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brentawilson
March 12, 2021
Question

Quickbooks Payments Foreign Currency

  • March 12, 2021
  • 1 reply
  • 0 views

If I set my home currency in Quickbooks Online to CAD (I live in Canada), am I only able to accept Quickbooks Payments in CAD? Or if I were to add a US bank account, could I then accept Quickbooks Payments in USD?

1 reply

Rebecca R
Rebecca R
March 12, 2021

Hello brentawilson,

 

Welcome to the QuickBooks Community! I love that you're navigating the world of Multicurrency with QuickBooks Online and QuickBooks Payments in Canada. You're set up with a powerful combination of tools that'll lend to easy bookkeeping and even easier business transactions. I want to go over this with you so that you're familiar with the types of payments you can accept using our Payments add-on.

 

With QuickBooks Payments Canada you'll only have the option to accept Canadian payment methods including MasterCard, Visa, Discover, and Apple Pay (with the aforementioned card types). If you're purchasing a QBO subscription in another country but setting your home currency to CAD, you'll be subject to the Payments rules for that country's offering. For example, an American subscription with home currency of CAD will be able to accept the payment types accepted by QuickBooks Payments US. Since you live in Canada there'd be no reason to subscribe to the US version of QBO so it's likely that you'll be using QuickBooks Payments Canada with the card options that I shared above.

 

You won't be able to add a US bank account as the account to receive these credit card payments, it'll have to be a Canadian bank account. This information and so much more can be found in the following documents. Please read through them to gain a better understanding of how Payments works.

 

 

Let me know if you have further questions or need some clarification on these policies. I'm happy to explore them further with you. Take care!

    B
    brentawilsonAuthor
    March 12, 2021

    Thanks for your response! Just to clarify - I can have a Canadian Quickbooks account with CAD as my base currency and still add a US bank account, right? Adding that US account just doesn't allow me to accept Quickbooks payments in USD. Correct?

    Rebecca R
    Rebecca R
    March 12, 2021

    You've got it, @brentawilson! You can use as many additional currencies and connect as many foreign currency accounts as you'd like, you just won't have the option to collect payments using QuickBooks Payments from those customers. You can still send them Invoices and record the payments within your books in those foreign currencies though, you'll just have to look for another merchant service provider that'll allow you to accept foreign currency payments, or receive payments via another method such as direct deposit or cheque. Hope this clears that up! Have a great weekend.

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