When starting the journey to sell on eBay, one of the most important considerations is figuring out the best bank account for eBay sellers.
Not surprisingly, which bank is best for you will ultimately depend on your existing banking relationships. But also, your country of citizenship and tax residency, whether you’re selling as an individual or a business, and even the products you’re planning to sell.
In this article, we’ll dive into these variables and help you navigate your options. Of course, if you are selling on eBay through a business account, you can also get started with our other free resources, including how to open a Delaware business bank account online, LLC taxes, and much more.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
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Bank Accounts for eBay Sellers
The first and most important consideration when deciding where to bank to support your eBay selling is the type of account you need. In other words, do you plan to sell on eBay as an individual or through a business?
The reason that this is so important is because eBay requires you to have a bank account that matches your eBay account type. In other words, if you have a business account registered to sell on eBay, you must connect a business checking account to receive transfers from eBay directly.
That said, the type of account is not the only factor when determining the bank account that you need to connect to eBay. And, not surprisingly, there are a number of other bank-specific factors that you’ll need to navigate as well.
With this in mind, here are a few of the important considerations that you need to navigate. This will help you identify suitable banks for your eBay activities.
- Do you require a bank that accepts non-residents of the country?
- Do you require remote account opening?
- Are you only interested in banking with mainstream banks?
- How much are you willing to deposit when opening the account?
- Are you willing to pay monthly maintenance fees to the bank?
- How many incoming transactions do you expect each month?
- How many outgoing transactions do you expect each month?
- Do you require a debit card to access funds from the account?
- Do you require a credit card to connect to eBay or other platforms?
- What other features will you need to support your eBay activities?
By answering the above questions, you will be better positioned to find banks that match your activities. That said, finding this information for each bank can be time-consuming and extremely difficult. Of course, if you want assistance getting started, you can join one of our premium services and our team will help you navigate this process directly.
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Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open the best bank account for eBay sellers. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Kind of Bank Account Do I Need to Sell on eBay?
In order to sell on eBay, you will need to have a bank account that matches the type of eBay seller account that you have registered. In other words, if you have a business account on eBay, you will need to have a business checking account when connecting your bank account to the platform.
Should I Have a Separate Bank Account for Selling on eBay?
While it is not necessary to have a separate bank account for selling on eBay, having a separate account can help you manage your eBay sales activities more effectively. This can also be helpful from an accounting and reporting perspective. Especially, if you plan on scaling your eBay selling business into a more significant operation.
Ready to Explore Your Options?
If you would like assistance navigating your banking options in the United States, we can help.
You can access GlobalBanks USA, our dedicated US account opening service, in just a few clicks.
GlobalBanks USA involves 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions before deciding whether you would like to move forward, don’t hesitate to contact us directly!
