TransferWise account for ecommerce sellers review

Last updated:  

Receive your money without fees and convert currencies at a low cost.

  • Good for receiving payments in multiple currencies to one account, especially for those selling online to overseas buyers.
  • Not as good value if you're being paid in currencies outside of the supported ones.

AUD 1

Min. Transfer Amount

AUD 1,800,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameTransferWise for online sellers
Min. Transfer AmountAUD 1
Max. Transfer AmountAUD 1,800,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Available CurrenciesAED, ARS, AUD, BDT, BGN, BRL, CAD, CHF, CLP, CNY, COP, 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, UAH, USD, VND, ZAR
Exchange Rate UpdatesReal time

Pros

  • No minimum transfer amount
  • No hidden commissions or unexpected fees
  • Uses the mid-market exchange rate to give you the best possible deal

Cons

  • Not all currencies supported

What is a TransferWise account for ecommerce sellers?

An ecommerce seller account from TransferWise allows businesses to accept payments in local currencies when selling in foreign markets. TransferWise boasts its ecommerce 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 platforms 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 is free.

How does a TransferWise account for ecommerce sellers work?

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. This, as well as the Xero integration, can help 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, USD
Convert currencies toAED, 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:

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

Find out more about TransferWise's debit card

Calculate your fees and exchange rates with TransferWise

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 1 - 2 days AUD 22.50 0.684 USD
3,407
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Show details

Compare up to 4 providers

How much will I pay with a TransferWise account for ecommerce sellers?

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 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 $200 in a 30-day period2%

Pros and cons of using a TransferWise account for ecommerce sellers

Pros

  • 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. When converting your money, there won't be any hidden fee added to the exchange rate.
  • 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 TransferWise provides a sandbox to test out transfers without actually using your money.

Cons

  • Eligible marketplaces aren't listed. Only Amazon and Stripe are listed on the TransferWise 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 TransferWise account for ecommerce sellers?

To sign up for an account:

  1. Go to the TransferWise 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?

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.

Bottom line

TransferWise offers a low-cost platform for ecommerce 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 online marketplace accounts to make sure you're adopting the right solution for your company.

Frequently asked questions

Back to top

Ask an expert

To ask a question simply log in via your email or Facebook or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site