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If you’re looking to streamline your Shopify business finances but feel lost in the maze of banking options, this guide is for you.
We’ll be exploring the best business bank accounts curated for Shopify merchants, their features, associated costs, and how they can integrate seamlessly with your current setup. In addition, we'll mention the Wise Business account as a great option for international ecommerce.
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Shopify sellers need a business bank account that is suitable for small businesses, affordable, hassle-free, convenient, and secure. After all, with so many other aspects of your business to take care of, smoothing out your financial management should be a priority. Let’s go ahead and take a look at some of the best accounts for Shopify merchants.
Wise Business is a top contender when it comes to effective financial management for Shopify sellers. Especially if you’re a seller that has customers all around the world, having a comprehensive tool that provides a way to manage your business dealings in multiple currencies is crucial.
Adding your Wise Business account details to Shopify? Here's how: |
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1. Log into your Shopify account and navigate to Settings |
2. Select Payment Options |
3. Enter the Wise account details for the currency you want to get paid in |
4. Check everything over and confirm |
5. When receiving USD with your Wise USD details, use the details for inside the US payments |
6. 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 for GBP, EUR, AUD, CAD and USD to get paid from Shopify. |
Registering for a Wise Business account comes with a one-time fee of 31 USD. That gives you access to all features, including the multi-currency account, local account details, and mid-market rate. From there, converting money starts from 0.42%.2
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Payoneer is another great platform with a multi-currency account, just like Wise. With 170 countries supported and over 190 countries covered, it has a large reach that can help expand your global business. Its biggest draw is its Payoneer Checkout feature – an end-to-end payments processing solution that can integrate with Shopify.
While a fee is charged if you’re located in certain countries, those based in the U.S. won’t have to pay a fee to open a Payoneer account. However, there are other fees you’ll need to be aware of when it comes to sending and receiving money outside of the Shopify marketplace. For currency conversions, Payoneer bases their rates on the mid-market rate but also includes a 0.5% fee on top of that.4
PayPal has long been an option for marketplace sellers or online merchants because of its universal recognition and longstanding reputation. Its wide audience reach and suite of services provides an all-rounded solution for many Shopify sellers. Being also one of Shopify’s default payment providers, it can be a convenient option that can enhance your business operations.
PayPal is free to use but comes with a variety of fees that depend on where you’re located and where the customer is located. For example, receiving via PayPal Checkout incurs a 3.49% + fixed fee for domestic transactions, and there is an additional percentage-based fee for international transactions. There’s also a 3 - 4% currency conversion spread applied.6
Built into your Shopify store is Shopify Balance – a free money management account that helps you manage your store’s finances. It’s an integrated account that comes with payment processing, shipping services, and more, making it a useful part of the ecosystem for Shopify sellers. Unfortunately, for those outside of the U.S. or Puerto Rico, Shopify Balance isn’t available.
Shopify Balance doesn’t come with any monthly fees, but there are daily transaction limits tailored to each business. You’re also limited to receiving and holding payments in U.S. dollars, which means you’ll be relying on Shopify’s automatic currency conversion between your and the customer’s local currency.
Relay is a digital banking platform designed specifically for small businesses. Its simple and user-friendly interface is a big draw for many business owners, and so is its fee-free structure. Relay can consolidate all your earnings in one place, help you keep track of what goes in and out, and sync with both Shopify and many accounting systems.
Relay costs $0/month, but there are charges for outgoing domestic wires ($5), outgoing international wires ($10), and currency exchange fees. There’s also the option to upgrade to Relay Pro for $30/month, which will give you perks like free outgoing wires, more automation, and same-day ACH delivery.7 Relay’s exchange rate is based on the foreign exchange market, but there is also a 1%+ percentage fee applied.8
There’s certainly no obligation to open a business bank account as a Shopify seller, but it can be a savvy move for professional and financial management reasons.
Whether it’s simplifying your tax obligations, viewing your fiscal health, or streamlining transactions, a business bank account can act as a sturdy backbone for your Shopify store.
Sources:
3 - Payoneer - Multi-currency Account
4 - Payoneer - Manage Currencies
5 - Shopify Help - PayPal
6 - PayPal - Merchant Fees
7 - Relay - Pricing
8 - Relay - How to Convert Currency
*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.
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