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Wise (TransferWise) account for e-commerce sellers review

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Wise (TransferWise) Business for e-commerce
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Receive your money without fees and convert currencies at a low cost.

Wise offers e-commerce seller accounts under its business accounts that allow you to receive payments in US dollars, British pounds, euros, Australian dollars and New Zealand dollars.

Online sellers can establish a free account and receive payments without fees. But you'll pay a small percentage of your transaction as a fee when you convert currencies in your account.


  • Fair service fees and mid-market rates – a major market differentiator
  • Next-day delivery for most currencies
  • Easy-to-use app

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What is a Wise account for e-commerce sellers?

An e-commerce seller account from Wise allows businesses to accept payments in local currencies when selling in foreign markets. Wise boasts its e-commerce seller accounts are up to 14x cheaper than PayPal, according to research in late 2018. The accounts can be used to send payments and receive funds from e-commerce marketplaces like Amazon and Stripe.

Wise charges a fixed fee for outgoing payments that varies by currency, and a currency conversion fee for conversions made in the account. Receiving funds to the account are free.

How does a Wise account for e-commerce sellers work?

Once you create a free account with Wise, you can get set up to receive and send payments. Part of the Wise platform is using its open API, allowing you to automate your workflows and payments to get your business running smoother.

Upon setup, you’ll be able to get a UK account number and sort code, US routing and wiring number, European IBAN, Australian account number and BSB number and a New Zealand account number. Each of these allows you to receive payments in each country’s respective currency to avoid conversion fees from the local online marketplaces to your account.

Once the money hits your account, you’ll be able to convert it into any number of currencies within your account. Though you can only receive the funds in five currencies, you can convert to over 40 in your account.

Receive payments inAUD, EUR, GBP, NZD, PLN, USD

Wise now offers a debit Mastercard you can use with your account. With it you can:

  • Spend currencies in your account
  • Convert a currency using your card
  • Make ATM withdrawals

Watch: Our review of Wise’s debit card

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Calculate your fees and exchange rates with Wise

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise) Business for e-commerce
Wise (TransferWise) Business for e-commerce
Within minutes
From $8.16
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

How much will I pay with a Wise account for e-commerce sellers?

Setup and account maintenance come at zero cost with Wise, and you won’t face any fees when receiving payments. Here’s what you will typically pay for:

Sending paymentsFixed fee, varies by currency
Converting a currency using your account0.33%–3.56%
Converting a currency using your debit card0.35%–2.85%
ATM withdrawals with your debit card over $250 in a 30-day period2%

Pros and cons of using a Wise account for e-commerce sellers


  • Transparent and low fees. Any fees are listed on the website before you sign up, and you won’t pay to hold the account or receive payments.
  • Get paid in local currencies. Your account functions like a local bank account without the hassle of opening an international account.
  • Automation available. You can use the API to automate payments and processes, and Wise provides a sandbox to test out transfers without actually using your money.


  • Eligible marketplaces aren’t listed. Only Amazon and Stripe are listed on the Wise website. You’ll need to contact customer service to see if the marketplace you use is supported.
  • Limited options for local payment accounts. Currently, you’re limited to receiving payments in five currencies.

How do I sign up for a Wise account for e-commerce sellers?

To sign up for an account:

  1. Go to the Wise website
  2. Select Register in the top right corner
  3. Select Business and provide your email and create a password — then click Sign up.

Once you sign up, your identity needs to be verified and you’ll need to register your business. To register your business, provide:

  • Business name and address
  • Registration number
  • Your role in the company

To prove your identity, you’ll need to provide:

  • Full name
  • Residential address
  • Photo ID, proof of address and photo of you holding your ID

Where can I find my routing or account number?

Your routing and account numbers can be found using your online account. The account number won’t be provided until after you’re approved.

Is my money safe?

Wise is an electronic money institution rather than a bank — but that doesn’t mean it’s any less regulated. In the US, it follows all relevant regulations, including storing your funds in a low-risk financial institution. Community Federal Savings Bank, Cross River Bank and Wells Fargo are used stateside, and all of them are insured by the FDIC.

Information you provide is stored on secure servers, and Wise uses Secure Sockets Layer (SSL) — a standard form of encryption — to protect any information transmitted through its website. Access to any information received is restricted and won’t be accessed by any employee who doesn’t have a business reason for knowing it.

What other products does Wise offer?

Wise offers both business and and e-commerce accounts. Read our reviews on each to learn how to get started.

Bottom line

Wise offers a low-cost platform for e-commerce sellers to receive payments in local currencies. With its borderless accounts and many conversion options, it could be a strong asset when it comes to payment management.

While appealing, however, it’s not the only option. Take the time to compare international business payment services to make sure you’re adopting the right solution for your company.

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