Residing in USA, Selling to Europeans in Euros, Want to be paid by Shopify in Euros. Is it possible?

[Improving_CVR]

I am physically located in the US, registered an LLC in the US too

Website will be selling to Europeans in Euros, I want to be paid in Euros and then convert with my method of choice to USD (because Shopify currency conversion is too costly)

I understand that the store location determines the currency used for my payouts, but what is considered store location when you don't have a physical store, only a website?

If it's where you physically reside, does anyone has tips on how to establish an entity in Europe (physical or not) when residing in the US?

[Morek]

Hi @Improving_CVR 

Hope you're having a great day!

Website will be selling to Europeans in Euros, I want to be paid in Euros and then convert with my method of choice to USD (because Shopify currency conversion is too costly)

You can't choose an external conversion method of choice but you can set manual exchange rate conversions on the Shopify, Advanced Shopify, and Shopify Plus plans. This allows you to lock in a fixed rate for each currency you have enabled, and you won't have to worry about fluctuating exchange rates. Your prices won't change with the market rates.

When using manual conversion rates, you might gain or lose money depending on your variance against current market exchange rates. A conversion fee applies to your currency conversion. If you want to include this fee in your manual rate, then multiply your rate by the conversion fee for your store’s country. For example, a USD to EUR exchange rate with a 1.5% conversion fee might look like this: 0.90867 x 1.015 = 0.9223.

I understand that the store location determines the currency used for my payouts, but what is considered store location when you don't have a physical store, only a website?

Did you remember the address you set when creating your store? It's that.

Also as specified by Shopify, your store has three types of currencies:

• Store currency - The currency of your Shopify admin. This is the currency that you use to set prices for your products and product variants, and it's the currency that appears in your reports.
• Local currency (also referred to as the customer or presentment currency) - The currency that the customer sees in your store and the currency that the customer uses when they pay for their orders at checkout.
• Payout currency - The currency that Shopify uses when depositing money in your bank account.

[Improving_CVR]

To confirm, we are talking about setting a payout currency

I am not trying to choose an "external conversion method", I don't want any conversion to be made by Shopify, this is exactly what I am trying to avoid

I am just asking Shopify to pay me in Euros as my customers will themselves pay in Euros, I do have an account in Euros

Is it possible to have a payout in Euros when the company (LLC) is in the USA?

[Morek]

Hi @Improving_CVR 

Hope you're having a great day!

As specified by Shopify:

The currency that your customers use to pay for their orders can be different from the currency of your payouts from Shopify Payments. That is, your store currency can be different from the currency of your bank account.

Suppose that your store is located in Europe, but the majority of your customers are in the United States. If you sell to a lot of Americans, then set your store currency to United States dollars (USD). If you need to pay your suppliers and employees in Euros, then set your payout currency to Euros (EUR). Alternatively, you can open a separate bank account that accepts USD currency, but then you have to manage both accounts and move your funds between them.

You can view and change your store currency from the Store currency section of the General settings page.

[invis]

Hi

Did you manage to find a workaround?