Discover the top digital banking services for eCommerce entrepreneurs, digital nomads, and internet firms.
Are you trying to find the greatest online bank account for your online store? These days, there are so many possibilities that picking a bank might be challenging.
For digital nomads, internet enterprises, and eCommerce entrepreneurs, we’ve produced a list of some of the top digital banking services. No matter where you are in the world, you can effortlessly manage your money with the help of these services.
About five years ago, the banking industry underwent a transformation. Opening and managing a bank account used to be a major bother. But a wave of brand-new “branchless” banks that only conduct business online has just emerged.
These banks make opening an account much simpler. No longer are you required to physically visit a branch. There is no requirement for paper copies of your ID, address evidence, or wage proof. Instead, creating an account online only takes a few minutes.
On a daily basis, digital bank accounts also provide several benefits.
The Advantages of Online Bank Accounts for Online Business Owners
A crucial aspect of any business is making sure you can be paid. But eCommerce enterprises, which may accept hundreds of payments from clients each day, should pay particular attention.
Make sure it is simple and convenient for your clients to pay you. When shopping online, no one wants to write a check or wire a transfer.
For their consumers to make credit card payments, the majority of online stores use a payment gateway like PayPal or Stripe. However, these services do not represent fully operational bank accounts.
Running an online store requires you to pick a payment gateway that is appropriate for your purposes. However, you should give great consideration to the provider you select for your business bank account.
For online retailers, the finest digital bank accounts provide a number of advantages over traditional banking:
- These banks have lower overhead and higher interest rates because they don’t have branches. This means they may give you better interest rates and lower prices.
- Transfers are faster and easier. Digital open banking allows transfers in seconds. Online accounts have apps for rapid transfers.
- Many eCommerce companies operate globally. Digital bank accounts in different currencies can hold balances. They provide lower costs and better exchange rates for moving money abroad.
- Work from anywhere with an online business. You’ll need a digital nomad-friendly bank account. Most internet banks will let you open an account in your business’s country even if you don’t live there.
- More practical – Since everything is done online, there is no need to waste time managing your accounts in a branch.
- A better way to retain records is to immediately link your online bank account to accounting software, which is typically possible. This makes tracking your earnings and expenses simpler.
Given what you now know about digital bank accounts, you probably want to switch right away. Now let’s discuss which digital bank accounts, in our opinion, are the finest for eCommerce enterprises.
Financial services are what Payoneer offers; it is not a bank. In contrast to other services like PayPal, it can provide you with an actual account number for local banking in a number of different countries.
Prior to Payoneer providing this service, you could only open an account, for example, in the US if you were physically present there. A physical address and tax identification number are required by traditional US banks. Additionally, you must open the account in person. However, Payoneer allows you to quickly obtain your own US account number for collecting payments.
Dozens of eCommerce platforms, including Amazon, eBay, and Rakuten, have Payoneer listed as an official partner. This indicates that you can swiftly and without paying additional bank transfer fees receive your payments from these services.
You can use your Payoneer account to pay suppliers, contractors, and other company expenses immediately. Online retailers can use their Payoneer balance for free VAT payments across various countries.
Available: Payoneer is accessible in more than 150 countries. For the US, EU, UK, Japan, Canada, Australia, Singapore, and Mexico you can obtain a local bank account number.
Currencies: USD, EUR, GBP, CAD, AUD, JPY, and CNH
Opening an account with Payoneer is cost-free. Receiving payments from other Payoneer accounts is free, but using a credit card incurs a 3% cost. Depending on the nation, there may be a fee of 0-1% for transfers into local accounts in USD. A fixed cost of $1.50, €1.50, or £1.50 is levied for withdrawals to a bank account made in the same currency. For withdrawals made to accounts in other currencies, however, there may be an additional charge of up to 2% over the market exchange rate.
2. Klarpay AG
Leading fintech firm Klarpay AG provides multi-currency IBAN accounts, international payment acceptance, and digital disbursement solutions to online businesses. As the first Swiss-licensed fintech company to work exclusively with e-commerce, digital entrepreneurs, and social media influencers, Klarpay. seeks to empower digital businesses through borderless, scalable, bespoke business accounts and payment solutions.
As a deposit-taking financial institution, Klarpay AG was established in 2019 and is governed by the Swiss Financial Market Supervisory Authority (FINMA) in accordance with Article 1b of the Swiss Federal Banking Act.
Available: Access 456+ local payment options worldwide to transact. Available in 136 different countries with more being added.
Currencies: Processing currencies AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, PLN, SEK, TRY, USD, ZAR.
Revolut provides a business account that enables you to hold and trade money in over 28 different currencies, receive card payments directly, make payments in over 150 different currencies, and interact with other business apps like Xero, Quickbooks, and Slack.
You may start accepting credit card payments on your online business in several currencies with Revolut’s payment plugins for WooCommerce, Prestashop, and Magento, which have cheaper rates than most other payment gateways:
Available: Revolut Business is accessible to businesses and sole proprietors with registered offices in the UK, EEA, Switzerland, and the USA.
Currencies: EUR, GBP, USD, CAD, CHF, JPY, AUD, HKD, SEK, DKK, NOK, NZD, PLN, and ZAR can all be deposited into merchant accounts.
Revolut Business accounts are free to open but have some feature restrictions. For each overseas payment, free accounts must pay a £3 fee. Paid accounts begin at £25 per month and include a monthly allowance of free domestic and international payments as well as foreign exchanges. Receiving payments via card results in fees of 1.3% for cards from the UK and the EEA and 2.8% for other cards.
A UK-based company called Wise recently underwent rebranding to better reflect its identity as a provider of financial services. Wise offers more than just international transfers.
You won’t receive interest on your balances because Wise, like Payoneer, is an electronic money account rather than a traditional bank account. Owners of international eCommerce businesses may find it appealing because you may send, receive, and convert currencies with reasonable costs and market exchange rates.
You can receive an IBAN, routing number, sort code, and debit card with a Wise Business account even if you don’t have a real bank account. With true market exchange rates, you may settle invoices in more than 70 countries, pay staff globally with minimal transaction costs, receive funds in several currencies, and transfer funds between accounts without having to pay exorbitant conversion and withdrawal costs.
Available: You can create a Wise Business account for businesses registered in any nation. However, you cannot open balances in some nations and US states. The complete list may be seen here. For the UK, US, EU, Hungary, Australia, New Zealand, Singapore, and Romania, you can obtain a local account number.
Currencies: Over 55 different currencies are offered in currency wallets.
Transferring money via Wise is cost-free. You must pay a one-time charge of $31 to open a full Business account with a bank account number and the capacity to accept payments. Depending on the currencies you’re working with, there may be fees for receiving money, transferring payments, or converting between currencies, although these costs are normally far smaller than those charged by banks.
European bank N26 was established in 2013. Despite having a German origin, the bank’s website and customer service are in English. Spanish, German, French, and Italian are also offered.
For the purpose of managing their company payments, making free payments in any currency, and managing their finances from any location, freelancers and the self-employed should get a N26 company Smart bank account.
Available: All nations that make up the Eurozone, as well as Poland, Sweden, Norway, Liechtenstein, Switzerland, and Iceland, all have access to it.
Currencies: All N26 accounts are in the euro.If you need to make an international transfer, Wise has collaborated with N26 Business accounts even though they do not accept transfers in foreign currencies.
costs: There are no management costs when opening N26 business accounts. There are also no costs for international transactions.
The “fully mobile expat bank account” and “the bank of The Free” are how Bunq describes itself. This Dutch bank was established to make it simple for digital nomads to create a bank account in Europe without a tax identification number. It has a number of advantages over traditional banking, especially for Europeans who travel across borders.
Available: All EU nations have access to Bunq. You must have a company registered in the Netherlands, Belgium, France, Germany, Austria, Spain, Italy, Portugal, or Ireland in order to open a business account with Bunq. Additionally, you need to have a permanent address in the nation where your company is registered.
Currencies: Bunq only offers EUR accounts right now, however you can still make payments in other currencies.
Bunq offers three different account options. Monthly fees for business accounts begin at €2.99. Receiving payments made with credit and debit cards costs 2.5% plus € 0.20. Wise is used to manage transfers and currency exchanges, and each payment costs € 0.10 in addition to the true exchange rate. Euro money transfers are cost-free.
A US-based bank called Mercury was created exclusively for start-ups. You may easily accept payments from your website and send international payments to any location in the world thanks to its connections with the majority of US payment processors.
Available: You can start an account with Mercury from anywhere in the world, but you must have a US-registered corporation.
Currencies: Mercury only provides accounts in USD at this time.
There are no setup or monthly costs for Mercury accounts. International wire transfers cost $20 while domestic wire transfers cost $5. You can open a Tea Room account with free local and international wire transfers if you deposit $250,000.
You can make local payments straight from your Skrill account, receive payments in numerous currencies, and send money to foreign bank accounts using the virtual wallet service Skrill.
To make it simple for you to accept payments in several currencies, the platform has connected with all the main shopping carts and eCommerce platforms. There are shopping cart plugins for Wix, Magento, WooCommerce, Shopify, Prestashop, and more platforms.
Available: Using local payment gateways and techniques, you can accept local payments in more than 100 countries.
Currencies: Skrill offers over 40 different currencies, all of which may be managed from a single account.
Depending on the country you’re in, Skrill’s fees for receiving and withdrawing money vary. You can receive money from any other Skrill account and make international transfers for free. Receiving money in the US through card or bank transfer is free, however withdrawing money to a US bank account costs a fixed $5.50 fee.
With support for C2B, B2B, and B2C payments, VIALET is an EMI that provides dedicated IBANs (SEPA, SEPA Instant, SWIFT), as well as a card processor (primary member of Mastercard and VISA), for business clients. The 2017 is founding year. For low to high risk consumers worldwide, banking APIs, mass payouts via uploaded files, or third party integrations are available. providing an in-depth comprehension of complex corporate business, including gaming, forex, financial institutions, and cryptocurrency.
For low to high risk clients, dedicated IBANs for SEPA, SEPA Instant, and SWIFT are available in several currencies. VIALET issues accounts for EU-licensed cryptocurrency exchanges and receives payments to and from cryptocurrency processors.
Available: Those who live in the EU and EEA may use VIALET. Your contactless Mastercard, on the other hand, will operate anywhere, providing free transactions in euros and inexpensive exchange rates for other currencies,
Currencies: Various currencies
What Digital Bank Account Is Best for Your Online Store?
Payoneer, Wise, and Skrill are all fantastic choices if you’re seeking for a simple and inexpensive way to receive payments from abroad and deposit them into your local bank account, with Payoneer being the most realistic alternative to managing several bank accounts in different countries.
You might think about using one of the true digital banks if you want a complete financial solution. This is only applicable to the countries in the UK and Europe where you reside and where your business is registered.
In addition to the ones on this list, there are a number of other digital banks in these nations to take into account; it may be worthwhile to look into Starling Bank, Monzo in the UK, or Monese in Europe.
However, Revolut currently offers the most alternatives for business banking and is one of the few solutions that let you hold funds in USD and other currencies. If you live in the UK, the USA, or Europe, it’s definitely something to take into account.
Due to the US’s slower adoption of open banking, there are currently not many entirely digital bank accounts. There are some, and they focus on personal banking.
Over the next few of years, we may anticipate seeing more “disruptor” banks, like Mercury, enter the US commercial banking industry. However, Revolut is now among the finest digital bank accounts for holding USD balances.
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