87, @ZacB & @SeanMcEl!

Thank you all for sharing your thoughts on this thread.

For some context, the presence of particular functionalities, such as the multi-bank feature, may differ depending on the capabilities and regulations of payment providers across various countries – that's why sometimes before a feature can be added this type of information needs to be evaluated firstly.

At this time, we have received valuable feedback regarding this feature; however, we do not have a specific timeline for its potential implementation for our merchants. While we cannot guarantee its approval or provide a definite timeframe for future updates, I remain optimistic about its potential. To stay informed about the latest news and updates regarding our platform, I recommend keeping an eye on our Shopify Changelog page here.

Wishing you all a wonderful day ahead!

[TheZOOMGuy]

This is an incredibly lame response. 

What you're really saying is that this hasn't been run up the food chain, it hasn't been investigated and there is no plan to. This is nearly 2yrs of thumb twiddling, navel gazing and butt-picking by Shopify... Why treat your customers so poorly, this way?
You need to provide the full contact details of the head of software development, so that we can get this handled. Using this process is a waste of time (and is probably designed that way on purpose).

[ZacB]

Is this actually being worked on? Seems like theres been no actions taken in order to get this fixed for paying customers! This is a very frustrating issues

[SeanMcEl]

Anyone any ideas what the alternatives are to this? Tired of waiting for Shopify to come up with a solution...