Managing Currency Exchange Rates for Shopify Payouts

Shopify Discussion

Topic summary

A Canadian Shopify store owner displays prices in USD to serve primarily American customers but receives payouts in CAD. They’re concerned about potentially high currency exchange rates within Shopify’s platform.

Proposed solution:

  • Opening a USD bank account
  • Using a third-party platform with lower exchange rates (such as Interactive Brokers) to convert USD to CAD
  • Bypassing Shopify’s built-in currency conversion

Additional concern raised:
Another participant reports noticing discrepancies between checkout exchange rates and actual bank deposit amounts, suggesting ongoing rate transparency issues.

Current status: The discussion remains open with no confirmed solutions or shared experiences yet. Participants are seeking practical strategies to minimize currency conversion costs while maintaining their current USD pricing structure.

Summarized with AI on October 31. AI used: claude-sonnet-4-5-20250929.
1

I have a question regarding currency exchange rates for Shopify payouts and I hope someone here can share their experience or advice.

My Shopify store is based in Canada, but we display our prices in US dollars since the majority of our customers are from the US. However, our payout bank account is in CAD. I’m concerned that the currency exchange rate within the Shopify platform might be high.

Has anyone faced a similar situation? What approaches have you taken to minimize currency exchange costs? I’m considering opening a USD bank account and using a platform with lower rates (like IBRK) to transfer funds back to my CAD account. Is this a viable solution, or are there better options out there?

Any insights or suggestions would be greatly appreciated!

2

Has anyone noticed any recent changes in exchange rate differences with Shopify payouts? I’ve been comparing rates lately, and it feels like there’s still a gap between what’s shown at checkout and what actually hits the bank. Would love to hear if anyone’s found a good way to manage this without switching payment providers.