Shopify Balance Account Review: Features, Fees, Pros/Cons

If you’re a Shopify merchant, you might be searching for a way to manage your ecommerce store’s finances. Shopify already offers a money management account of its own, called the Shopify Balance Account.

But is it the best option for you? This guide will go over the benefits of the account and its features so you can see if it's the right financial fit for you.

Throughout the article, we will also discuss some ways that the Wise Business account might be useful for Shopify users and other ecommerce businesses.

Looking to save while managing your international business needs?

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No minimum balance required and no monthly fees
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Shopify Balance Account Review: Quick Overview

Key features1	Instant access to revenue, downloadable statements, direct bill payments, ATM withdrawal capabilities, and a physical and virtual Shopify Balance Card
Main fees	No monthly, account, or transfer fees
Great for	Shopify business owners who need an easy way to track and manage their business finances
What people are saying	Forbes states that Shopify Balance is startup banking made easy and is something that helps entrepreneurs get their money faster.2 However, Apple app store ratings show mixed reviews with a 3.2 out of 5 star rating. Users say that the Shopify Balance is unsuitable for those with more than one shop.3

Shopify Account Alternative: Wise Business

Many Shopify users use Wise Business as their banking alternative. It's great for businesses looking to get a low-cost account.

Wise Business customers can get paid like local—that means they receive any extra charges when getting paid in 9+ currencies (after paying one-off fee). After getting paid, customers can spend in their chosen currency or take advantage of Wise's low-cost international transfers.

Add your Wise Business account details to Shopify. Here's how:
Log into your Shopify account and navigate to Settings
Select Payment Options
Enter the Wise account details for the currency you want to get paid in
Check everything over and confirm
When receiving USD with your Wise USD details, use the details for inside the US payments
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.

Shopify Balance Account Review: What is it? Key Features

As an addition to the many Shopify products and tools, the Shopify Balance Account focuses on improving the way ecommerce business owners handle money. While the brand has everything from Shopify Checkout to help maximize conversion and even a Try Before You Buy feature to entice customers, this account brings multiple financial services under one roof.⁴

In a nutshell, Shopify Balance provides a hub where you can get a holistic view of your store’s financial health and manage your finances whenever and wherever you need. With this immediate access to your online store revenue, you have direct control over whether you want to reinvest into your business or cash out for other entrepreneurial purposes.

But what other features does the Shopify Balance account boast? Let’s take a look:

• Integrated ecommerce services: Being directly integrated within the Shopify platform, you can enjoy a unified dashboard for all data relating to your online store.
• Access to cash flow: Having such immediate access to your sales funds means accelerating your cash flow and smoothing out operations. You can say goodbye to the long processing times and delays often associated with traditional bank accounts.
• Downloadable statements: Simple-to-understand, detailed financial records that give a comprehensive and clear picture of your business’s financial status.
• Faster pay: Get paid in as little as one business day with Shopify Balance.⁵
• Revenue organization: Open up to five additional accounts to separate funds for inventory, bills, and other expenses.
• Easy transfers: Transfer money between Balance accounts, out to bank accounts, or through other financial apps – whichever way you prefer.
• Direct integrations with accounting programs: Make tax season easy by connecting your account to Freshbooks, Quickbooks, or another accounting program.
• Earn cashback and rewards: Earn 2% automatic cashback and 10% cashback from the Experts Marketplace when you hire trusted consultants, designers, and developers. Unlock exclusive offers from industry partners to help boost your business.
• Mobile app: Use the app to stay on top of your finances, view your transaction history, and move money.
• FDIC insurance: Enjoy the peace of mind of knowing that your money is safe with FDIC insurance.
• Free business spending card: Receive a free physical card with your business name on it with no credit check required. Use your card wherever Visa is accepted and access exclusive Visa benefits.

Currently, Shopify Balance accounts are only available to stores based in the United States or Puerto Rico. Owners need to be a single account owner, be on any Shopify plan apart from Shopify Plus, and have a valid US Social Security Number (SSN).⁶

See the Best Banks for Small Businesses >>

Ease of Use

What draws many to the Shopify Balance Account is how simple it is to use for ecommerce merchants. It operates much like a bank account, but one that’s stripped down and focused on the Shopify owner. You can make purchases, earn rewards, receive and save money, and additionally, view dashboards and reports to see how business is doing. With this account, ecommerce store owners won’t have to worry about having to navigate the complexities of traditional banking.

Reviews on the Apple App Store tally up to a 3.2 out of 5 star rating, collected from 19 ratings.⁷ The ratio is quite polarizing, with most being either 1-star or 5-star reviews. Positive reviews talk about ease of use and being able to manage their Balance account on their phones, while negative reviews complain about the lack of multi-store support.

On the Google Play store, the overall rating is much better at 4.3 out of 5 stars from 30 reviews.⁸ Positive reviews state that it is a much-needed app for Shopify owners to check their balance and see what transactions have taken place. Negative reviews mention the inability to initiate transfers from bank to app balance and general bugs.

Customer Service

This review wouldn’t be complete without touching on Shopify’s customer service. A huge advantage of using Shopify Balance is the fact that you get access to Shopify’s award-winning customer support team. The brand is known for having robust customer service capabilities, with around-the-clock service and multiple channels.

Most importantly, they have a great range of resources available online, with an extensive help center that includes videos, categorized how-to guides, and more.⁹ This ensures that no question will go unanswered, no matter how simple or complex. There’s even a Shopify community board where you can join groups, discover events, browse the blog, and ask questions in the discussion section.¹⁰

Shopify has comfortably built a tapestry that waves resources, product experts, and an exciting community together. However, some users have expressed a need for quicker response times, a toll-free number, and more efficient resolutions – although it's common for most customer service teams to have their hiccups.

Shopify Balance Account Fees

Shopify Balance is also much more cost-effective than traditional banking, considering there are no sign-up, monthly, account, or transfer fees nor a minimum balance you have to maintain. There are also $0 overdraft fees and $0 ATM fees charged by Shopify (although the ATM itself may charge you a fee).¹¹

The downside to a Shopify Balance account is that there are account transaction limits for different transaction types. So, if you happen to go over your spending limit, for example, you’ll have to wait until midnight UTC for it to be reset. Luckily, your physical and virtual cards have their own spending limit, so if your limit is 3000 USD, you can spend 3000 USD on your physical card and 3000 USD on your virtual card.

To view your card limits, including spending and transfer limits, you can use the smartphone app or the desktop site.

Currently, you can only transfer funds in USD, which means there will be no currency conversion capabilities.¹²

Luckily, you can take advantage of the mid-market rate for numerous currencies with Wise. With a Wise account, you can transfer funds across borders with minimal transaction fees and without losing money on poor exchange rates.

Want to see how much you will pay on your Wise Business transfers? Take a look here:

Shopify Balance Account Pros and Cons

Here are some of the potential advantages and disadvantages of the Shopify Balance Account.

Pros	Cons
Integrated finance management with Shopify	Money in USD only
Fast payouts	No partnership with a fee-free ATM network
Cashback and rewards on spending	Transaction limits

What are the benefits of the Shopify Balance Account?

With the Shopify Balance account directly integrated with the Shopify platform, everything from sales revenues to business expenses can be managed in one central hub. If you’re already a Shopify seller, it can make a lot of sense to go with Shopify Balance.

Instead of waiting multiple business days to get paid, you can do so in as little as one business day with Shopify Balance. This is much quicker than the typical amount of time taken for traditional banks to pay out.

As a big bonus, Shopify Balance account owners can get 2% automatic cashback, rewards on business expenses, and 10% cashback when they hire from the Experts Marketplace. This format works to encourage sellers to spend on business growth and expansion, helping to improve the way you run your store.

What are the disadvantages of the Shopify Balance Account?

Shopify Balance only operates in US dollars, which means potential inconvenience to merchants who have to deal with converting to their own currency.

Although you can enjoy ATM access with the free physical card and no Shopify Balance card ATM fees, it doesn’t have an association with a fee-free ATM network. This means potentially having to fork out cash each time you want to use an ATM.

The imposed transaction limits might limit flexibility for businesses that want to make large purchases or that have high-volume transactions. It might also mean you have to spread things out over time, which could be an inconvenience.

Wise Business for Ecommerce (Money Service Provider)

With a Wise account, Shopify businesses can receive payments in 9+ currencies free after making a one-time payment. This means that you can get paid directly to your account, then take advantage of Wise's low-cost transfers to save money. This account is also a great choice for Amazon and Etsy sellers as well.

Notable Features:
No account opening fee
No minimum balance requirement or monthly fees
Receiving funds in 9+ currencies costs a one-time fee of 31 USD
Fees are charged per transfer with US fees starting as low as 0.43%
The Wise account offers the mid-market rate—the same exchange rates that banks use when trading currencies—resulting in reduced costs for businesses as they don't suffer from inflated exchange rates
Accounting Software Integrations
Batch Payments: Pay up to 1000 invoices in one instance

Send money with Wise >>

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

Shopify Balance Account Review: FAQ

Still have questions about Shopify Balance? This section will hopefully answer any remaining curiosities about the account.

Is Shopify Balance a credit card?

No – Shopify Balance isn’t a credit card, nor does it offer one. It’s an in-house money management account offered by Shopify to its merchants. It does come with both a free virtual and physical Shopify Balance Card you can use, like a debit card, to make purchases and access your funds.

Does Shopify Balance include a debit card?

Each Shopify Balance account comes with a free debit card known as the Shopify Balance Card. This card gives you instant access to the funds in your Shopify Balance accounts, making everyday transactions easy.

Is Shopify Balance good?

Shopify Balance has great potential as an ecommerce financial solution, promising to simplify how you handle your Shopify store’s finances. With fast payouts, cashback, and a useful debit card, these features can help many businesses become much more efficient. There are some limitations, such as currency restrictions and transaction limits, so it’s a good idea to weigh the pros and cons of several ecommerce solutions before making a final pick.

What bank does Shopify use?

Shopify partners with financial institution Stripe, as well as financial institution partners like Evolve Bank & Trust, Celtic Bank, and Member FDIC to handle all banking and issuing logistics.¹³

Shopify Balance account vs bank account: What’s the difference?

The Shopify Balance account is made specifically for ecommerce businesses and offers features that already align with Shopify’s existing services, such as instant access to revenue and integrated financial management. On the other hand, traditional bank accounts offer a broader range of services that cater to everyone. These traditional accounts typically don’t have ecommerce integration or features an online business owner needs and have a more generic function. However, it is important to note that other accounts provide great alternatives to the Shopify Balance account for other reasons.

Is Shopify Balance free?

One of the most appealing aspects of Shopify Balance is that there aren’t any costs associated with opening an account. It has a no-monthly-fee structure, and you won’t have to pay any account, sign-up, or transfer fees either. There’s also no minimum balance to maintain and no Shopify-specific ATM fees.

Can I transfer money from my Shopify Balance account to my bank account?

Yes, head over to your Finances page and click ‘Balance,’ then select the account you want to add money to. Select an account to transfer to, and you’re all set. Note that while transfers are sent immediately, it can take up to three business days for the money to be delivered. Shopify Balance only allows transfers in USD.¹⁴

Methodology:
Methodology: Our team of dedicated content experts at Wise researches each provider thoroughly, uncovering the key features, fees, and pros and cons to watch out for. The information is then collected into an easily digestible format to save you time and hassle when looking into a provider.

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Sources:

1. Shopify Balance
2. Forbes - Shopify Balance Review
3. Apple - Shopify Balance App
4. Shopify - Products
5. Shopify Payments - FAQ
6. Shopify Help - Shopify Balance Account
7. Apple - Shopify Balance App
8. Google Store - Shopify Banking
9. Shopify Help
10. Shopify Community
11. Shopify Balance
12. Shopify Balance Transactions
13. Shopify Balance
14. Shopify Help - Transfer Funds
15. Wise Trustpilot