Shopify Plus multi-currency options allow merchants to improve user experience by offering local currency payment options to customers. Available as part of Shopify Payments, here’s what you need to know about Shopify Plus multi-currency:
What Is Shopify Plus Multi-Currency?
The global marketplace is complex and unforgiving, especially now that customers are looking not just at the best deals, but also on how convenient they are.
Customers now evaluate every single detail of their purchase. It’s not about the product anymore; it’s about the whole journey.
This is the reason why Shopify Plus multi-currency is such a big deal: it makes the purchase even more convenient, as there are no conversion losses for customers. It will help Shopify Plus merchants expand to new markets without the headaches caused by margin losses because of foreign exchange rates.
You can accept and refund payments in the following currencies:
- United States dollar (USD)
- Australian dollar (AUD)
- Canadian dollar (CAD)
- Euro (EUR)
- Hong Kong dollar (HKD)
- Japanese yen (JPY)
- New Zealand dollar (NZD)
- Pound sterling (British pound) (GBP)
- Singapore dollar (SGD)
How It Works
Shopify Plus multi-currency converts prices each day based on current foreign exchange rates. This way, customers will have the most accurate prices in their local currency. The prices will be rounded up too.
When you enable multiple currencies in your Shopify Plus store, the prices will be calculated based on your store’s pricing and then multiplied with the foreign exchange rate and fee. After that, it’s rounded up based on rules set up for that currency.
Because the fee and rounding rules are in the basic formula, the store prices will be stable and your payout will be similar to that of your primary currency. Your margin losses will be minimal thanks to such rules and roundups.
What Are the Benefits of Shopify Plus Multi-Currency?
- You can edit how you will round up each currency after conversion.
- To ensure your prices are competitive in local currencies, Shopify Payments has set up very low conversion fees, and you won’t have to pay any transaction fees.
- You can add or remove currencies based on the latest market changes.
- The conversion applies not only to product prices and taxes, but also to any discounts, gift cards, shipping, and refunds you have.
How to Set Up Multiple Currency
To set up Shopify Plus multi-currency support, you will have to go to your Shopify Admin, and then navigate to Settings > Payment Providers and then click Edit.
From there, go through the list of Accepted Currencies and enable all currencies you want to support, and click Save.
Once you do that, you can also customise rounding rules for each currency you enable. This determines the final look of the prices for converted prices.
The next step is to create a currency selector for your Shopify store theme so that customers can choose their preferred currency.
Finally, take a look at the converted prices from your Shopify Admin. The prices will be listed on the Product pages.
Test How Shopify Plus Multi-Currency Works
Make sure to test how it works for your customer. Log out of your store, and then visit it as if you were a customer and test everything, especially if you have any customisations and apps installed. Then, you’re all good to go with Shopify Plus multi-currency.
Need help implementing multi currency for Shopify PLus? contact our Shopify Plus developers for advanced theme work and integrations.