🌍 Revolutionizing Global Payments
Shopify has launched multi-currency payouts for merchants on Advanced and Plus plans. This feature enables businesses in eligible regions to receive payments in up to 8 currencies, avoiding costly foreign exchange (FX) fees. It’s a significant step toward streamlining operations for businesses with international customer bases. The rollout includes key markets such as the UK, Australia, Austria, Germany, Italy, Netherlands, and Spain. For merchants selling in multiple currencies, this innovation simplifies their financial management significantly.
💳 Simplified Bank Account Management
Merchants can now link multiple bank accounts to Shopify Payments. This means businesses can designate specific accounts for payouts in different currencies, like EUR, USD, or JPY, based on where the orders originate. For example, a UK-based merchant can set up accounts in GBP and USD, and payments will route to the corresponding account. This removes the hassle of manual currency conversions, making cross-border transactions seamless and cost-effective.
📉 Reduced Transaction Costs
Previously, merchants faced high FX fees when converting currencies for payouts. Now, multi-currency payouts significantly cut these costs. For instance, Shopify Plus merchants are charged a 1% fee for additional currency accounts, compared to 1.5% for Advanced plan users. By reducing fees, Shopify is enabling businesses to allocate funds toward growth rather than operational expenses.
📑 Eligibility and Considerations
To use multi-currency payouts, businesses must meet subscription and location requirements. Advanced or Plus plan users in supported countries can add up to 8 bank accounts. However, not all currencies are supported globally; merchants must ensure their bank accounts comply with local regulations. Shopify recommends consulting legal and tax professionals for compliance with international commerce laws. This thoughtful rollout addresses both operational needs and regulatory concerns, showcasing Shopify’s dedication to its global merchant community.
How will multi-currency payouts impact your business?
