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DROPSHIPPING BANK: WHICH BANKS TO CHOOSE FOR YOUR ONLINE BUSINESS?

DROPSHIPPING BANK WHICH BANKS TO CHOOSE FOR YOUR ONLINE BUSINESS
If you are in entrepreneurship or more precisely in dropshipping, you will carry out various financial operations such as the resale of products and the purchase from your supplier. To separate your personal account from your business account, it is therefore important to open a bank account dedicated to your activity. For the good management of your business and your accounts, this solution is essential! In order to do e-commerce without stock efficiently, here is the list of the most adapted banks for traders and entrepreneurs of the net.

When you start dropshipping, it is important to choose your bank.

If you are in entrepreneurship or more precisely in dropshipping, you will carry out various financial operations such as the resale of products and the purchase from your supplier. To separate your personal account from your business account, it is therefore important to open a bank account dedicated to your activity. For the good management of your business and your accounts, this solution is essential! In order to do e-commerce without stock efficiently, here is the list of the most adapted banks for traders and entrepreneurs of the net.

The classic banking institutions

In France, there are not really any efficient banks adapted to the management of a business on the web like dropshipping. These physical agencies have been facing, for a few years, a tough competition with the emergence of online and mobile banks. Nevertheless, physical banks allow you to make a capital deposit. This is impossible in most online banks. The most popular ones like Boursorama and Fortuneo do not allow, for example, to make this step.

When you have an important project to start your business

It may be necessary for you to place your start-up capital in a bank. You will therefore probably turn to traditional banking institutions for this type of project. On the other hand, for a dropshipping entrepreneur, it is not necessary to go through the process of opening a bank account and start selling on the internet.

That’s why I’m going to tell you about the most prominent online banks in dropshipping.

This will allow you to choose the right bank to start your business!

Online banks for dropshipping

N26 in Germany

Among the first German banks, N26 is in the ranking of banks that have made real positive changes in the world of online banking in Europe. What is both practical and pleasant is to be able to manage your account directly via your smartphone. For dropshipping entrepreneurs, this bank is very efficient!

Strengths:

  • The bank provides an irreproachable service to its customers
  • The solutions are offered except for transfers and withdrawals which are carried out abroad
  • The sending of bank cards is done in record time
  • No commission is charged on your purchases
  • You will receive automatic notifications at any time
  • If you choose the Business package, you will have the cash back option

Weaknesses:

  • Only 17 countries have access to the bank

Payoneer in the USA

Do you have a Paypal or Amazon account? Payoneer can be linked to your account. Entrepreneurs are particularly fond of this bank. A prepaid Mastercard is offered if the account is based in the US.

Highlights:

  • The solution is accessible in over 200 countries with over 150 currencies available
  • The bank has more than 4 million customers
  • The support is represented in 35 different languages and accessible at any time
  • The entrepreneur has a prepaid Mastercard with a maximum amount available
  • Several accounts can be acquired (EU, US, DE, etc.)

Weaknesses:

  • It is necessary to activate the card once acquired, as it is quickly blocked
  • The bank statement is only in German for Europe
  • Spanish and English are the languages used by the customer service, which is not very practical, especially in case of problems

Revolut in the UK

Whether you’re in the personal or professional sector, Revolut is a multi-currency bank, just like Payoneer. It offers you a fairly similar experience in terms of services.

Highlights:

  • No fees to pay on currency conversions in Euro, Pound Sterling, US Dollars
  • Easy money transfer and bank transfer
  • Reliable and usable anywhere in the world
  • The management of expenses is done immediately
  • You can use the solution in 120 countries
  • The bank card is delivered in less than a week

Weaknesses:

  • The premium account is not free
  • Withdrawals are limited to 650€ per month, if you exceed this limit, you will be charged a 2% fee
  • The bank does not allow overdrafts
  • The current account is configured in English

Bunq in the Netherlands

Bunq is always close to its customers. It offers a fairly efficient and qualitative online banking service. The services are the same as for a classic bank. The only difference is that the rates are much lower. Maestro is the bank card used, which means that the possibilities of online purchases are restricted if the case is different for Mastercard.

Highlights:

  • A customer can have up to 10 accounts
  • Withdrawals of money are done from 0,80 cts
  • The account maintenance is offered
  • It is a real bank account

Weaknesses:

  • The countries where the solution is available are few
  • International transfers are not allowed
  • The card is available at 1 euro

Transferwise in England

As its name may indicate, transferwise deals with international money transfers.

The strong points:

  • All amounts are allowed, there is no minimum limit for money transfer
  • The banking service is not expensive
  • We talk about international coverage

Weaknesses:

  • It takes 4 to 8 days for the transfer to be completed
  • The transfer is only valid via a bank account

Amex

Amex or American Express offers a quality service if you plan to do business online.

Highlights:

  • The customer earns miles for future destinations
  • To launch an advertising campaign, the deferred payment remains practical
  • The ceiling is set at 80,000 euros per month
  • The card is offered as long as the spending limit is reached in one year

Weaknesses:

  • The second year, the costs are higher
  • Because of the increase in commissions, the card is not accepted by all merchants

Netteler

Netteler is one of the oldest transfer banks. It handles electronic money transfers. Its age is a proof of its reliability compared to the new online banks that appeared later. Its millions of counters allow customers to make their withdrawals, but also online and in physical outlets.

Strong points

  • 22 currencies are accepted by Netteler
  • No need to worry about chargebacks
  • Valid even in emerging countries
  • Payments without procedure

Weaknesses

  • Existence of account fees
  • 4 euros commission charged for each

SKRILL

With the same status as Netteler, Skrill is in the list of existing online banks for a long time.

Strong points

  • Opting for Skrill costs less than opting for a classic bank
  • Transfers are fast and respect the security rules
  • Private club and various benefits
  • Multi-currency

Weaknesses

  • You have to pay an account maintenance fee of 10€ every year
  • A commission is charged for each withdrawal
  • This payment method is not available in physical stores
  • The withdrawal limit is fixed at 250€/day if the spending limit is 1000€/day

Banks for those who want to create a company

As an e-entrepreneur, you must set up your e-commerce by respecting all the steps required by the law of the market. Therefore, create a company in SARL or SAS. — That is why it is necessary to approach a bank and provide proof of capital deposit in a French bank of your choice. To do this, Qonto and Ibanfirst are efficient companies to take care of your business. In only 48 to 72 hours, you have the proof of deposit in your hands.

QONTO

In this bank, you only need to invest 100€ at the beginning. This is your first deposit. Let’s see what the best options are.

Strong points

  • It offers a fast and efficient service
  • The bank card is available quickly
  • The monthly subscription costs only 9€.
  • Fees are affordable

Weaknesses

  • There is no check deposit or cash deposit to your account
  • There is no overdraft
  • As the company is new, the services are quite limited
    You have to ask for the Rib as well as the original capital deposit because it is not provided

IBANFIRST

The online bank was established in 2013

Strong points

  • Procedures are simplified and everything is done online
  • A branch is installed in Paris
  • IBANs are multi-currency
  • The rates are low

Weaknesses

  • Deposits by check or cash are not allowed
  • Compared to traditional banks, services are limited

What about multi-account bank cards?

If you have several accounts and several bank cards at the same time, the Curve card is ideal! This multi-account card will give you the convenience of having all your accounts in one card. At the time of payment, you will only be asked which card to charge.

Curve is a Mastercard.

Dropshipping is now a real business trend. To start well, it is therefore important to know, from the beginning, the good practices. Whether it is for the marketing strategy but also for the management of your money. Online banks are more suitable for you than traditional banks. However, before you make any decision, try to learn more about each of them. All the details are important, you should not miss anything when it comes to placing your money in a bank.