Best Business Bank Account for Shopify (2024)

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.

Looking to save when sending and receiving overseas payments?

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Best business bank account for Shopify (includes non-banks)

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: Great for Doing Business Internationally

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.

Features

• International currency management With Wise Business, you can send, get paid, and pay like a local. The multi-currency account lets you hold and manage money in over 40+ currencies – essentially turning you into a more efficient global merchant who can receive payments in several currencies. It also provides you with individual bank details in global currencies, including USD, GBP, EUR, AUD, CAD, JPY, and more.¹
• Mid-market exchange rate Thanks to the mid-market exchange rate (the fairest rate on the market), you can get more bang for your buck whenever you need to switch between currencies within your Wise account. There are no markups, unlike traditional banks.
• Integrate with accounting software To refine your financial management even further, Wise lets you automatically sync your financial transactions with key accounting software like QuickBooks, Xero, and Wave. That’s right – there’s even more automation available so you can enjoy simpler business banking.

Adding your Wise Business account details to Shopify? Here's how:
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.

Fees

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

Receive money
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Payoneer

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.

Features

• Payoneer Checkout Payoneer Checkout lets customers pay in their preferred currency and with their preferred method right from your Shopify store. Additional perks include being able to customize the checkout look and feel, as well as enjoy favorable exchange rates.
• Multi-currency account While you won’t be able to hold and receive money in over 40+ currencies like with Wise, Payoneer offers local receiving accounts in 9 currencies, which you can transfer money between at any time for a fee.³
• Capital Advance *Payoneer’s Capital Advance option is a cash flow solution for ecommerce sellers and small-to-medium-sized businesses, giving immediate upfront cash based on your earnings. It provides a flexible and easy way to invest in your business.

Fees

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

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.

Features

• Seller protection PayPal’s Seller Protection program is a standout feature that can provide coverage for online sales by protecting against fraud and chargebacks. Many goods are covered under the program, including tangible and intangible goods.
• PayPal Express Checkout account All Shopify sellers are automatically given a PayPal Express Checkout account, which means you won’t have to integrate PayPal with Shopify.⁵
• Financial services PayPal offers all sorts of financial extras, such as a business credit card, working capital loans, and business loans. It provides a way for sellers to invest in their store growth or pay for any business expenses.

Fees

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

Shopify Balance Account

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.

Features

• Store analytics As Shopify Balance is directly connected to your online store, you can get a robust overview of how well your store is doing financially through dashboards, reports, and filters.
• Revenue organization Within your account, you can open up to five extra Balance accounts to help you organize your expenses for things like inventory, advertising, tax season, and more.
• Cashback and perks Get a free Visa business spending card and access Visa benefits, 2% automatic cashback, and exclusive offers from industry-leading partners like Snapchat and Google.⁷

Fees

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

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.

Features

• Open multiple checking accounts You can separate and organize your cash with up to 20 checking accounts using percentages or dollar amounts. Whether it’s operating expenses or advertising, it’s a simple way to allocate funds to certain aspects of the business.
• Accounts payable With Relay Pro, you can enjoy their accounts payable features and pay bills using ACH, international and domestic wire, and checks. Payee information is all stored within the system to save time later on.
• Secure collaboration Employees and accountants can access data and documents on Relay whenever they need, with role-based access permissions and even cardholder roles so they can keep track of their spending.

Fees

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

Do I need a business bank account for Shopify?

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.

• Keep finances organized Having a business bank account lets you separate your personal and business expenses, which can make filing your taxes much easier when the time comes. Since you have all your business transactions neatly in one place, you won’t have to rummage through your personal bank account. In some areas and depending on your business status, this separation is legally necessary.
• Easy financial management There’s no better way to manage your store earnings than with a dedicated business account. Many of these accounts come with additional features like financial tools and affordable currency conversion, as well as features tailored for ecommerce businesses.

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.

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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