Connect your US bank account to Shopify and eliminate cross-border banking fees

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Pairing your Loop US bank account with Shopify Payouts is a perfect way to streamline your US ecommerce operations and save thousands in banking fees.

Shopify Payouts in USD

For Canadian businesses using the Advanced Shopify or Plus plan, Shopify Payments offers the ability to connect two bank accounts to receive payouts in both CAD and USD currencies. This feature ensures that orders in each respective currency are routed to the corresponding bank account, simplifying your financial workflows.

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Key points to note about Shopify Payouts in USD:

• Supported currencies: You can have one bank account per supported currency. 
• Payouts without dedicated accounts: Currencies without a designated payout account are converted into the currency of your default bank account, subject to exchange fees.

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How to Set Up Your Shopify USD Payouts

To set up your Shopify USD payouts follow these steps:

1. From your Shopify admin, navigate to Settings > Payments.
2. In the Shopify Payments section, click Manage.
3. Locate the Payouts bank accounts section and click Add.
4. Choose the country where your bank account is registered in the Bank country section.
5. Enter your bank account number in the Add a bank account section.
6. Select the currency for your payouts in the Payouts currency section.
7. Click Add bank account.

Loop USD Account

Selling products to American customers often means dealing with US Dollar revenue and expenses. With Loop, you have the opportunity to open a free US Dollar Account, making your financial operations even more efficient.

The Loop USD Account is unique in that it is US-based, providing you with a local US ABA Routing Number and your own account number. By receiving your USD Shopify payouts directly into your Loop USD Account, you can avoid exchange fees and save valuable time avoiding multiple-day transit times.

Furthermore, keeping your USD funds in this account allows you to allocate them seamlessly for expenses such as marketing campaigns, shipping fees, software subscriptions, and more.

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Setting Up Your Loop USD Account

To open a Loop USD Account, follow these steps:

1. Log in to your Loop account and navigate to Accounts > Open US Dollar Account.
2. Follow the provided instructions, including submitting government-issued identification for all business directors/owners.
3. Immediately after sign-up, you will receive your account number and routing number, enabling you to send and receive USD funds effortlessly.
4. If you already have a US Dollar account, select bank details to view your account and routing number.
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The convenience of the Loop USD Account and Shopify payouts in USD offer you a streamlined experience. Avoid unnecessary exchange fees, enjoy the benefits of a US-based account, and reduce the time your money is in transit. 

To learn more about the various currencies supported by Loop, visit our multi-currency account page.