Business Getting paid

How to use Wise with Shopify?

Hannes Ausmees

21.12.22 (updated more than 1 year ago)

Read time 4 minutes

Wise (formerly TransferWise) is a financial technology company which offers international payments and digital multi-currency accounts.

If you’re an ecommerce seller, you can open a Wise Business account to get paid from Shopify in a range of currencies with no receiving fee. You’ll also get the mid-market exchange rate whenever you need to switch from one currency to another within your Wise account, or to make a transfer. This means businesses pay less for international transactions, compared to using traditional bank or Shopify.

This Wise Shopify guide covers all you need to know about how to receive Wise Shopify payments in USD, GBP, EUR and other major world currencies.

Table of Contents
Steps to accept payments from Shopify with Wise Business 1. Accessing account details for each currency 2. Adding account details to Shopify 3. Converting money within Wise Business between currencies Fees involved How to get an account for new users? Get started with Wise Business

How to accept payments from Shopify with Wise Business

To get paid through Shopify to your Wise Business account you’ll need to open a currency with Wise that you want to get paid in. Depending on the payment gateway you use with Shopify, you can then add your Wise account details to get paid in any supported currency.

Businesses who open a Wise Business account in Singapore get access to account details in 22+ currencies which can be used to receive payments.

Let’s look at how to open a Wise currency, and then how to add your account details to Shopify.

1. Accessing account details for each currency

Open your Wise Business account and log into your account
On the dashboard, click on 'Account details' under the 'Main account' subcard.
You can find a list of currencies for which you already have account details
To get access to account details of a new currency, click on 'Receive other currencies'
On the next page, select the currency that you are looking to create
Once selected, you will be brought to a page that gives you account details for the selected currencies.

Do note:

Some currencies might require verification
The first time you open a currency you may be prompted to top up your account. You can do this in any currency you'd like to have available, using your bank account, Apple Pay, credit or debit card. The full balance will be available for you to spend after

You can use your local account details to get paid through Shopify automatically¹ or manually².

2. Adding your Wise Business account details to Shopify

Once you have the currency you need you’ll be able to get your local account details and add them to Shopify. The exact process you need to follow may vary based on where in the world you are and which payment gateway you choose to use with Shopify. Here’s an outline of the basic steps usually required:

Log into your Shopify account and navigate to Settings
Select Payment Options
Enter the Wise account details for the currency you want to get paid in
Check everything over and confirm

Supported currencies

You can link an account to Shopify as long as it’s direct debit enabled. That means you can use your Wise account details in 22+ currencies, including GBP, EUR, AUD, CAD and USD to get paid from Shopify. Checkout our help page to learn more.

3. Converting money within your Wise Business account between different currencies

Once you have money in your Wise Business account you can hold it, spend it with your Wise debit card, send it to someone else, switch to another supported currency using the mid-market exchange rate, or withdraw to your regular bank account.

If you need to switch from one currency in your account to other currencies supported by Wise, you’ll need to:

Log into Wise and select which balance you’d like to convert from
Click Convert and enter how much you want to convert - and what currency you need
Review and confirm the conversion

You can also send money from your Wise account to your local bank account. Just log into your Wise account and tap Send. You’ll be prompted to enter your local banking details, and confirm the amount you want to transfer.

Fees involved with a Wise Business account

When you open a Wise Business account you’ll need to pay a low, one time fee to access full account features. This fee varies based on the country you’re in. Once your account is set up you’ll be able to hold, send and receive payments in a range of currencies, with local account details for up to 10 major currencies.

Here’s a run through of the key Wise Business fees for the US, as an example:

Get account details to receive in 22+ currencies (a) - 99 SGD
Order a Wise debit card - 4 SGD (1st card is free)
Get paid in AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire) - No fee
Get paid by USD wire - 6.11 USD
Withdrawal fees - Free within 100 SGD per month per account; 1.75% of amount over 100 SGD

How to get a Wise Business account for new users?

If you have a Shopify account and are looking for ways to receive payouts in multiple currencies, Wise Business would be the ideal fit for your business.

You can register with Wise Business online. All you’ll need to do is give some information about yourself and your company, and complete a verification step to comply with global financial regulations. Here's what you would require:

Get started

If you're growing a global business, you'll quickly face a daunting wall of costs, complexity, and hidden fees when receiving international payments. Wise Business helps you bypass this wall, making it easy to receive money from around the world and start getting paid like a local today.

Obtain account details to receive payments in GBP, EUR, CAD, AUD and more for a one-time fee of 99 SGD.
Simply share your account details with customers or add them to invoices.
Hold, send, and convert money at the mid-market rate in one account.
Simplify customer payments with Wise request payment feature.
Accept payments from customers and payment service providers (PSPs) like Stripe and Amazon.
Generate payment links to request money in specific currencies.

➡️Get started with Wise Business today

Sources

Sources checked on 19 December 2022

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.