Shopify Payments Removes Payout Currency Bank Account Limit
Shopify has rolled out an essential financial update for merchants selling internationally. Shopify Payments users can now connect separate local bank accounts for all supported currencies without being constrained by the previous 8-account cap.
This update enables merchants to receive payouts directly in the currency used by foreign customers. Bypassing automatic conversion eliminates foreign exchange fees and protects businesses from currency volatility.
For stores paying overseas suppliers or staff in those same currencies, maintaining native balances removes unnecessary FX conversion costs.
What to do:
If you sell internationally, set up native currency bank accounts in your Shopify Payments settings immediately.
MK's take
Shopify Payments: Eliminating FX Fees with Unlimited Currency Bank Accounts
Shopify now lets you connect separate bank accounts for every supported currency, bypassing currency conversion and eliminating foreign exchange fees.
Until now, Shopify Payments limited you to 8 payout accounts, forcing you to convert many currencies into one account and eat the FX fees. That cap is gone. You can now assign a dedicated local bank account for every currency Shopify Payments supports. For a merchant selling in euros, pounds, and yen, that means receiving each currency directly into a local account, avoiding the 1-3% conversion spread.
This is a direct cost-saving measure. If you pay overseas suppliers in their local currencies, you can now keep those balances native and pay them without converting back and forth. Similarly, if you have employees abroad, you can transfer in local currency without additional conversion. The net effect is that your margins improve on every international transaction.
The downside is operational: you need to open and maintain multiple bank accounts, each with its own compliance, minimum balance, and reconciliation. For small businesses, that might be manageable if you focus on your top 3-5 currencies. This update rewards merchants who already have multi-currency operations and simplifies forex management. If you're using Shopify Payments, update your payout settings now to start benefiting.
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