How to change currency on Shopify

Changing the currency on your Shopify store is an important step if you're targeting customers in different regions or if your business model evolves. Here's a step-by-step guide on how to change the currency settings in your Shopify admin:

1. Log into Your Shopify Admin: 

Access your store by logging into the Shopify admin with your credentials.

2. Navigate to Settings: 

Look for the "Settings" icon at the bottom left of your Shopify admin dashboard and click on it.

3. Select General: 

Within the Settings menu, click on "General" to access your store's general settings, including store details, standards, and formats.

4. Find the Store Currency Section: 

Scroll down to the "Store currency" section. If you've already made a sale, Shopify locks the currency setting to prevent issues with reporting and transactions. In this case, you'll need to contact Shopify Support to change your store currency.

5. Change the Currency: 

If your store hasn't made a sale yet, or once Shopify Support has unlocked your currency settings, you can click on the drop-down menu next to "Store currency" to select a new currency. Choose the currency you wish to use from the list.

6. Save Changes: 

After selecting your new currency, click "Save" to apply the changes.

Additional Considerations

• Impact on Pricing: Changing your store’s currency will require you to adjust your product prices accordingly. Shopify does not automatically convert prices based on exchange rates, so you'll need to update prices manually to reflect the new currency.
• Payment Gateway Settings: Review your payment gateway settings after changing your store currency. Some payment gateways may have currency restrictions, and you might need to ensure your selected gateway supports transactions in the new currency.
• Display Multiple Currencies: If you wish to display prices in multiple currencies to cater to an international audience, consider using Shopify’s multi-currency feature with Shopify Payments or third-party currency conversion apps available in the Shopify App Store.
• Exchange Rates: For stores using Shopify Payments to show multiple currencies, Shopify automatically updates exchange rates. However, if you set prices manually or use a third-party app, regularly check exchange rates to ensure your pricing remains competitive and accurate.
• Refunds and Reporting: Be aware that changing your store's currency can complicate refunds and financial reporting, especially if transactions have occurred in more than one currency. Keep records of transactions and consider how refunds will be managed with the currency change.

Frequently Asked Questions

Q: Can I change the currency back after making a sale?

A: Yes, but you'll need to contact Shopify Support to do so, as your currency settings will be locked after the first sale to ensure the integrity of your financial data.

Q: Will changing my store currency affect existing orders?

A: No, changing your store currency will not retroactively affect the currency of existing orders. However, future orders will be processed in the new currency.

Q: How often are exchange rates updated for multi-currency stores?

A: For stores using Shopify Payments' multi-currency feature, exchange rates are updated regularly throughout the day.

Q: Can I set custom exchange rates for my store?

A: Yes, if you're using Shopify Payments, you have the option to set custom exchange rates for the currencies you've enabled.

Changing the currency on your Shopify store involves careful consideration of pricing, payment gateways, and the potential impact on your financial reporting. By following the steps and considerations outlined above, you can successfully update your store’s currency to meet the needs of your business and your customers.