Can I settle my Shopify sales in different currencies with Airwallex Online Payments?

This article covers frequently asked questions on Settlement currency for your Shopify store sales. Please see below:

> Can I settle ‘like-for-like’ in multiple currencies that I’m receiving payments in?
> Will I be able to settle in multiple currencies where I don’t have a local entity set up for that country?
> Can I get like-for-like settlements for multiple non-domestic currencies, 1 for each unique store under the same Shopify Plus account?
> If I use Shopify Payments for cards, along with multi-currency pricing offered by Shopify for alternate payment method transactions processed by Airwallex

 

What is the difference between store currency, transacting currency and settlement currency?

Store currency: This is the ‘home’ currency that defaults to the location of your store (e.g. AUD for AU stores, USD for US stores). Shopify currently supports 1 store currency for each store.

Transacting currency: This is the currency that your shopper sees at the checkout when they pay for. This can be different to your display currency (e.g. browsing your store in their local currency USD, though during checkout the customer would be shown AUD and pay in AUD).

Settlement currency: Also referred to as payout currency, this is the currency that you receive your payouts (or net revenue) from Airwallex or from Shopify in.

Can I settle ‘like-for-like’ in multiple currencies that I’m receiving payments in?

With Airwallex, we can settle ‘like-for-like’ in 7+ currencies, where your funds will settle into your wallet in the currency your customers paid you in. No more unnecessary conversions.
For example, for an Australian business which operates a Shopify store with USD store currency, when their customer checks out on the store website and pays in USD, the business can receive their settlement in USD.
To enable this on your store, you will need to ensure your Shopify store is set up to accept payments in that currency by:

  1. Setting your Shopify store currency to the currency you want to settle in, see here for Shopify’s guide (Note, Shopify typically allows only one store currency per store, not multiple)
  2. Ensure your Shopify website and checkout is configured to accept multiple currencies at checkout, see Shopify’s guide on how to accept multiple currencies at checkout
  3. Ensure the payment method offered via Airwallex supports that transaction and settlement currency, see all supported payment methods and your options for the settlement currency here

To understand the fees associated with like-for-like, multi-currency settlements, see the Fee Schedule here.

Will I be able to settle in multiple currencies where I don’t have a local entity set up for that country?

Yes. If you have configured Shopify's store currency and checkout currency to a supported settlement currency, you will be able to accept and settle in that currency.

Can I settle in multiple currencies for a single Shopify store?

Despite Airwallex supporting like-for-like settlement in 7+ currencies, Shopify currently supports 1 store currency for each unique store which restricts the supported settlement currency for each store.

You are able to create additional stores for the different store currencies and regions you would like to support (e.g. one store for USD, one store for EUR, etc.), and integrate your Airwallex Online Payments into each store to support multi-currency settlement in your Airwallex account.

If I use Shopify Payments for cards, along with multi-currency pricing offered by Shopify for alternate payment method transactions processed by Airwallex:

> What will be the transaction currency (currency paid by the buyer)?
> What will be the settlement currency?
> What FX fees will be applied, and who will bear these?

Multi-currency pricing over Shopify, automatically converts store currency and prices to the Shopper's domestic currency. In all such cases, the store currency will be the transacting currency.

As long as your store currency is a supported transacting currency, your buyers will be able to see alternate payment methods. You can also select the settlement currency for the respective payment method as long as it is supported by the alternate payment method as a settlement currency option.

For example, a HK business with a Shopify store with HKD as store currency, can offer Dana as an alternate payment method on their store website, since HKD is allowed as a processing currency with two settlement currency options available (HKD or USD).

Where the transaction currency and the settlement currency are not the same, we may charge you an FX conversion fee as applicable.

See all supported payment methods, transacting and settlement currencies here.

To understand the fees associated with like-for-like, multi-currency settlements, see the Fee Schedule here.