The 13 Best Banks for an Ecommerce Business (2024)

Mike Renaldi

09.06.23

9 minute read

Navigating the world of ecommerce banking can feel like finding a needle in a haystack, but the right choice can make all the difference. Whether you're selling on Etsy, Amazon, or your own site, here are the 13 best business bank accounts for ecommerce to consider for your ever-growing business needs.

A noteworthy mention is Wise Business, which, after a one-time fee, allows you to receive payments in multiple global currencies (GBP, EUR, USD, and more).

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Table of Contents
Ecommerce banking and financial services: Your best options 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 11. Skrill 12. Relay FAQ: Finding the best ecommerce bank

Ecommerce banking and financial services: Your best options

If you're ready to explore the world of ecommerce banking and money services business providers, we're here to help. Gone are the days when traditional banking solutions were the only option - we've handpicked your best options, each with their own distinct features tailored for your ecommerce business.

1. Wise Business

Wise Business is a unique account that lets you receive funds in multiple global currencies. After just a one-time fee, you can get access to major currencies such as USD, GBP, EUR, AUD, CAD, JPY and more. Once you've received the funds, you can conveniently spend or send them in the original currency or convert them to numerous other currencies as needed.

Known for its lower rates compared to other services, Wise Business provides not just attractive fees, but also handy features like seamless accounting software integration and batch payments.

Plans

Wise Business doesn’t offer different plans but rather various features and services with individual fees and charges. It’s a pay-as-you-go system, which means you only pay for the transactions and services you actually use, providing an affordable and flexible option.

Fees

Wise Business is known for its competitive and transparent fee structure. Getting local account details is just a one-time fee of 31 USD, then the fees you pay per transaction are based on the currency involved, starting at 0.43%. Receiving money in your Wise account is free, but there's a nominal fee for converting currencies and for specific types of transfers.

Trustpilot Rating

Wise has a Trustpilot rating of Great after 200,000+ reviews.¹

Receive money
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Use your account details to receive on Amazon, Shopify, Etsy, and more.

2. PayPal

PayPal has long been a trusted and popular choice among digital banks, boasting a user-friendly platform that simplifies receiving and sending payments across the globe. The platform established its reputation as a versatile and comprehensive solution for managing your ecommerce finances, offering features like convenient invoicing, easy checkout solutions for your online store, and a business debit card.

Plans

PayPal Business has both a plan for small-to-medium businesses, offering a range of features like invoicing, customer support, and more, and an Enterprise plan that caters to larger organizations with a high transaction volume, providing access to custom solutions, advanced reporting, and dedicated support to manage their extensive ecommerce needs.

Fees

Like Wise, PayPal also operates on a pay-as-you-go system. Fees vary depending on the transaction type and location. For example, domestic sales within the US incur a fee of 2.9% of the transaction amount plus a fixed fee based on the currency.² International sales apply the domestic fee along with a rate of 1.50% + a fixed fee.² There are also separate fees for additional services like chargebacks and recurring billing.

Trustpilot Rating

PayPal has a Trustpilot rating of 1.3/5 from 25,478 reviews.³

3. Payoneer

Payoneer is a global payment platform designed to simplify cross-border transactions. With its comprehensive set of features, including receiving payments in multiple currencies, mass payout options, integrated marketplaces and networks, and a Payoneer Mastercard, the platform is suitable for entrepreneurs looking for an efficient and secure solution to grow their online businesses.

Plans

Payoneer offers a single plan that includes all its features and services, catering to businesses of various sizes. There isn't a monthly fee, giving it a straightforward and simplified billing system.

Fees

The best part about Payoneer is its integration with marketplaces like Fiverr, Airbnb, eBay, and more. Fees set by each platform vary, so you’ll have to check with the platform. On Payoneer, receiving payments in USD/EUR/GBP/AUD/CAD from another Payoneer user is free, but there's a potential percentage fee for receiving payments from customers or marketplaces. Currency conversion fees use an applicable market rate, and they take 0.5% of the amount transferred.⁴ ⁵

Trustpilot Rating

Payoneer has a Trustpilot rating of 4.2/5 from 51,684 reviews.⁶

4. Revolut

Revolut is a digital banking platform offering a wide range of features tailored for the ecommerce entrepreneur. By providing multi-currency accounts, international money transfers, expense management, and a user-friendly mobile app, the platform helps businesses streamline their finances, manage cash flow, and simplify cross-border transactions, all in one place.

Plans

Revolut offers four business plans: Free, Grow ($39.99/month), Scale ($149.99/month), and Enterprise (custom pricing). As you go up, you’ll get additional perks such as priority support, lower FX fees, multi-level approval, and international payroll.⁷

Fees

Each plan comes with its own set of fees and limits. For example, you get foreign exchange at the market rate without the 0.4% markup for up to $10,000 on the Grow plan and $50,000 on the Scale plan.⁷

Trustpilot Rating

Revolut has a Trustpilot rating of 4.3 from 133,094 reviews.⁸

5. Chase

Chase is a renowned banking institution that offers traditional financial solutions. As a trusted name in the banking industry, Chase provides a host of features, including various types of business checking accounts, easy access to credit, merchant services, and personalized financial guidance. They offer the perfect blend of benefits from traditional and online banks with its vast network of branches and ATMs, as well as a user-friendly online and mobile banking platform.

Plans

Chase offers a range of business checking accounts tailored to different organizational needs: Chase Business Complete Banking for smaller businesses who just need essential banking services, Chase Performance Business Checking for mid-sized businesses featuring higher transaction limits and cash deposits, and Chase Platinum Business Checking for larger businesses with high banking activity and requirements.⁹

Fees

Chase's fees depend on the specific checking account you choose. Monthly service fees range from $0 (with qualifying activities) to $95 and can often be waived. Additional fees apply for transactions exceeding the monthly limit and for foreign exchanges (2 - 5% of the purchase).¹⁰ ¹¹

Trustpilot Rating

Chase has a Trustpilot rating of 1.3 from 1306 reviews.¹²

6. TIAA

TIAA is a well-established financial services provider that caters to non-profits, businesses, and sole proprietors. Their offerings include business checking and savings accounts, cash management solutions, investment options, and comprehensive financial planning and advisory services - which are perfect for those looking for a solid banking foundation to support their ecommerce ventures.

Plans

TIAA offers tailored banking solutions to meet each business's unique needs rather than specific plans or packages. Client advisors work with businesses to identify the best combination of services to suit their requirements, providing customized and personalized plans.

Fees

Fees depend on the services and financial products the business chooses, but they have typical fees charged by banks, such as a monthly maintenance fee, transaction fees, interest rates, and more.

Trustpilot Rating

TIAA has a Trustpilot rating of 1.7 from 28 reviews.¹³

7. Bank of America

Bank of America, just like Chase, is a big, well-known financial institution - but how do they compare? If you’re seeking an ecommerce bank account with an established financial support system, it could be the right fit. The bank offers typical features like merchant services for payment processing, cash management tools, and access to credit lines, but also things like Zelle for business and Quickbooks integration, putting a bigger focus on small businesses.

Plans

Bank of America has the Business Fundamentals Checking account - a basic checking account with essential services aimed at smaller businesses and the Business Advantage Checking account for growing businesses with higher transaction volumes and advanced needs.¹⁴

Fees

The Business Fundamentals Checking account has a monthly fee of $17, while the Business Advantage Checking account has a higher monthly fee of $29.95 - both of which can be waived. Other fees vary - for example, an outbound international wire won’t cost you anything but will incur an exchange fee, while an outbound international wire sent in USD costs $45 per transfer.¹⁵

Trustpilot Rating

Bank of America has a Trustpilot rating of 1.3 from 1673 reviews.¹⁶

8. Capital One

Capital One stands out in the banking industry for its customer-centric approach and easy-to-use solutions. The bank has all the classic features to help nurture and grow your business in a secure environment, including merchant services for seamless payment processing and intuitive online banking tools. They also provide access to lending solutions, providing ecommerce businesses with the necessary financial resources to support growth and expansion.

Plans

Capital One provides two primary business checking account options to cater to varied business needs: Basic Checking ($15/month) and Unlimited Checking ($35/month).¹⁷

Fees

As is typical with monthly fees, they can be waived under certain circumstances. Other fees are pay-as-you-use, like wire transfers. With the Basic Checking, each incoming domestic wire is $15, and each outgoing is $25.¹⁸

If you choose the Unlimited Checking plan, incoming wires are free, and you get 5 free outgoing wires a month.¹⁹

Trustpilot Rating

Capital One has a Trustpilot rating of 1.3 from 1924 reviews.²⁰

9. Wells Fargo

Wells Fargo has a solid history of providing banking solutions for businesses, including ecommerce entrepreneurs. It’s one of the best banks for ecommerce, given their payroll services, extensive small business resources, and things like payment processing, financing, and more.

Plans

Wells Fargo has three plans: Initiate Business Checking ($10/month), Navigate Business Checking ($25/month), and Optimize Business Checking ($75/month). They’re made for businesses who are looking to scale, where you can access more valuable tools and resources like an earnings allowance and advanced digital solutions.²¹

Fees

Each account comes with its own fee structure, with fixed monthly fees that can be waived and fees for other associated services. For instance, while the Navigate Business Checking includes free incoming domestic and international wires, the Initiate Business Checking charges $15 each for incoming domestic and $16 for international wires.²² ²³

Trustpilot Rating

Wells Fargo has a Trustpilot rating of 1.4 from 976 reviews.²⁴

10. Axos

Axos, an innovative online banking institution, is a great alternative for ecommerce businesses embracing digital solutions. Modern entrepreneurs can take advantage of merchant services from Celero, payroll services from ADP, and small business loans from Centerstone, along with savings accounts and checking accounts.

Plans

Axos Bank has the Basic Business Checking for small to medium-sized businesses wanting minimal fees and essential banking features and the Business Interest Checking for businesses looking to earn interest on their account balances while enjoying advanced banking services like integration with QuickBooks.

Fees

The Basic Business Checking account comes with no monthly maintenance fees and no minimum deposit, while the Business Interest Checking account has a $10 monthly maintenance fee, which can be waived. Other services are individually charged, like other banks. For example, incoming wires are free, while outgoing wires are $35 for domestic transfers and $45 for international.²⁵

Trustpilot Rating

Axos Bank has a Trustpilot rating of 1.4/5 from 94 reviews.²⁶

11. Skrill

Skrill is a prominent digital wallet solution with business solutions for ecommerce businesses to manage online transactions effortlessly(see Skrill alternatives). The platform can be integrated into your checkout for frictionless payments and chargeback, and fraud protection. Their multi-currency account allows for speedy international money transfers, and they partner with all major shopping carts, so you can activate Skrill on your ecommerce platform.

Plans

Skrill operates on a pay-as-you-go model.

Fees

Receiving money is free, while currency conversions are based around a day-to-day changing rate with a foreign exchange fee of up to 3.99%.²⁷ Skrill's fees depend on the type of transaction and your business's location. For example, receiving money into your Skrill wallet is free, but uploading funds via a bank transfer, credit/debit card, or other methods incurs varying fees.

Trustpilot Rating

Skrill has a Trustpilot rating of 3.9/5 from 22,342 reviews.²⁸

12. Relay

Relay is a digital-first banking platform designed with features like FDIC-insured accounts, unlimited free transactions, effortless online bill pay, and integrations with popular accounting tools. It's a modern banking solution tailored to the fast-paced world of ecommerce. Its robust API for custom integrations and automatic receipt matching streamlines bookkeeping, allowing businesses to focus on growth and efficiency.

Plans

Relay offers a free plan aimed at new businesses and their Relay Pro plan ($30/month) with everything from the free plan plus free wire payments, auto-import from Quickbooks or Xero, and much more.²⁹

Fees

Relay doesn’t charge fees for things like overdraft fees or ACH transfers. Relay Pro also boasts free domestic and international wires, but the free plan charges a $5 fee for outgoing domestic wires and $10 for outgoing international wires (along with an exchange fee) – a lot cheaper than your typical bank.²⁹

Trustpilot Rating

Relay has a Trustpilot rating of 4.3/5 rating from 776 reviews.³⁰

FAQ: Finding the best ecommerce bank

Business bank account for Shopify

The best business bank account for Shopify sellers should integrate with Shopify's payment processing systems, be compatible with accounting tools for simplified financial management, and provide efficient transaction monitoring in real time. Your ideal bank should support multiple currencies for smooth international transactions and provide responsive customer support tailored for ecommerce entrepreneurs.

Bank account for Etsy business

Etsy sellers need seamless checkout integrations to make it easier to manage transactions directly within the Etsy platform. The best bank account for Etsy businesses should support various payment methods, have competitive fees, and provide efficient solutions for a streamlined shopping process that keeps customers coming back for more.

Business bank account for Amazon sellers

Amazon sellers should consider key factors like seamless integration with Amazon's platform, the ability to handle multi-currency transactions for international sales, competitive fees for payment processing and currency conversion, and access to efficient cash management tools.

Business bank account for dropshipping

For dropshipping ventures on Amazon and other ecommerce sites, a reliable banking partner should be able to smoothly handle recurring payments, as dropshipping often involves regular transactions with suppliers. If you’re doing business internationally, you’ll want a bank account that supports multiple currencies, provides competitive exchange rates, and facilitates swift cross-border transactions to keep your dropshipping business running efficiently and effectively.

Receive money
with Wise Business >>

Use your account details to receive on Amazon, eBay, Etsy, and more.

Further Reading:

BBVA Business Checking Review (2023)

Relay Banking Reviews: Business Account and Checking (2023)

Lili Bank Review: Features, Fees, and Key Details (2023)

Found Bank Review: Is Found Right For Your Business?

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

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

Sources:

*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.