I’m setting up an e-commerce store based in Malaysia and need some advice on payment gateway configuration.
Our goal is to charge customers in USD on the storefront (Presentment Currency) so international buyers see USD pricing at checkout. However, we do not have a USD bank account. We want our payment gateway to automatically convert the funds and deposit MYR/RM into our local bank account (Settlement Currency).
We are currently using [Stripe].
Does this gateway support auto-conversion from USD to MYR settlement?
Are there any hidden multi-currency or conversion fees we should look out for?
@John67 ,
Yes, Stripe supports this in many countries. You can charge customers in USD, and if your Stripe account is set to settle in MYR, Stripe will automatically convert the funds before depositing them into your Malaysian bank account.
Just keep in mind that Stripe charges a currency conversion fee, so it’s worth checking the pricing for Malaysia. You can also review your payout and settlement currency settings in the Stripe Dashboard to make sure everything is configured correctly.
Just to clarify, if my Shopify store displays product prices in USD and customers pay in USD, will Stripe automatically convert the payment to MYR and deposit it into my Malaysian bank account? Or is there any additional setup required on either Shopify or Stripe to make this work?
Yes that is how it normally works. If your customers pay in USD and your Stripe account is set to settle in MYR Stripe will automatically convert the funds and deposit MYR into your Malaysian bank account.
You generally don’t need any extra setup in Shopify. Just make sure your Stripe account is configured with MYR as the settlement currency. It is also worth checking Stripe’s fees for currency conversion as those will apply.
In this case the problem is not Stripe Payments, Shopify Checkout does not support multi currency checkout if you do not use Shopify Payments, and Shopify Payments is not supported in every country. So you should integrate Stripe to your store in an alternative way to support multi currency payments.
Yes, Stripe handles this automatically, charging in USD, and it converts to MYR for your local bank. No USD account needed.
Just know Stripe adds about 2% extra for the conversion, on top of normal fees.
To set it up. Make sure your MYR bank account is linked in Settings, then Bank accounts and currencies, then turn on USD as a currency customers can pay in. That’s it, no extra setup needed.
Stripe may support charging in USD and settling in MYR, but confirm this inside your Stripe Malaysia account.
Also check Shopify’s checkout currency rules, because without Shopify Payments , multi-currency checkout can be limited. Make sure to review Stripe’s international card and currency conversion fees before going live.