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TransferWise 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.
$1
Min. Transfer Amount
$199,999
Max. Transfer Amount
3 - 5 days
Transfer Speed
Product Name | TransferWise Business for e-commerce |
---|---|
Min. Transfer Amount | $1 |
Max. Transfer Amount | $199,999 |
Transfer Methods | Online |
Transfer Options | Regular payments, One off payments |
Transfer Speed Minimum transfer time | 3 - 5 days |
Customer Service | Phone, Chat, Email |
Available Currencies | AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW |
Exchange Rate Updates | Real time |
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An e-commerce seller account from TransferWise allows businesses to accept payments in local currencies when selling in foreign markets. TransferWise 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.
TransferWise 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.
Once you create a free account with TransferWise, you can get set up to receive and send payments. Part of the TransferWise 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 in | AUD, EUR, GBP, NZD, PLN, USD |
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Convert currencies to | AED, ARS, AUD, BDT, BGN, CAN, CHF, CLP, CNY, CZK, DKK, EGP, EUR, GBP, GEL, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, UAH, USD, VND, ZAR |
TransferWise now offers a debit Mastercard you can use with your account. With it you can:
Setup and account maintenance come at zero cost with TransferWise, and you won’t face any fees when receiving payments. Here’s what you will typically pay for:
Sending payments | Fixed fee, varies by currency |
---|---|
Converting a currency using your account | 0.33%–3.56% |
Converting a currency using your debit card | 0.35%–2.85% |
ATM withdrawals with your debit card over $250 in a 30-day period | 2% |
To sign up for an account:
Once you sign up, your identity needs to be verified and you’ll need to register your business. To register your business, provide:
To prove your identity, you’ll need to provide:
Your routing and account numbers can be found using your online account. The account number won’t be provided until after you’re approved.
TransferWise 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 TransferWise 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.
TransferWise offers both business and and e-commerce accounts. Read our reviews on each to learn how to get started.
TransferWise 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.