Payment in multiple Currency to get paid in multiple currency Bank accounts

[Sam03f1]

Hi

I'm new to Shopify and finally decided to migrate my website to Shopify. However, I hit a major problem.

I currently use PayPal & Amazon Pay and sometimes Stripe on my Website and sell in 3 currencies GBP, EURO & USD. When I get paid I can select so my GBP payment goes to my GBP account, my EURO to my Euro account, and my USD to my USD account.

Can you get paid to different bank accounts for different currencies? With Shopify, I get only one option to pay in one default bank account and one currency which means other sales in different currencies will be exchanged to the default currency, and that means major currency exchange loss every time Shopify exchange currency which I don't think it's at a favorable rate! and besides, I have suppliers to pay in GBP, EURO & USD so I don't want to keep exchanging again.

Do you know if this is possible to upgrade or pay an extra fee to have this function available?

If Shopify doesn't have this function, can I just use PayPal as the payment method and disable Shopify payments?

[Trevor]

@Sam03f1 

Welcome to Shopify!

You definitely have a unique setup which is not something that Shopify Payments or Shopify can support within one account. If you're using Shopify Payments, then you can sell in multiple currencies; however, these payouts can only be deposited into one bank account. 

Without using Shopify Payments, your store can only accept payments in one default currency. So while it would be possible to disable Shopify Payments and only use Paypal, it would result in only being able to sell in one currency, funds only being deposited into Paypal and potentially losing sales if customers do not wish to pay via Paypal. You would also be charged transaction fees per order (0.5% - 2% depending on the plan) which are on top of the fees Paypal would charge you. Transaction fees only apply when a store is not using Shopify Payments.

If you do have a sizable audience in each region, and having payouts sent to different bank accounts in each currency is required for your business, then creating multiple stores would be the best route. You could create a store for each region, and enable payment providers for each region so that you have the ideal setup of being able to sell in GBP, EURO, USD and having that currency pair to the appropriate bank account. You would need a domain for each region and would want to install an IP redirect app to redirect customers to the appropriate region. 

If you go this route and the business name and products are all the same, then you would be eligible for our multi-store discount. The discount works by having Store A subscribe to either our Shopify plan ($79) or our Advanced plan ($299). From there, every store after would subscribe to the plan directly beneath it (i.e If you select the $299 plan for store "A" then every store thereafter would be $79/month) while still receiving the features of the plan Store A is subscribed to. To get this setup, would require an escalation to our billing department, so if you do go this route, let us know and we'd be happy to get that looked after. 

I hope the migration is going smoothly; however, if you have any other questions, or need clarification on the answer above, please let me know! I'd be happy to help. 

[bmccaul]

I'm in the exact same situation as the original poster. We can't be alone.

I'd like to get paid in UDS/EURO/GBP and not convert the payment, but rather just be paid in that currency. 

Stripe (who I use everywhere else), allows this. If I'm paid in any of those currencies, it just pays the money into the appropriate account. 

Shopify is using Stripe, but because it doesn't allow us to use our own accounts, we lose this functionality. It would be amazing if Shopify enabled this, as based on searching the forum, if feels like lots of your customers would love to use this functionality. 

If I understand your proposed solution the only alternative is 3 seperate stores, which brings the headaches of having to trying to control stock in 3 separate stores, as well as having to create an duplicate code changes across all the stores. It seems hugely unwieldy for such a simple problem. As a result it feels the only solution is to pay high exchange rates to convert the currency to my local currency, and then exchange it back again to pay suppliers, which feels like an incredible waste of time and money. 

If it wasn't so easy to do in Stripe to begin with I'd understand why Shopify wasn't offering it. But as Shopify uses Stripe, and Stripe offer this functionality, it seems really unfortunate that it isn't offered. 

[Trevor]

@bmccaul 

Thank you for providing your detailed feedback. I have passed that long to our Products team for further review. 

[No_idea]

Hello

We are facing the exact same situation,

We have 2 locations, one for European countries and one for the rest of the world.

European customers pay in EUR to a European bank account and the others pay in USD in a US Bank account.

Thanks for your review

[justmatcha]

We are in the process of setting up our businesses on shopify and I never even considered that being paid in mulitple currencies would be an issue as it is NOT an issue with our current service provider BIG COMMERCE.  

Shopify needs to look at this immediately.  International businesses need the flexibility of dealing in multiple currencies and being paid in those currencies.  Having multiple domains to cover different currencies is a ridiculous solution.  Who came up with that DUMB idea?

As it stands, we will now not be switching to Shopify.  This is absolutely ridiculous for a MULTIBILLION dollar business to not offer this pretty basic functionality that your competition provides quite seemlessly.

[OfficerPiles]

Just want to bump this thread and echo what has been said. It's very odd that Shopify do not offer this functionality, especially as Stripe supports it.

For us, it's a deal breaker, we'll look elsewhere for our ecom platform

[justmatcha]

A year later and still nothing has been done on this front.  Hey Shopify, hire me as a consultant to get this done.  I am a Chartered Accountant with a systems and control background who can coordinate across functions at all levels to get this implemented across your platform.  I'll have it done in 6 months.  It will mean more customers, more traffic and more satisified end users.  This is a complete win win and a no brainer.  Hit me up at info@justmatcha.com

[Verolo]

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

The solution is available now with Stripe, check this article.

@justmatcha @OfficerPiles @justmatcha @No_idea @bmccaul @Sam03f1