How to choose the base currency of Shopee? Selection Guide

When doing cross-border e-commerce, there will be many things you don't understand. After all, operating a store overseas involves many overseas transaction issues, such as credit cards, base currency, logistics, etc. How do you choose the base currency for Shopee?

1. Why choose a base currency?

The system will convert the prices of store products based on the exchange rate between the base currency and the local market currency. The prices of store products can be modified at any time.

What are store products and global products?

In China Seller Center, store products (i.e. actual products) for all websites will be managed through China Seller Center >> Global Products section, and the base currency will affect the price of global products but not the price of store products.

For example, when you want to add a product, you need to go through three steps:

Step 1 (first time logging in with the main account):

Select base currency (CNY/USD)

Then set price elements such as the market exchange rate (i.e. the exchange rate between the base currency and the local market currency).

Price elements such as market exchange rates can be modified at any time, but once the base currency is selected, it cannot be modified.

Step 2: Add global products in China Seller Center >> Global Products and set the price (in base currency);

Step 3: Go to China Seller Center >> Global Products >> Select Publish Store Products and publish global products to the stores on each website (store product prices are in local currency).

If the seller has a SIP affiliated store:

Since the settlement price of SIP store products is consistent with the global product price unit, the choice of base currency will affect the settlement price unit of the SIP store.

If you select USD, the settlement price of SIP store products will be in USD.

If you select CNY, the settlement price of the SIP store will be in CNY.

2. How to choose the base currency?

Sellers can choose the base currency based on the cost price of the goods (usually in RMB):

For example, if the seller's product price is in RMB, you can choose RMB as the base currency.

If the seller's product price is in US dollars, you can choose US dollars as the base currency.

In general, Shopee merchants can choose the base currency based on the purchase cost of the goods. If the purchase price is RMB, then choose RMB as the base currency.