How to Transfer Money from Shopify to Your Bank Account

Shopify’s e-commerce platform is a great tool for small businesses to sell products and services online with ease and focus on growth. If you’re looking to use the platform, or you’ve already made your first sales, transferring money from Shopify to your bank account is a straightforward process. But there are a few key details you need to know to ensure everything goes smoothly.

In this guide, we explain how to transfer money from your Shopify Balance to a bank account and suggest solutions to common issues that may arise.

If you currently sell to customers overseas, or you’re looking to expand your sales, consider transferring your Shopify revenue to a Wise Business account. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. It can help you manage your money in 40+ currencies and save money on exchange costs.

What You Need to Know Before Transferring Money from Shopify to a Bank Account

Before you initiate a transfer to your bank account, note that you can only transfer funds in US dollars. Shopify sends transfers instantly, but they can take up to six business days to arrive in your account, so don’t be concerned if they don’t appear right away.

You should also be aware that Shopify sets a daily limit to the amount of money you can transfer. You can view your remaining transfer limit on the “Move money” page. The daily limits are based on the date that transfers are authorized, rather than processed.

You should ensure that your Shopify Balance is set up, and your bank account details are correct before you initiate any transfer.¹

How to Transfer Money from Shopify to a Bank Account: Step-by-Step Process

Simply follow the steps below for how to transfer money from Shopify to your bank account. The steps will differ slightly depending on your device.

Login to Your Shopify Account

To keep your account secure, you may receive a prompt to login to your account.

On a desktop computer, go to the admin dashboard on your browser and sign in with your credentials.

On an iPhone or Android device, open the Shopify app and enter your login details.

Navigate to the “Transfer funds” Section

Once you’re logged in, you need to go to the “Move money” section to initiate a transfer.

Desktop: From the admin dashboard, click “Finance”, select “Main”, click “Move money”, and then click “Transfer funds”.

iPhone/Android: In the app, tap the “Home”, tap “Move money” and then tap “Transfer from Balance”.

Select Your Payee Account Details

You need to select your bank account as the payee for the transfer. If you haven’t already added your account details, select “Add payee” and enter the account information.

Desktop: Select your Shopify Balance in the From account dropdown menu and choose your bank account in the To dropdown. You can choose to enter a description for the transfer that will appear in the reference field of your bank transaction.

iPhone/Android: Tap your bank account as the payee to receive the transfer.

Enter the transfer amount

Type in the amount of money you want to transfer to your bank account, ensuring it’s within your daily transfer limit.

Review the Transaction Details

Double check that your bank account details and the amount you entered in the transfer field are correct. On a desktop browser, click “Review details” to see a summary.

Complete the Transfer

Once you’ve checked the transfer details are accurate, you can initiate the payment.

Desktop: Click authorize transfer.

iPhone/Android: Tap transfer.

How to Transfer Funds Between Shopify Balances

If you don’t want to transfer money directly to your bank account, an alternative route is to transfer funds between your Shopify Balance accounts. The process is similar to transferring to a bank account – instead you select another Shopify Balance:

• Navigate to “Move money” and then select “Transfer funds”.
• Select the Shopify Balance you want to send the funds from.
• Choose the Shopify Balance you want to transfer the money to.
• Enter the amount of money to transfer.
• Click “Review details” and check if the information is correct.
• Authorize the transfer

Common Issues and Troubleshooting Tips

Your transfer will typically go smoothly, but here are some common issues you may face during the process, along with tips to help you resolve them quickly.

• Transaction limits: Your payment will be blocked if you exceed your Shopify account’s daily transfer limit. To avoid delays, check your limit before sending a transaction. If necessary, you can contact Shopify Support to request an increase.
• Security: To protect your account security and your funds, Shopify may prompt you toauthenticate your account again when initiating transfers.
• Incorrect payee information: You cannot edit payee account details once they’re saved. If you need to change your bank account information, you’ll have to create a new payee account.
• Payment delays: Transfers are sent immediately, but they can take up to six business days to be delivered to your bank account so you should plan your finances accordingly.
• Currency considerations: As Shopify only supports transfers in US dollars, if your business works in other currencies consider using a Wise Business account. You can transfer money from Shopify to Wise Business in USD, and then easily convert the funds to your preferred currency at the mid-market rate all within one account, giving you flexibility in managing your international finances.

Discover Wise Business: The Easy Way to Manage Shopify Sales

Wise Business offers an easy-to-use account that allows you to make international transfers and payments at the mid-market rate, saving you on transaction fees and hidden markups.

As Shopify only allows withdrawals in USD, you can transfer money from Shopify to Wise Business in USD, and then easily convert the funds to your preferred currency at the mid-market rate, giving you flexibility in managing your international finances.

Other benefits include:

• No monthly service fees
• Manage multiple currencies all in one place
• Hold 40+ currencies
• Receive payments like a local with account numbers for major currencies
• Easy batch payments

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Sources:

¹ Understanding Shopify Balance transaction limits and fund transfers

All sources checked October 2024.