Payouts and settlement times with Shopify Payments in the United Kingdom
With Shopify Payments in the United Kingdom you can receive payouts in GBP on all subscription plans. If your store is on the Advanced Shopify plan or the Shopify Plus plan, then you can receive payouts in multiple currencies. The currency that your customers use to pay for their orders can be different from the currency of your payouts from Shopify Payments. Learn more about selling and getting paid in different currencies.
This guide explains payout currencies, settlement times, processing fees, and how to view your transaction history with Shopify Payments in the United Kingdom.
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Settlement times for Shopify Payments in the United Kingdom
Settlement time refers to the amount of time between the moment that a customer's payment is captured and when those funds are available to be sent to your bank account. The timestamp for capturing a customer's payment is recorded in Coordinated Universal Time (UTC). Payments captured on Friday, Saturday, and Sunday are consolidated and sent as a single payout.
In the United Kingdom, the minimum settlement time is 3 business days. When you begin receiving payouts, your settlement time is longer, but as you reliably fulfill orders on time, your settlement time can decrease to match the minimum settlement time for your region.
The minimum payout amount for Shopify Payments in the United Kingdom is £1 GBP. If a payout is less than this amount, then it stays in a pending state until more funds are available to pay out.
Learn more about getting paid with Shopify Payments.
View payment rates in your Shopify admin
If you've set up Shopify Payments in the United Kingdom, then you can access information about the specific rates and fees applicable to your store location and chosen plan. For more details about applicable fees, you can access the Shopify Payments Terms of Service from your Shopify admin.
Steps:
From your Shopify admin, go to Settings > Payments.
In the Shopify Payments section, click Manage.
View the rates that apply to different payment methods.
Receiving payouts in multiple currencies with Shopify Payments in the United Kingdom
If your store is on the Advanced plan or Shopify Plus plan, then you can choose any supported payout currency as your default payout currency. Review the following considerations for Multi-Currency Payout fees and currency exchange fees:
- If your default payout currency is your GBP domestic currency, then you won't incur Multi-Currency Payout fees.
- If you set up additional bank accounts for payouts, then Multi-Currency Payout fees apply based on your location and Shopify plan.
- If orders are placed in a currency not set up on your Shopify Payments account to receive payouts, then they are paid out to your default currency bank account.
- If the account is in a non-domestic currency, then you incur a currency exchange fee.
- If orders are in your domestic currency and paid out to a bank in your domestic region, then you aren't charged extra fees, even if your domestic currency isn't your default payout currency.
If you choose a non-domestic currency as your default currency - for example, when using Shopify Payments in the United Kingdom, you choose USD as your default currency - then any payouts you receive are charged a Multi-Currency Payout fee depending on your location and Shopify plan.
Supported payout currencies with Shopify Payments in the United Kingdom
You can receive payouts in the following currencies when using Multi-Currency Payouts with Shopify Payments in the United Kingdom:
| Payout currency | Bank account location | Domestic currency | Multi-Currency Payout fee |
|---|---|---|---|
| GBP | Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom | Yes | No |
| AUD, CAD, CHF, CZK, DKK, EUR, HKD, HUF, JPY, NOK, NZD, PLN, RON, SEK, SGD, ZAR | Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom | No | Yes |
| USD | Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States | No | Yes |
If you want to receive payouts in multiple currencies, then you must adhere to certain currency, Shopify subscription plan, location, and bank account requirements. Learn more about Multi-Currency Payouts.
View your payouts
You can view your payouts in the Shopify admin and review any transfers that are pending, in transit, paid, or failed.
Steps:
Desktop
From your Shopify admin, go to Settings > Payments.
In the Shopify Payments section, click View payouts.
—
Mobile
From the Shopify app, tap
, and then tap 
Settings.In the Store settings section, tap Payments.
In the Shopify Payments section, tap View payouts.
Tax reporting
As a merchant, you're required to abide by all applicable regulations, including tax reporting. Depending on your jurisdiction, Shopify Payments might also be required to report your sales to the local tax authorities.