Hi, I've got question about currency conversions.
So I'm based in Australia and I sell to US only, meaning that I process my orders in USD. I use Shopify Payments, and their fees for international payments are 2.9% + 30¢ AUD, which is a lot. Plus extra % for converting the currency. It doesn't really get lower if I were to upgrade the plan.
So currently Shopify Payments pay the funds to my Australian business bank account in AUD, and from there on I transfer it to Wise (formerly Transferwise) onto my USD account. I use that USD account to pay for ads and to pay my supplier.
That's a lot of unnecessary currency conversions.
How are you dealing with this issue? Should I use other payment providers don't require currency conversions? I'm currently doing ~$25k USD p/m.
Any advice is much appreciated!