Can I Use a Multicurrency Business Account With Shopify?

Yes, you can potentially use multicurrency business account details with Shopify, but the account must meet the requirements of Shopify Payments for your business location and the currency in which you want to receive payouts.

For UK companies selling internationally, access to GBP, EUR and USD accounts can be particularly useful for managing Shopify sales and overseas business expenses.

Does Shopify Accept Multicurrency Business Accounts?

It depends on how the account is structured.

Shopify requires payout accounts to meet specific banking, currency and location requirements. In general, an account used for Shopify Payments must be a current/checking account capable of receiving transfers in an eligible payout currency.

This means you shouldn't assume that every account advertised as a "multicurrency account" will automatically work with Shopify.

The individual account details used for payouts need to satisfy Shopify's requirements.

Can I Receive Shopify Payments in GBP, EUR and USD?

Potentially, yes.

Shopify offers Multi-Currency Payouts, allowing eligible merchants to add bank accounts for different supported payout currencies. The availability of currencies and acceptable bank-account locations depends on where the Shopify Payments business entity is located.

For a UK company, this can potentially provide a structure such as:

GBP sales → GBP account

EUR sales → EUR account

USD sales → USD account

This can be useful for an international e-commerce business that regularly receives and spends money in several currencies.

Can I Use One Multicurrency Provider for All Three Currencies?

Potentially.

You don't necessarily need three different financial institutions. A multicurrency business account may provide separate account details for currencies such as GBP, EUR and USD.

What matters is whether the individual account details meet Shopify's requirements for the relevant payout currency.

For UK Shopify Payments businesses, Shopify currently supports UK bank accounts for GBP and USD, European IBAN accounts for supported currencies, and US-based accounts for USD under its Multi-Currency Payout framework. GBP payouts must go to a UK-based bank account.

What Is the Difference Between Selling and Receiving in Multiple Currencies?

These are two different things.

A Shopify store can display prices and allow customers to pay in local currencies when the appropriate international selling and payment features are enabled.

Your payout currency, however, determines the currency Shopify deposits into your bank account.

For example, a customer could pay you in USD while your payout is ultimately converted and deposited in GBP.

Using Multi-Currency Payouts can change this arrangement for supported currencies by allowing eligible transactions to be paid into an account configured for that currency.

Why Use a Multicurrency Account With Shopify?

For an international Shopify business, a multicurrency setup can make it easier to manage money across different markets.

For example, a UK company might:

• Receive UK sales in GBP
• Receive European sales in EUR
• Receive US sales in USD
• Pay UK expenses in GBP
• Pay European suppliers in EUR
• Pay international suppliers in USD

Keeping funds in the currency in which they will eventually be spent can potentially reduce the number of currency conversions the business needs to make.

Can a Multicurrency Account Reduce Shopify Conversion Costs?

Potentially.

Suppose your Shopify business receives $20,000 in USD sales and needs to pay $12,000 to suppliers in USD.

If the entire amount is first converted:

USD → GBP

and you later need to buy dollars again:

GBP → USD

you could incur conversion costs at both stages.

Receiving eligible USD Shopify payouts directly into a USD account could allow you to use some of those dollars for USD expenses without converting them into GBP first.

Shopify does, however, charge currency-conversion fees when a customer's payment currency differs from the payout currency and a conversion is required.

Multi-Currency Payout fees can also apply to additional payout currencies, so these costs should be considered when deciding whether a multicurrency setup is worthwhile.

What Happens If I Don't Have an Account for a Currency?

If you receive an order in a currency that isn't configured as one of your payout currencies, Shopify can route the funds to your default payout account and perform a currency conversion where necessary.

For example:

Customer pays USD → No USD payout account → Converted to default payout currency

By contrast:

Customer pays USD → Eligible USD payout account configured → USD payout

The second structure can be attractive to businesses that have significant USD sales or expenses.

Can a UK Company Use a USD Account With Shopify?

Yes, subject to Shopify's requirements.

For a UK business entity using Multi-Currency Payouts, Shopify currently says USD can be added using an eligible UK IBAN, European IBAN or US-based bank account.

This can be particularly useful for UK e-commerce companies with substantial US sales.

Can a UK Company Use a EUR Account With Shopify?

Potentially, yes.

Shopify supports European IBAN accounts for eligible Multi-Currency Payout currencies for UK business entities. The specific account must meet Shopify's currency and banking requirements.

A UK Shopify company with significant European sales could therefore benefit from having appropriate EUR account details.

Is a Multicurrency Account Good for an International Shopify Store?

It can be.

A multicurrency business account can be particularly useful when your Shopify business:

• Sells in several countries
• Receives significant USD or EUR sales
• Pays international suppliers
• Regularly converts currencies
• Wants greater control over when currency conversion takes place
• Has expenses denominated in the same currencies as its sales

However, the potential currency-conversion savings should always be compared with Shopify's Multi-Currency Payout fees and any charges imposed by the business account provider.

Final Answer

Yes, you can potentially use a multicurrency business account with Shopify, provided the individual payout account details meet Shopify Payments' requirements.

For a UK company primarily selling domestically, an eligible GBP business account may be sufficient.

For an international Shopify business, having eligible GBP, EUR and USD account details can provide more flexibility. Shopify's Multi-Currency Payouts can allow eligible merchants to route supported currencies to corresponding payout accounts instead of converting every payment into one currency.

This can make it easier to receive international sales, manage different currencies and pay overseas suppliers, while potentially reducing unnecessary currency conversions.

Frequently Asked Questions

Can Shopify pay into a multicurrency business account?
Potentially, yes. The specific account details used for payouts must meet Shopify Payments' banking and currency requirements.

Can I receive Shopify payouts in GBP, EUR and USD?
Eligible merchants can use Multi-Currency Payouts to add accounts for supported currencies, subject to Shopify's plan, location, currency and banking requirements.

Do I need three different banks for GBP, EUR and USD?
Not necessarily. One provider may offer separate currency account details, but each payout account must satisfy Shopify's applicable requirements.

Can I receive USD without converting it to GBP?
Potentially, yes. An eligible UK Shopify merchant can configure a supported USD payout account through Multi-Currency Payouts.

Can I receive EUR without converting it to GBP?
Potentially, if your Shopify Payments setup and EUR payout account qualify for Multi-Currency Payouts.

Will a multicurrency account eliminate all Shopify currency fees?
No. Multi-Currency Payout fees and currency-conversion fees can still apply depending on how an order is paid and paid out.

‍