If you are a company from EU and use Stripe or any other processor from the European Union most likely your default currency is Euro. This is not an issue if most of your customers pay in Euro, but if your customers are in the US and pay in USD you will pay a lot of commission on conversion from USD to EURO.
Our company is registered in Ireland and we have like 70% of our customers in the US so the conversion commission adds up every month and at the end of the year that’s a lot of money.
If you are thinking of adding a USD bank account from your current bank it’s not going to work, for some reason. Stripe says you have to have the bank in the US, so here is where TransferWise comes in. We’ve create an Borderless account and opened a USD account that is at a bank in the United States. Add that account to Stripe and boom, you no longer have to pay those commissions.
Every week the money from Stripe go to our Borderless USD account and from there we transfer the money to our USD bank at Bank of Ireland. We pay like $4-5 USD for each transfer to our account.
We don’t keep any money in TransferWise and I wouldn’t recommend it. I am not saying is not safe but a bank is a bank.
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Hello. If i dont have a llc company can i open an transferwise personal account to link it to stripe? Or i have to open business?. Thank you
You can open a personal account with Transferwise but I am not sure you can open a Stripe personal account.