Setting Up Multi-Currency Payments with Stripe vs Shopify

Managing an online store is no longer limited to one country or currency. Today, businesses sell globally, and customers expect to pay in their own currency. That is where payment gateways like Shopify Payments vs Stripe play a vital role. Both platforms offer multi-currency support, but their approaches to handling payments, fees, and integrations differ. Understanding these differences will help you select the most suitable solution for your business.

In this blog, we will break down how to set up multi-currency payments with both Stripe and Shopify Payments, compare their strengths, and guide you on which option is best depending on your goals.

Why Multi-Currency Payments Matter

Imagine running an online store in the United States but attracting buyers from Europe, Asia, and Australia. If you only accept USD, customers may hesitate due to conversion charges from their banks. By offering local currencies, you:

Build customer trust by showing prices in familiar currency.

Increase conversions and reduce cart abandonment.

Simplify international transactions without confusing your buyers.

Both Shopify Payments and Stripe support multiple currencies, but the experience, availability, and fees vary. Let us explore them.

Shopify Payments Multi-Currency Setup

Shopify Payments is Shopify’s built-in payment gateway, available only in selected countries. It allows merchants to accept payments in multiple currencies directly from the checkout.

Steps to Set Up Multi-Currency in Shopify Payments:

1. Enable Shopify Payments

• Go to your Shopify admin dashboard.
• Navigate to Settings > Payments.
• Select Shopify Payments and activate it if not already been done.

1. Add Supported Currencies

• In your payment settings, you can add multiple currencies from Shopify’s supported list.
• Shopify currently supports over 130 currencies.

1. Set Up Currency Conversion

• Shopify Payments automatically converts currencies using current exchange rates.
• You can also add a conversion fee markup to cover extra costs.

1. Display Prices in Customer’s Local Currency

• Use Shopify’s built-in currency selector or geo-location apps.
• Customers will see prices in their currency and pay accordingly.

Key Advantages of Shopify Payments for Multi-Currency:

• Seamlessly integrated with Shopify checkout.
• Automatically adjusts currency at checkout.
• Supports refunds in the customer’s local currency.

Limitations:

• Only available in specific countries.
• If Shopify Payments is unavailable, you must rely on third-party gateways (which often include extra transaction fees).

Stripe Multi-Currency Setup

Stripe is an independent payment processor available in more countries than Shopify Payments. It is highly developer-friendly and supports more customization, making it an excellent option for businesses wanting more control.

Steps to Set Up Multi-Currency in Stripe:

1. Create a Stripe Account

• Sign up on Stripe and verify your business information.

1. Add Bank Accounts for Different Currencies (Optional)

• Stripe allows payouts in local currencies if you connect a corresponding bank account.
• Without this, payments are converted to your default currency, which may add conversion fees.

1. Enable Multi-Currency Payments

• Stripe supports over 135 currencies globally.
• You can display prices in multiple currencies on your website or app.

1. Integrate with Shopify (if needed)

• Shopify does not allow direct Stripe checkout in countries where Shopify Payments is available.
• However, you can still integrate Stripe as a third-party gateway in other regions.

Key Advantages of Stripe for Multi-Currency:

• Supports more currencies than Shopify Payments.
• Available in more countries worldwide.
• Allows direct multi-currency bank payouts.
• Provides advanced APIs for custom checkout flows.

Limitations:

• Requires more technical setup compared to Shopify Payments.
• Shopify may charge additional fees if Stripe is used as a third-party gateway instead of Shopify Payments.

Shopify Payments vs Stripe: Multi-Currency Comparison

Which One Should You Choose?

• Choose Shopify Payments if:

• You are running a Shopify store in a supported country.

• You want an easy setup with automatic currency conversion.

• You prefer a fully integrated solution with no extra coding.

Choose Stripe if:

• You sell globally and need maximum currency flexibility.
• You operate in a country where Shopify Payments is not available.
• You need advanced customization and multiple bank account support.

Best Practices for Multi-Currency Payments

• Show Prices in Local Currency – Use geo-location tools so customers automatically see their currency.
• Be Transparent About Fees – Display total charges before checkout to build trust.
• Offer Multiple Payment Methods – Stripe and Shopify both support cards, wallets, and local methods.
• Monitor Exchange Rates – Adjust your pricing strategy based on conversion costs.
• Test Checkout Experience – Regularly test how your international customers experience checkout.

Final Thoughts

Both Shopify Payments and Stripe make it possible to sell globally with multi-currency support. Shopify Payments provides ease of use and simplicity, while Stripe offers broader flexibility and control. If your business is growing internationally, carefully weigh the pros and cons of Shopify Payments vs Stripe before making your decision.

By setting up the right gateway, you can ensure a smooth global checkout experience, improve conversions, and build long-term trust with your customers.