How to Transfer Money from Stripe to Your Bank Account: A Complete Guide

Stripe is a popular payment processor that makes it easy for small businesses and freelancers to accept online payments. The platform is packed with features including customizable billing, international payments and data security.

Transferring money from Stripe to a bank account for the first time can seem complicated. This guide breaks down the process of how to transfer money from Stripe to a bank account to help you move your money seamlessly.

Receive money from Stripe
with Wise

Transfer Money from Stripe to Bank Account: First Steps

Before you can transfer money from Stripe to your bank account, there are a few things you need to be aware of to make sure it goes smoothly.

First, you need to link your bank account to Stripe. You can add your account by selecting Payout settings on the Dashboard. The bank account must be able to receive direct deposits, especially if it’s a non-standard account. You’ll need to enter your bank name, account number and routing number or SWIFT code (if applicable).

Stripe requires you to verify your identity for security reasons. You’ll need to provide identification details and documents, especially if you want to use Stripe for international payments or high transaction volumes.

How long does it take to transfer money from Stripe to a bank account?

Once you receive your first payment, Stripe will typically schedule your initial payout for 7-14 days later. After that, payouts will follow the schedule you set for your account. You can choose automatic daily, weekly or monthly transfers, or initiate an instant payout on demand. Stripe charges US Dashboard users a 1.5% fee for all Instant Payouts.

Transfers from Stripe to your bank account will typically take 2–7 business days, depending on factors including your bank and account verification status. As a new user you may experience a longer waiting period as Stripe establishes the legitimacy of your account.¹

Step-by-Step Guide to Transferring Funds from Stripe

Once you’ve added your bank account details to your Stripe account, you can wait for a Stripe to process a scheduled payout or initiate an instant transfer following the simple steps below. Instant Payouts are limited to 10 transactions per day, between a minimum of $0.50 and a maximum amount of $9,999.²

Log Into Stripe

Enter your login credentials to sign in to your Stripe dashboard.

Navigate to the Balance Section

On the dashboard, select “Balance”. This section will show you the total amount of funds available. Stripe processes payments in real-time, but you can only transfer funds that are marked as “available.” You cannot withdraw funds marked as “pending”.

Initiate the Payment

Click on the “Pay out funds instantly” option in the “Balance” section to start the withdrawal process.

Select Your Bank Account

Confirm the bank account where you want to send the funds. If you have linked multiple bank accounts to your Stripe account, you’ll need to choose the correct one from the dropdown menu.

Enter Payout Amount

Type in the amount of money you want to transfer. You can send the full balance or specify a custom amount.

Confirm the Transfer

Check the transfer details, including your bank account information and the amount before confirming the payout by clicking the “Pay out” button.

Handling International Transfers with Stripe

Stripe allows you to send and receive international payments, so you can sell to customers and pay clients in other countries. Stripe supports a range of currencies, making it convenient for businesses that work with international customers and suppliers. Its user-friendly dashboard allows you to manage payments, view your transaction history and transfer funds to a bank account.

Stripe supports processing charges in more than 135 currencies from 44 countries, so you can display prices in a customer’s native currency for their convenience. Payments are automatically converted to your default currency using the exchange rate at the time of the charge. Stripe applies the mid-market conversion rate based on data from third-party service providers.

You’ll pay a charge of 1.5% to accept international debit or credit cards in addition to the standard domestic charge of 2.9% plus $0.30, as well as a further 1% currency conversion fee. This adds up to a total charge of 4.4% plus $0.30 for each international payment you receive. You can also accept various international payment methods, with charges ranging from $0.80 for iDEAL to 2.95% + $0.30 for Multibanco, plus the 1% currency conversion fee.³

You can check Stripe’s current exchange rates on its estimation page. You can also see the exchange rate applied to a transaction excluding conversion fees through the API or your Dashboard. If you’re charged a fee in a currency for which you don’t have a linked bank account, the fee is automatically converted to your default currency without any extra fees.

Stripe typically charges $15 per US dollar wire payment, which is automatically deducted from the transfer amount.

Keep in mind that international payments can take several business days to process, especially if they involve currency conversion.

Connect Wise and Stripe to Receive Payments with Ease

Transferring money from Stripe to a Wise Business account can help you save money on currency conversion fees. Stripe does not convert currencies if you receive payments in the same currency as your account, so you can open one Wise account with multiple currencies and link it to Stripe to receive international payments without Stripe’s fees.

You can also use the Wise Business account to manage your invoices and payroll in multiple currencies.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.

Open a Wise Business account online

Benefits of a Wise Business account include:

• No monthly fees
• International payments at the mid-market rate
• Major currency account details to receive payments like a local
• Hold over 40 currencies
• Easy batch payments
• Connect to accounting software, such as QuickBooks, to track bill payments

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All sources checked October 2024.