Settlement currency for my Shopify store sales

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

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:

  1. Ensure you are accepting payments in that currency in your store (by setting it as the store currency in Shopify backend) and checkout configuration (e.g., you may only settle in USD for your USD transactions) 
  2. Ensure that the payment method supports that transaction and settlement currency

To 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. As long as your store is configured to accept payments at the checkout in AUD, USD, EUR, GBP, etc., you will be able to settle ‘like-for-like’ on these supported currencies.

For further information on how to configure your Shopify store to accept multiple currencies at checkout, see here

Can I get like-for-like settlements for multiple non-domestic currencies, 1 for each unique store under the same Shopify Plus account? 

Yes, 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.  To enable this, you will need to:

  1. Ensure you are accepting payments in that currency for that particular store by setting it as the store currency in Shopify backend, and checkout configuration (e.g., you may only settle in USD for your USD transactions) 
  2. Ensure that the payment method supports that transaction and settlement currency

To 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.  

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 by Shopify, automatically converts store prices to the Shopper's domestic currency. 

Alternate payment methods will be available to buyers on your site, as long as the store currency is a supported processing currency for the respective payment method.  In all such cases, the transaction currency will be the store currency.  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.  See supported processing & settlement currencies for various payment methods here.

Where the transaction currency and the settlement currency are not the same, we may charge you an FX conversion fee as applicable.  The alternate payment method may also charge some fees to the buyers depending on their terms.E.g., an 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).  See here for more on Dana. 

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