Best Bank Account for Amazon Seller: Fees and Features (2024)

Looking to streamline your Amazon selling process? Finding the right bank account will be a big part of optimizing your cash flow, whether you’re a new or seasoned seller. From user-friendly interfaces to smart features, there’s a range of things to consider when choosing a bank account for your Amazon seller venture. In this article, we’ll look at 12 business solutions that cater to every seller’s unique needs.

This list includes Wise Business, which offers a low-cost account with low fees. It's also great for businesses sending and receiving money from abroad.

Looking to send and receive payments with a reliable business account?

Trustpilot Rating: Great with 190,000+ reviews³⁵
Over 300,000 businesses use Wise every quarter

Table of contents
1. Wise Business 2. PayPal 3. Payoneer 4. Revolut 5. Chase 6. TIAA 7. Bank of America 8. Capital One 9. Wells Fargo 10. Axos Bank 11. Skrill 12. Relay Finding the best Amazon seller bank FAQ

1. Wise Business

If you’re an Amazon seller seeking an effective solution for global transactions, Wise Business, a banking alternative, might be the perfect fit. Known for its revolutionary approach to local and global online business solutions, Wise Business lets you send, spend, and receive like a local in 8+ major currencies – all with the mid-market exchange rate.^1,2

Features: We’d be here all day if we were to go through every single feature Wise Business offers. Out of the countless useful features for sellers, the multi-currency capabilities stand out, particularly for those selling in Amazon marketplaces across different countries. As well, there are also integrations with accounting software and a business debit card to further streamline your financial management.

Fees: What sets Wise truly apart is its transparency – registering for an account comes with a small one-time fee of 31 USD. Wise’s cost structure is transparent and straightforward, where converting money and sending money varies by currency but starts at just 0.43%.³ There also aren’t any hidden charges or markups, making budgeting much easier.

Trustpilot Rating: Wise is rated as Great after 200,000+ reviews.⁴

Looking to operate your business with less fees?

Get Paid with Wise Business >>

Trustpilot Rating: Great with 190,000+ reviews³⁵
Over 300,000 businesses use Wise every quarter

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

2. PayPal

Global payments platform PayPal is highly associated with online transactions – between friends, for businesses, and as a tool for marketplaces to receive payments. As an Amazon Seller, you’ve likely wrestled with the idea of leveraging PayPal for Business’s extensive features and international capabilities.

Features: One of PayPal’s best features is its worldwide recognition and acceptance. The platform makes cross-border selling a lot simpler for sellers, with its Seller Protection program that adds a layer of security against fraud, chargebacks, and reversals – something you’ll want especially if you deal with high volumes.⁵

Fees: PayPal’s fee structure features a fixed percentage and a small fixed fee per transaction, which depends on the nature of the transaction and the currencies involved. Sales made by standard credit and debit cards in the US come at a 2.99% + $0.30 charge each, and there’s an additional percentage-based fee for international commercial transactions at 1.50%.⁶

Trustpilot Rating: PayPal has a 1.3 out of 5-star rating from 27,379 reviews.⁷

See the Best Banks for Small Businesses >>

3. Payoneer

Like Wise, Payoneer boasts its global payment services as a standout feature. Geared towards empowering ecommerce businesses, it offers Amazon sellers a swift and secure solution for receiving international payments.

Features: Payoneer allows users to receive payments in multiple currencies and also has the capability to provide account details in 9 different currencies.⁸ The platform features flexible funding options for your business – without credit checks and after a one-time fixed fee – which is beneficial if you need some extra cash for inventory opportunities or extra advertising during peak season.

Fees: It’s possible to get paid into your local bank account in certain currencies for free, but otherwise, credit card payments incur a 3% fee. There are also other fees for withdrawing in a local currency from a Payoneer balance of a different currency (up to 3% of the transaction amount) and a 1.50 USD same-currency withdrawal in the US.⁹ Payoneer bases their currency conversion rates on wholesale currency market rates taken from different financial institutions.¹⁰

Trustpilot Rating: Payoneer has a 4 out of 5-star rating from 52,506 reviews.¹¹

4. Revolut

Revolut is an advanced financial platform for businesses and sellers across the globe, including Amazon sellers. With a high-tech foundation and borderless account details in USD, EUD, and GBP, this ultra-modern banking alternative has a well-rounded approach to international banking.

Features: Although Revolut doesn’t offer as many local bank account details as Wise or Payoneer, you can receive international transfers at the speed and cost of domestic accounts in the US, EU, or UK.¹² The platform also offers tools like spend management and analytics tools to supercharge your finances. You can also integrate partner apps in accounting, automation, and expenses.

Fees: While there is a free Basic account that offers 5 no-fee local transfers a month, there’s also the option to pay for the Grow ($30/month), Scale ($119/month), and Enterprise accounts (Custom) that come with extra perks. For example, the Scale plan comes with 25 no-fee international transfers and 1000 no-fee local transfers. Revolut uses the interbank rate (mid-market rate) but limits it to your first $1000/month on the Basic plan.¹³

Trustpilot Rating: Revolut has a 4.3 out of 5-star rating from 144,680 reviews.¹⁴

5. Chase

Chase is one of the biggest names in the traditional banking world. It’s a great option if you’re looking for robust traditional banking solutions and a wide-reaching physical presence.

Features: Chase stands out with its vast network of physical branches and ATMs across the US. It’ll also provide things like loans and financing that you might not get with modern online banking alternatives. With the Chase Ink Business Card, you can also enjoy valuable cashback rewards and flexible redemption options.

Fees: In terms of fees, Chase’s structure is in line with most traditional banks. It includes monthly service fees ($15 - $95), wire transfer fees, and minimum balance requirements that can be waived based on several criteria.¹⁵ International currency conversions and international fees are also typically expensive as banks tend to mark up their rates.

Trustpilot Rating: Chase has a 1.3 out of 5-star rating from 1,503 reviews.¹⁶

6. TIAA

TIAA, with its solid history and dependable reputation, is a banking solution that will appeal to Amazon sellers who are looking to save and invest, perhaps for retirement.

Features: What makes TIAA stand out is its incredible interest rates and investment options. As of November 2023, they’re offering historically high rates of up to 7% for guaranteed growth on a portion of your retirement savings.¹⁷

Fees: Certain accounts have annual operating expenses and other fees, while personalized services might come with a one-time loan initiation fee and/or annual loan maintenance charges.¹⁸

Trustpilot Rating: TIAA has a 1.5 out of 5-star rating from 42 reviews.¹⁹

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The Wise Business Account: Features

Wise offers a set of features that set it apart for businesses. Not to mention that Wise business users can send and receive transfers internationally without the markups.

Some other features Wise Business users love
Make purchases or pay your international team at low rates (as low as 0.43%)
Get paid without the fees in GBP, USD, EUR, AUD, CAD after a one-time fee
Account Software Integration: QuickBooks, Xero, Sage, and Wave
Batch payments offer the chance to send up to 1000 invoices in a single click
The Most International Account: Hold 40+ currencies at once
Transparency: Wise Business is trying to get rid of all your business account fees
Most importantly, if you're sending international payouts, then Wise could help. We offer the mid-market exchange and transparent costs, which has attracted over 16 million users to hold, receive, and send money with Wise and save along the way

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews³⁵
Over 300,000 businesses use Wise every quarter

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7. Bank of America

Similarly to Chase, Bank of America is one of the largest banks in the US. It's a wide-reaching, established banking option for Amazon sellers that can cater flexibly to various banking needs.

Features: Bank of America presents a range of small business banking tools and features for better financial management. Their Preferred Rewards for Business program, Zelle for Business integration, and range of no-fee business credit cards are all useful features that can truly keep your business finances on track. Of course, there are also all the typical banking features available, like bill pay and cash flow management tools.

Fees: You can expect classic banking fees like wire transfer fees and monthly maintenance fees ranging from $16 to $29.95.²⁰

Trustpilot Rating: Bank of America has a 1.3 out of 5-star rating from 1,866 reviews.²¹

8. Capital One

Capital One is known for its forward-thinking approach to banking with advanced banking features and a focus on seamless customer experiences.

Features: You might find that Capital One seems more technologically driven than other traditional banks. They have a highly-rated mobile app and online banking platform featuring a suite of digital tools, including a top-tier budgeting tool for sellers to plan, track, and manage all business finances.

Fees: With Capital One, you’ll come across all the typical fees you’d find with any other bank – monthly service fees, account transaction fees, and wire transfer fees.

Trustpilot Rating: Capital One has a 1.3 out of 5-star rating from 2,135 reviews.²²

9. Wells Fargo

With one of the most expansive physical branch networks in the U.S. combined with classic business resources and accounts, Wells Fargo has everything you need to succeed.

Features: Features tailored to business needs make Wells Fargo a noteworthy option for Amazon sellers. For enhanced business financial management, the bank features a suite of tools like easy bookkeeping and spending reports.

Fees: Wells Fargo has an organized fee structure that reflects traditional banking. Fees, in general, will depend on the checking account tier you opt for, including monthly maintenance fees and wire transfer fees.

Trustpilot Rating: Wells Fargo has a 1.3 out of 5-star rating from 1,073 reviews.²³

10. Axos Bank

Axos offers a dynamic and flexible online banking solution specifically for small businesses to save and maximize their returns. They combine certain traditional features, such as SBA loans and treasury management, with the convenience of online-only banking.

Features: Axos caters to small businesses through their business accounts by offering benefits like unlimited item processing and chances to advance their savings growth. As of November 2023, they are offering up to $400 for business owners when they open their first checking account, which can be funneled back into your Amazon business.²⁴ If you’re looking to bank internationally, however, you may need to open a World Checking and Savings account.

Fees: People appreciate Axos for its fee-friendly policies. Most Axos accounts have no monthly maintenance fees, no initial deposits, or minimum balance requirements. There are also unlimited domestic ATM fee reimbursements and no transaction fees.

Trustpilot Rating: Axos Bank has a 2.2 out of 5-star rating from 124 reviews.²⁵

11. Skrill

Skill is a leading e-wallet provider that rivals traditional banking services with competitive rates and a multi-currency account(see Skrill alternatives).

Features: Skrill’s Business account is best known for providing hosted checkout solutions, which can be activated with all major shopping carts. Although the platform doesn’t offer local account details, the multi-currency account allows you to access and manage 40+ currencies and advanced reporting and analytics.²⁶

Fees: No specific fees for the business account are publicly shown, but the consumer account charges a fee of $5.50 USD to withdraw funds to a bank account. There are also foreign exchange fees of up to 3.99%.^27,28

Trustpilot Rating: Skrill has a 3.6 out of 5-star rating from 22,805 reviews.²⁹

12. Relay

Relay is a digital-first business bank that’ll provide a fresh and agile approach to business banking. Tailored to the particular needs of small businesses, Amazon sellers can enjoy a holistic, convenient banking solution.

Features: Busy sellers will love the transaction reconciliation feature for tax season, as well as being able to open up to 20 checking accounts for everyday spending, taxes, and operating expenses. Users can also enjoy 1% - 3% APY earned on savings.^30,31

Fees: There are two plans associated with Relay – the free plan and the Relay Pro plan ($30/month) that come with faster ACH, free domestic and international wire payments, and more.³²

Trustpilot Rating: Relay has a 4.5 out of 5-star rating from 1,238 reviews.³³

Finding the best Amazon seller bank FAQ

Ready to tackle any lingering questions? Here are answers to some of the most common questions on finding the best bank for Amazon FBA sellers and independent Amazon sellers.

Can I use my personal bank account as an Amazon seller?

It is entirely possible to use a personal bank account for your Amazon seller business, but it’s generally not recommended. Separating your personal and business finances can come with many benefits, including making your tax preparation much simpler and offering better visibility of your business cash flow. Especially as your business grows, it can become more and more difficult to manage business finances from a personal account.

Do you need a business account to sell on Amazon?

According to Amazon, sellers can use any US-based business account that uses an ACH (Automated Clearing House).³⁴ This is so Amazon can electronically transmit your earnings to your bank account. While you can use a personal account, having a dedicated business account will separate your personal and business finances, making tax preparation and accounting much easier.

An International Account: Wise for International Business

Banking with a credit union or a traditional bank is a great option for small businesses. But they also have plenty of drawbacks, like high fees, limited services, and restricted membership. Luckily, Wise offers comprehensive and innovative business solutions.

Wise serves 300k business every quarter in markets all over the world. A Wise account offers the chance to send and receive international payments in multiple currencies.

Whether an instance one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.

• Wise Batch Payments come with account - no need to pay extra for these key features
• Multi-level permissions and alerts gives you complete control over your account
• Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
• US businesses get local account details in 9 currencies to receive funds after paying a one-time fee

See how much you'll save while sending cross-currency transfers here:

Trustpilot Rating: Great ³⁵
Over 300,000 businesses use Wise every quarter

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Sources:

4 - Wise Trustpilot
5 - PayPal - Seller Protection
6 - PayPal Merchant Fees
7 - PayPal TrustPilot
8 - Payoneer - Multi-Currency Account
9 - Payoneer - Pricing
10 - Payoneer - Conversation Rates
11 - Payoneer Trustpilot
12 - Revolut - Multi-currency Accounts
13 - Revolut - Business Account Plans
14 - Revolut Trustpilot
15 - Chase Business Checking
16 - Chase Trustpilot
17 - TIAA - Crediting Rates Increase
18 - TIAA - Compliance
19 - TIAA - Trustpilot
20 - Bank of America - Fees
21 - Bank of America - Trustpilot
22 - Capital One - Trustpilot
23 - Wells Fargo - Trustpilot
25 - Axos - Trustpilot
26 - Skrill Business
27 - Skrill - Withdraw
28 - Skrill - Currency Conversion
29 - Skrill - Trustpilot
30 - Relay - Product
31 - Relay - Savings Account
32 - Relay - Pricing
33 - Relay - Trustpilot
34 - Amazon Pay Help
35 - Wise Trustpilot