Best Business Bank Accounts for eCommerce

Learn about the best bank accounts for eCommerce businesses.

Updated: April 3, 2024
Matt Crabtree

Written By

Matt Crabtree

 

If you have an eCommerce business or want to start one, you must open a business bank account to receive payments. Bank accounts for eCommerce are different from other business bank accounts.

Before exploring your bank account options, consider who can buy from your online business. For example, if you're offering a global service, you'll need to consider international payments, which you must ensure the bank account covers.

In this article, learn all about business accounts for eCommerce business banking, as well as the pros and cons, and we'll introduce you to the best business bank account for your eCommerce business.

ServiceScoreRegister
1. Revolut Business Accounts★★★★★Click Here
2. Airwallex Business Account★★★★★Click Here
3. Tide Business Bank Account★★★★★Click Here
4. Wise Business Account★★★★Click Here
5. SumUp Business Account★★★★Click Here
6. HSBC Business Banking★★★★Click Here
7. Payoneer★★★★★Click Here
8. Monzo Business Bank Account★★★★★Click Here

What Is a Bank Account for eCommerce Businesses?

A business bank account allows eCommerce businesses to accept payments in their online shops. eCommerce banks make running an online shop easier with features that personal bank accounts don't offer or are expensive.

These types of bank accounts come with an array of features, such as:

  • Integrations: Some business bank accounts offer integration with your online store and your accounting software so you can keep all your finances in one platform.
  • International money transfers: Start accepting global payments from anywhere in the world with an account that holds multiple currencies.
  • Faster payouts: Banks for eCommerce businesses usually have a quick turnaround time for payouts, some same or next-day payouts.

As a business in the UK, you're not legally required to have a business bank account. Still, it can help separate your finances and make it easier to track expenses when paying taxes to HMRC.

If you have a registered business with Companies House, you should open a separate business account as the business has a separate entity for you. Even if your business is not a Limited Company, it can still benefit from having a designated business bank account.

Business Bank Account Pros and Cons

Opening a bank account is a big decision for any person or business, so you must know the pros and cons before deciding if it's the right option for your eCommerce business.

Pros

✔️ Separate finances: Keeping your personal and business finances separate will make it easier to see how well your business performs financially. Plus, when it's time to pay taxes on behalf of your business, it will be easier to identify business transactions.

✔️ Low-cost foreign transaction: When you open a business bank account that facilitates international payments, there are usually lower transaction fees than when you use a regular bank account.

✔️ Professional: It's seen as more professional if your customer's payments are to a business account rather than a personal one; it could be seen as unprofessional or suspicious if their payments are entering a business bank account.

✔️ Global expansion: A business bank account can make it much easier to expand your business and offer your services or products worldwide. You can get paid in currencies worldwide and receive the payments in your currency in your local bank account.

✔️ Integration possibilities: Some eCommerce business accounts have integration options, so you can add your accounts to your accounting software to keep everything in one place.

Cons

❌️ Fees: Business bank accounts are associated with costs, such as monthly fees, currency conversion fees, foreign transaction fees, and more.

❌️ Multiple account management: Managing multiple accounts may get confusing. A personal bank account, business bank account and even a merchant account required for eCommerce businesses may become overwhelming.

Best Business Bank Accounts for eCommerce Businesses — Reviews

Here is our expert review of the best business bank accounts for eCommerce businesses:

1. Revolut Business Account: Offer Your Customer Multiple Payment Methods

  • Monthly fees: Up to £79 a month.
  • Multiple currencies: Supports 25+ currencies.
  • Best features: Next-day payment settlements and multiple payment methods.

With Revolut's Business Accounts, your customers can pay how they want. Multiple payment options include payment links, gateway integrations, QR codes, credit and debit card payments, and Revolut Pay. Regardless of your customer's chosen payment method, all transactions are settled the next day.

Revolut's multi-currency business accounts are great for online sellers and eCommerce businesses. You can exchange money in more than 30 countries, and 25+ currencies are supported. With a Revolut business account, you can organise and track payments in one place 24/7 online on your smartphone or desktop.

You can choose from Basic, Grow, Scale and Enterprise pricing plans. The Basic plan is the free plan that helps start with core features like borderless accounts, local accounts for GBP transfers, £1,000 limit for currency exchange at the interbank rate and more.

The Grow plan starts from £19 a month and gives you access to all the basic features and more, as well as five no-fee international transfers, 100 no-fee local transfers, bulk payments, a £10,000 limit for current exchange at the interbank rate and more.

The Scale plan starts at £79 and gives you all the features of the other plans, including 25 no-fee international transfers, 1,000 no-fee local transfers, a £50,000 limit on currency exchange at the interbank rate, and more. The Enterprise plan is customised to your business's needs.

All plans allow you to accept payments via the web, payment links, and QR codes. You can create and track invoices and accept Revolut Pay for in-store purchases and Apple Pay. The payment acceptance fees are the same across the Basic, Grow and Scale plans: from 0.8% plus £0.02. 

Although the paying plans offer more features and higher limits, you can still access the get-paid features with the basic one if you're looking for a free business account.

2. Airwallex Business Account: Integrate Your Business Account Across Various Marketplaces

  • Monthly fees: No monthly fees, setup fees or hidden fees.
  • Multiple currencies: Accept payments from over 180 countries.
  • Best features: Multiple marketplace integration options and help in global operations.

Whether you sell from marketplaces like Amazon, eBay, or Shopify, Airwallex's Business Account offers many integration options for online businesses. The online multi-currency account is suitable for eCommerce and online sellers.

In addition to the various options for marketplace integration, the account can be connected to popular business software, such as accounting tools, so you can view your finances together.

The all-in-one business account helps businesses grow and operate globally. You can open local currency accounts with local bank details in minutes, automate domestic and international bill pay workflows, and make international transfers to over 150 countries at interbank rates.

The account allows you to accept payment worldwide with plugins and payment links. With Airwallex, you can benefit from multi-currency accounts, high-speed international transfers, borderless cards, online payments and expense platforms all in one platform.

There are no set-up fees, maintenance fees, or hidden fees. Airwallex offers simple and transparent pricing. Payment acceptance fees vary depending on where the payment is coming from.

The fee for UK cards is 1.30% plus £.20, the fee for EEA cards is 2.40% plus £0.20, the international card fee is 3.15% plus £0.20, and 2.40% plus £0..20 for American Express Cards.

Airwallex accounts aren’t covered by the Financial Services Compensation Scheme (FSCS). Transfers can only be made to your Airwallex wallet or a business bank account.

3. Tide Business Bank Account: Free Invoicing Features

  • Monthly fees: No monthly fee.
  • Multiple currencies: No.
  • Best features: Free invoicing features and accounting software integrations.

If you're a small business, self-employed or a scaling business, Tide's digital business account may be just what you're looking for. The free business account has free invoicing features, so you can invoice your clients and customers worldwide without paying for invoicing software.

The Tide business account includes features such as auto-categorisation of income and spending, easy expense tracking, and accounting software integration.

With Tide, you can only accept UK payments, and your business must also be in the UK. This account will work if you've got an eCommerce business that only offers UK shipping.

However, if you're looking to expand your business globally, this account may not be ideal, or you'll need a third party in addition to it. Tide doesn't accept cheque deposits or offer personal accounts, but keeping your accounts with a different branch may benefit you anyway, as you can avoid potential account mix-ups.

The business account has no monthly fees, but if you want more card privileges, you can pay a monthly fee depending on what features and benefits you want access to. You get a free Tide business card with your business account.

You can access basic features like read access for team members, scheduled payments, accounting integrations, creating and sending invoices, and holding up to five business cards. The paid plans, Plus, Pro and Cashback, range from £9.99 up to £49.99 a month and come with more extensive features.

If you're not a Limited Company yet, Tide offers a business account and registration in one, and they'll pay the incorporation fee, too. Tide is regulated by the Financial Conduct Authority (FCA).

4. Wise Business Account: Convert Earnings With Low Fees

  • Monthly fees: Pay-as-you-go system.
  • Multiple currencies: Supports more than 55 currencies.
  • Best features: Low fees and open local currency account online.

If you're a UK eCommerce business looking to expand into the international market, Wise's Business Bank Accounts allow you to send, transfer and receive funds worldwide. You can convert earnings with low fees and at market exchange rates.

Wise is available in the UK, EU, Liechtenstein, Norway and Switzerland. You simply open a Wise account, select the currency you want to receive, add your account details to the platform you're selling on, and start benefiting from low currency conversion fees when international customers make a purchase.

Open a Wise Business Account is free; however, a paid plan for a one-time fee of £45 will give you access to local bank details in the US, Eurozone, Australia, New Zealand, Romania, Hungary and Singapore.

Local accounts allow direct debits and give you an IBAN, a sort code, and any other details needed to receive payments from a third party. Transfer fees vary depending on the currency but are typically lower than traditional banks' fees.

There is no pricing plan as the Wise account uses a pay-as-you-go system, so you only pay for transactions and services your business uses.

The Wise Business Account can be synchronised with your current accounting software so you can keep all financial activities in place. Wise offers multiple integrations to make the most of your account online.

The Wise account can automate your domestic and international bill pay workflows. You and your employees can access Wise borderless cards and multi-currency corporate cards. You can also gain more control over expense management.

To be eligible for a Wise business account, your business must be a registered Limited Company. You'll be asked to share your Companies House business registration details along with other information like business location, industry, and personal information of company stakeholders.

5. SumUp Business Account: Create Your Online Store for Free

  • Monthly fees: No monthly fee.
  • Multiple currencies: Unspecified.
  • Best features: Free website creation and no monthly fee.

If you're looking for a free business account, SumUp's business account is designed for online businesses and shop owners. If you're new to eCommerce and want help with your online store, SumUp offers a free online store builder with helpful tutorials. So you can create a website without needing coding experience.

The SumUp eCommerce platform is user-friendly and easy to use, and you can receive all the help you need to put it together should you need it. You can create your own online store free without subscription fees or hidden costs.

There are no monthly fees with the SumUp business account, only transaction fees: 1.69% for in-person payments and 2.5% for digital payments.

Payouts are available the next day when your customers pay for your products. However, you can choose the frequency you receive your online transaction payouts: daily, weekly, or monthly.

There are instant payment alerts for money going in and out of the account so you can oversee all payments happening within the account. SumUp has a handy built-in tool for creating, customising and sending professional invoices.

So, you can create invoices that match your business's brand and send them to your clients from the same platform you use to do your business banking.

With SumUp, your customers can buy your products and services anytime. SumUp offers multiple payment methods for in-store and online purchases, such as SumUp card readers, payment links, QR codes, and more.

Business accounts come with cash flow management, an easy setup process, tax-ready bank statements, and easy access to your account via the SumUp app or online. SumUp offers a range of POS systems and card readers for businesses looking to strengthen their in-store presence.

As SumUp is an e-money institution, deposits aren't protected by the FSCS. You can’t deposit cash or cheques into a SumUp business account.

6. HSBC Business Banking: Access to an Extensive Global Network

  • Monthly fees: Free for the first year.
  • Multiple currencies: Five currencies supported (AUD, EUR, USD, GBP, and SGD).
  • Best features: Access global networks and accept local and overseas transactions from one account.

If you're looking for an all-in-one banking solution for your eCommerce business, HSBC offers an innovative digital trade finance solution, access to an extensive global network, and payments, and you can talk to a team of specialists who understand your business. HSBC's business bank accounts enable local and overseas transactions with one account.

If you need help reaching international eCommerce markets, there are various features to make this easier, such as the HSBC Merchant Box to receive international payments as a local, the HSBC Business Debit Mastercard for multi-currency spending, and comprehensive FX services, including real-time FX and FX digital solutions.

HSBC also offers local solutions for your online business, such as PayMe for business and a faster Payment System for time and cost efficiency, the HSBC Business Mastercard to earn rewards whilst making business expenses, and the Business Instalment loan to enhance liquidity and working capital financing.

HSBC offers business bank accounts for companies at varying stages of growth. There are small business banking accounts, HSBC Kinetic, charitable bank accounts, international business accounts, corporate bank accounts, and more.

HSBC is a trusted UK high street bank authorised by the Prudential Regulation Authority and regulated by the FCA. If you need support with your account, you can visit one of the 600 UK branches or reach out via telephone or app during business hours.

7. Payoneer: Connects to Thousands of Marketplaces

  • Monthly fees: None.
  • Multiple currencies: Yes.
  • Best features: It connects to thousands of marketplaces and has a user-friendly platform.

If you're looking for an easy global payment method, Payoneer provides eCommerce banking and payment solutions to online business owners.

You can receive GBP, EUR, and USD payments from online marketplaces to one eCommerce banking account without wire transfer fees. You can open both local currency and multi-currency accounts, which is ideal if you want to expand your business sales globally,

With Payoneer's payment solution, you can receive payments immediately for your eCommerce store sales from international customers from the US, EU, Japan, Mexia, Canada, Australia, and customers closer to home from the UK.

You can also track upcoming payments and oversee your payment history for all transactions across your online store. You'll also be able to pay your value-added tax in the UK from your account balance with no fees.

Payoneer's user-friendly platform makes managing cross-border payments simple. You can easily view and manage transactions, including incoming and outgoing payments, withdrawals, and account fees.

You can customise your view by filtering transactions by type and status. The platform allows you to generate monthly activity statements with the click of a button so you can keep digital and physical records of your business's finances.

The platform comes with an Amazon Store Manager for owners who want to manage all store payments in one place. Payoneer collaborates with other e-commerce platforms, such as eBay and Rakuten.

The business account can be connected to thousands of marketplaces, so you can use Payoneer's payment solutions wherever you host your online store.

8. Monzo Business Bank Account: Integration Options for Accounting Tools

  • Monthly fees: The basic plan is free.
  • Multiple currencies: Supports various currencies across 70 countries.
  • Best features: Separate your money with pots and integration options for accounting.

If you're a small business or a sole trader, Monzo Business Banking may help you manage your finances. Monzo is one of the top online banks in the UK. It is fully regulated, and you can open a business account straight from your smartphone.

The account allows you to transfer money easily with free instant UK bank transfers and has Pots to put money aside and earn interest on your business's savings.

Monzo provides a simple way for customers to purchase from your online store. The account can only hold GBP, but you can still send and receive international payments.

However, if a customer pays with a different currency, the payment must be converted to GBP. The bank account can be integrated with your accounting tools to keep all your finance-related information and reports in one place. You can access your business account wherever you are via mobile and web access.

There are two business plans available: Lite and Pro. Lite is the free plan that will fulfil your basic banking needs, such as easy bank transfers, card payments with Stripe, contactless payments like Apple Pay, payment link options and mobile and web access to your account.

Both accounts offer a business debit card, digital receipts, 24/7 customer support, inbound and outbound international payments, overdraft options and more. The Pro plan is £5 per month and gives you access to features such as Tax Pots, integrated accounting, invoicing, multi-user access, virtual cards, six-month Xero free, auto-exports and more.

If you're looking for support, Monzo provides 24/7 support. You can reach the support team in-app or via email. The team will answer any questions you may have, and as the bank is digital only, you won't need to wait around for an appointment.

Leading Business Bank Accounts for eCommerce Businesses: The Verdict

When choosing the right bank account, you must consider what features your business will utilise the most. Making the most of your business bank account may help other business areas. You may also want to consider pricing, accessibility and anything else essential for your business needs.

All of the bank accounts we mention are available to UK businesses. Although we've selected eight of the best in the UK, we recommend doing your own research on top of what we've provided.

Related Guides:

8 Best Bank Accounts for eCommerce Businesses: FAQs

What Is the Best Bank Account for eCommerce?

Do I Need a Separate Bank Account for My eCommerce Business?

Are Banks for eCommerce Different From Other Business Accounts?

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