Why shopify payments has not implementing USD payouts in Hong Kong and Singapore?

[gacontre]

https://support.stripe.com/questions/usd-payouts-for-singapore-and-hong-kong-users

Stripe recently launched USD payouts for merchants located in  HK and SG  however on my Shopify Payments It does not allow me to add a USD account to receive my payments In USD Currency. (all my sales are in USD  so I dont want Shopify to send payouts is HKD and lose $ on conversion rates)

I know They use Stripe as a Backend.
Please advise.

USD Payouts for Singapore and Hong Kong Users
Receiving USD Payouts for Users in Hong Kong and Singapore

Frequently Asked Questions

I want to receive USD Payouts, How do I get started?
Currently, all Singapore and Hong Kong based merchants will be able to access this feature, with the exception of Custom and Express accounts. You can only add a USD bank account after you

complete account activation.

[Trevor]

@gacontre 

While Stripe may provide a feature, Shopify Payments may not support it. At this time, it is not possible to be paid out in USD when operating in Hong Kong as the bank account must be with a physical bank in Hong Kong SAR and in HKD currency. That said, if you are the business owner and you're based outside of the United States, but your business is located in the United States, then we may be able to provide Shopify Payments US which would allow you to receive payouts in USD. To have this reviewed, the account owner would need to provide all of the following documents: 

• Government-issued photo ID (driver's license, passport, etc. - non-US ID may be accepted)
• A Tax ID in the United States:
  1. EIN if you are LLC/Corp
  2. SSN if you are Sole Proprietor
• Business registration document (Registered in the US with the government)
• Proof that the business is operating from the US. This can include tracking showing you are shipping from the US or proof of a physical US address (not a forwarding address).
• A USD checking account opened with a real US banking institution, located on US soil. Virtual banks and currency services will not work for this; it has to be a real US bank.

If the required documents can't be provided, or if the account is not eligible to use Shopify Payments after the review, then using Shopify Payments for your local region would be the best route to take. 

[gacontre]

I have the Business and USD Bank Accounts in HK. Shopify payments needs to implement this as all my sales are in USD and Shopify Payments is making Currency Conversion not only to my payout account but also Clients are claiming they are charged an International Conversion Rate Even though they are charged i. USD,.  

[Trevor]

@gacontre 

I don't believe your customers should be getting charged a conversion fee unless they are using a credit card that is issued outside of the United States and/or not set in USD. I'd welcome you to contact Shopify Support with order examples so they can get this reviewed for you. 

[SebatFP]

I have exactly the same issue. Business and bank account based in SG, but most sales in USD. No matter what setup, I'm paying 5-7% transaction fee, whereas this would be only c.3% in the US... Crazy.

[SebatFP]

Any update on this? Very annoying. It creates extra cost AND extra expenses (currency conversion) for my business. Kind of ridiculous that I'm paying 6-7% transaction fees!

[cojage]

https://www.linkedin.com/posts/techtolia_activity-7269910858955177984-rU6M

Solution available now! You can find details in this article.