Choose Best Banks for Ecommerce Business: Expert Guide

Choose Best Banks for Ecommerce Business: Expert Guide

So, you’ve decided to choose the best banks for ecommerce business, selling things like clothes, gadgets, or maybe even homemade crafts. That’s awesome! But now comes the part where you need to figure out how to manage your money. Don’t worry, I’m here to help break it down for you.

First things first, you need something called a “business license.” Think of it like a permission slip from the government that says you’re allowed to run a business. Once you’ve got that sorted out, it’s time to think about which bank you want to use.

Now, not all banks are the same. Some are better suited for businesses like yours, especially ones that operate online. That’s why it’s important to pick the right one from the start.

Choosing the right bank can make a big difference in how smoothly your business runs. You want a bank that understands what you’re trying to do and can give you the tools you need to succeed. That means things like easy ways to keep track of your money, helpful customer service, and maybe even special features designed just for businesses like yours.

The best banks for ecommerce businesses offer a range of services tailored to online entrepreneurs. When considering the best bank account for an ecommerce business, factors like ACH transfers, chargeback management, and international payment solutions become crucial.

Look for banks with integrations with popular ecommerce platforms, real-time transaction processing, and dedicated customer support. Additionally, competitive transaction fees and mobile banking are essential for managing your ecommerce finances effectively.

To help you make the best choice, I’ve put together a guide with some recommendations for the best banks for e-commerce business.

What Makes a Bank Good For an Ecommerce Business?

Now, let’s talk about what makes a bank good for an e-commerce business like yours. There are a few things to consider:

Choose Best Banks for Ecommerce Business: Expert Guide

1. Cost

First off, cost. Running a business can be expensive, so you don’t want to be paying a bunch of fees just to keep your account open. Look for a bank that offers low or no fees, especially if you’re just starting out.

2. Accessibility

Next up, is accessibility. You want to be able to access your money whenever you need it, whether you’re at home or on the go. That means having a bank with good online and mobile banking options.

3. Features

Features are also important. Things like being able to deposit checks from your phone, getting alerts about your account activity, and being able to make payments easily can all make running your business a lot smoother.

4. Integration

Lastly, integration. Some banks offer tools that can be connected to other services you use, like accounting software or payment processors. This can save you time and make it easier to keep track of everything.

Now, I’ve gone ahead and looked into some options for you. I’ve picked out eight banks that I think are particularly well-suited for e-commerce business. I’ve ranked them based on things like cost, accessibility, features, and integration, so you can see which one might be the best fit for you.

List of the 8 Best Banks For Ecommerce Business

The best banks for ecommerce businesses understand the unique financial needs of online entrepreneurs. They offer specialized services like ecommerce business banking, online business bank accounts, and merchant services for e-commerce.

These banks also provide payment processing for online stores, small business loans tailored for ecommerce ventures, and robust ecommerce financial management tools. Additionally, they prioritize fraud protection for ecommerce businesses, ensuring safe transactions in the digital realm.

  1. Wise Business
  2. PayPal
  3. Payoneer
  4. Revolut
  5. Chase
  6. TIAA
  7. Bank of America
  8. Relay

1. Wise Business

Let’s start with Wise Business. It’s not your typical bank account. It’s unique because it lets you receive money in different currencies from around the world. After paying a one-time fee, you can access major currencies like US dollars, British pounds, euros, Australian dollars, Canadian dollars, Japanese yen, and more. Once you’ve got the money, you can spend it or send it in the same currency or convert it into other currencies as needed.

Choose Best Banks for Ecommerce Business: Expert Guide

Wise Business is known for its lower fees compared to other services. It doesn’t offer different plans; instead, you pay for the features and services you use. This makes it affordable and flexible for your ecommerce needs.

The fees for Wise Business are transparent. Getting local account details costs a one-time fee of $31. Then, the fees for each transaction depend on the currency involved, starting at 0.43%. Receiving money in your Wise account is free, but there’s a small fee for converting currencies and for specific types of transfers.


  • Lower fees compared to traditional banks
  • Transparent fee structure, pay-per-use
  • Receive money in different currencies


  • Not a typical bank account, may not offer all traditional banking features

2. PayPal

Next up is PayPal. It’s been around for a long time and is trusted by many businesses. PayPal makes it easy to send and receive payments globally. It’s known for its user-friendly platform, which simplifies managing your ecommerce finances. With PayPal, you can create invoices, offer easy checkout solutions for your online store, and even get a business debit card.

PayPal has plans for different sizes of businesses. Whether you’re a small business or a big enterprise, PayPal has something for you. The fees vary depending on the type of transaction and where it’s happening. For example, if you’re selling something within the US, you’ll pay a fee of 2.9% of the transaction amount plus a fixed fee based on the currency. For international sales, there’s an additional fee of 1.50% plus a fixed fee.


  • Trusted brand, widely recognized
  • Easy-to-use platform for sending/receiving payments globally
  • Offers invoicing, checkout solutions, and business debit card


  • Fees can be high, especially for international transactions (2.9% + fixed fee, 1.50% additional fee for international)

3. Payoneer

Payoneer is another option for your ecommerce banking needs. It’s a global payment platform designed to make cross-border transactions simpler. With Payoneer, you can receive payments in multiple currencies, send mass payouts, and even get a Payoneer Mastercard.

Choose Best Banks for Ecommerce Business: Expert Guide

Payoneer has one plan that includes all its features and services. There’s no monthly fee, which makes it straightforward to understand.

The fees for Payoneer depend on where you’re receiving payments from. If it’s from another Payoneer user in USD, EUR, GBP, AUD, or CAD, it’s free. But if it’s from a customer or marketplace, there may be a percentage fee. Currency conversion fees apply too, at 0.5% of the amount transferred.

  • Simple fee structure, no monthly fee
  • Receive payments in multiple currencies, send mass payouts
  • Get a Payoneer Mastercard debit card


  • Fees depend on the source of the payment (free for some Payoneer users, percentage fee for others)
  • Currency conversion fee (0.5%)

4. Revolut

Revolut is a digital banking platform tailored for ecommerce entrepreneurs and is best for the Shopify Store. It offers a range of features, including multi-currency accounts, international money transfers, expense management, and a mobile app to help you manage your finances on the go.

Revolut has four different business plans: Free, Grow, Scale, and Enterprise. Each plan comes with its own set of perks, like priority support and lower fees.

The fees for Revolut vary depending on the plan you choose. For example, on the Grow plan, you can exchange currency at market rates for up to $10,000 without any extra fees.


  • Multi-currency accounts, international transfers, expense management
  • Mobile app for managing finances on the go
  • Different plans with varying perks (lower fees, priority support)


  • Fees depend on the plan you choose (free currency exchange is limited on some plans)

5. Chase

Chase is a well-known banking institution that offers traditional financial solutions. With Chase, you can get various types of business checking accounts, access to credit, merchant services, and personalized financial guidance. They have a wide network of branches and ATMs, as well as an easy-to-use online and mobile banking platform.

Choose Best Banks for Ecommerce Business: Expert Guide

Chase offers different checking accounts for businesses of different sizes. Whether you’re a small business or a larger enterprise, Chase has an account for you.

The fees for Chase depend on the specific checking account you choose. There may be a monthly service fee, but it can often be waived with qualifying activities. Additional fees may apply for transactions that exceed the monthly limit or for foreign exchanges.


  • Traditional bank with a wide range of services
  • Various business checking accounts, access to credit and merchant services
  • Large network of branches and ATMs, user-friendly online banking


  • Potential monthly fees (may be waived), additional fees for exceeding limits, or foreign exchange


TIAA is a financial services provider that caters to non-profits, businesses, and sole proprietors. They offer business checking and savings accounts, cash management solutions, investment options, and comprehensive financial planning and advisory services.

TIAA doesn’t offer specific plans or packages. Instead, they work with businesses to identify the best combination of services for their needs.

The fees for TIAA vary depending on the services and products you choose. They have typical fees charged by banks, such as a monthly maintenance fee and transaction fees.


  • Caters to various business types (non-profits, businesses, sole proprietors)
  • Offers checking/savings accounts, cash management, investment options, and financial planning


  • No set plans, fees depend on chosen services (monthly maintenance fees, transaction fees)

7. Bank of America

Bank of America is another big-name financial institution that offers banking solutions for ecommerce businesses. They provide merchant services, cash management tools, credit lines, and even integration with Quickbooks.

Choose Best Banks for Ecommerce Business: Expert Guide

Bank of America has different checking accounts for businesses, depending on their size and needs.

The fees for Bank of America vary depending on the checking account you choose. There may be a monthly fee, but it can often be waived. Additional fees may apply for specific services, like outbound international wires.


  • Established financial institution with e-commerce solutions
  • Merchant services, cash management tools, credit lines, Quickbooks integration
  • Different business checking accounts to suit various needs


  • Potential monthly fees (may be waived), additional fees for specific services (international wires)

8. Relay

Last but not least, there’s Relay. It’s a digital-first banking platform designed for the fast-paced world of ecommerce. With Relay, you get FDIC-insured accounts, unlimited free transactions, online bill pay, and integrations with popular accounting tools.

Relay has a free plan for new businesses and a paid plan, called Relay Pro, which offers additional features like free wire payments and auto-import from accounting software.

The fees for Relay’s free plan are minimal, but there may be charges for outgoing domestic and international wires. However, Relay Pro offers these services for free, making it a cost-effective option for ecommerce businesses.


  • Digital-first platform designed for e-commerce
  • FDIC-insured accounts, unlimited free transactions, online bill pay, accounting software integrations
  • Free plan for new businesses, paid plan with additional features (free wire transfers, auto-import)


  • The free plan may have minimal fees for outgoing wires (Relay Pro eliminates these fees)


Do I Need a Business Bank Account for Ecommerce?

Yes, it’s a good idea to have a separate bank account for your ecommerce business. Here’s why:

  1. Easier Bookkeeping: Keeping business transactions separate from personal ones makes it simpler to track expenses and revenue.
  2. Financial Organization: Having a dedicated business account helps you manage finances more efficiently and ensures clarity in your records.
  3. Tax Compliance: Separate accounts make it easier to report business income and expenses for tax purposes, reducing the risk of errors.

How Much Does It Cost To Open a Business Account?

The cost of opening a business bank account varies depending on the bank and the type of account you choose. Typically, you’ll need to maintain a minimum balance ranging from $25 to $100 to open the account.

What Do I Need To Bring To Open a Business Bank Account?

When opening a business bank account, you’ll need to provide certain documents:

  1. Identification: Bring a valid ID such as a driver’s license or passport.
  2. Business Documents: This may include your business license, articles of incorporation, or partnership agreement.
  3. Tax ID Number: You’ll need your Employer Identification Number (EIN) or Social Security Number (SSN) for tax purposes.
  4. Ownership Details: Provide information about the business owners, including their names and addresses.
  5. Business Plan: Some banks may request a business plan outlining your goals and financial projections.

Final Verdict

These are the eight best banks for ecommerce business. Each offers unique features and services tailored to the needs of online entrepreneurs like you. Whether you’re just starting out or looking to expand your business, there’s a banking solution out there for you.

However my Suggestion For most e-commerce businesses, Wise Business offers a strong balance of affordability, transparency, and multiple currency support. It’s a great choice to keep your money flowing smoothly.

Khizer Tariq<span class="bp-verified-badge"></span>

Khizer Tariq

Khizer Tariq is a Copywriter, SEO executive, and tech enthusiast with more than 8 years experience. He is running popular blogs in the traveling, mobile & pc gaming, technology, banking & finance, education, and motivational speakers industries. Moreover, KT is teaching and making helpful content on different platforms like Facebook & youtube. You can follow Khizer Tariq on LinkedinFacebookTwitter, Pinterest, Instagram.

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