Currency Conversions and Pricing Adjustments
As an Australian business, we operate in AUD (Australian Dollars) as our primary currency. To accommodate our international customers, we've integrated Shopify’s “Markets” feature, allowing us to offer pricing and transactions in multiple currencies. This approach ensures a seamless shopping experience for our customers worldwide. Below is a detailed explanation of our multi-currency pricing and subscription policy:
Multi-Currency Pricing Overview
For New Transactions:
- Prices are converted using real-time exchange rates plus an additional 3.5% conversion fee. Prices are then rounded to the nearest whole number for simplicity.
For Subscriptions:
- Existing Subscriptions: If your subscription was set up before the introduction of Shopify Markets, payments are processed in AUD. Any currency conversion in this scenario is managed by your bank.
- New Subscriptions: Subscriptions initiated post-Shopify Markets implementation use the exchange rate and currency from the initial purchase. This price is what will be charged going forward as long as there are no changes to the subscription or major exchange rate fluctuations (see below).
Adjustments for Significant Currency Fluctuations:
All subscription product prices are based on AUD and are subject to minor changes due to exchange rate variations, and such adjustments will be made without prior notice.
Our policy is to maintain stable subscription rates. However, if significant currency fluctuations occur, we may adjust our prices. We've set a benchmark with the AUD/USD exchange rate at $0.66. Adjustments are considered if the rate falls below $0.60 or rises above $0.72.
Example:
Should the AUD strengthen to $0.72 against the USD, we will evaluate and possibly adjust subscription prices accordingly. Similarly, if the AUD falls to $0.60 against the USD, we will conduct a review for potential price adjustments.
This policy ensures that our pricing reflects current market conditions fairly, offering stability for our customers and our business.