TransferWise E-commerce review

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With more and more sales now done online, Transferwise has addressed the need for a new kind of banking that streamlines payment processes while charging minimal fees. The Transferwise E-commerce business account is a multi-currency account that allows you to easily invoice international clients and receive payments from Stripe and Amazon for free, saving you money. 


How to open Transferwise E-commerce account

Opening a Transferwise E-commerce account is free and takes minutes. You need some personal information, business information, and a verified ID and proof of address.

Once your ID is verified, you can send and receive payments, and you’ll be able to get free local banking details for the UK, USA, Europe, Australia, and New Zealand. This means you can receive payments in each country’s currency, avoiding fees for currency conversions. There are over 40 other currencies in which you can also store money, and there is a small conversion fee – but the real exchange rate is used when converting, which beats many of its rivals.

The Transferwise E-commerce business account comes with a free, contactless debit Mastercard, which means you can withdraw up to £200 a month in cash from ATMs worldwide before incurring a fee, and make payments in physical as well as online shops.

You can send money to your Transferwise account online from other accounts and receive payments for free. As there are no bank branches associated with TransferWise, you can’t add cash to your account. 


TransferWise E-commerce USPs

The main attractions to this Transferwise E-commerce business account are the flexibility and savings you can enjoy when selling internationally, compared with other payment methods. Using a traditional bank account can be slow and complicated, while online rivals charge higher fees, which are often less clearly calculated. The Transferwise E-commerce account is up to 19 times cheaper than other major financial services. 

The flexibility comes from the ability to be paid in 5 different currencies with local bank details and store up to 40 different currencies and send and receive money in over 70 countries. While other challenger banks may offer similar, Transferwise uses the real exchange rate for each currency, so you get to keep more of your earnings.

Finally, including financial management software, plus the ability to use the open API to set up automated payments, can make managing your budgets much easier in the future.


Conclusion

Like all Transferwise accounts (TransferWise Borderless, TransferWise Business), the fees for transfers are much lower than its rivals and far more transparent. Security is tight, so you can trust your money is safe. The Transferwise E-commerce business account comes with financial management software that can help you keep your finances in order and grow your business. 

The Transferwise E-commerce business account set out to simplify international selling and has achieved this. With a straight forward sign up process, low fees, high transparency and the ability to store 40 currencies, plus useful financial management software included, the E-Commerce account can help you manage and grow your online business with as little stressing over money as possible.