Entrepreneurship & Small Business

Best account for small business (ecommerce)

  • Last Updated:
  • Dec 17th, 2020 10:09 am
[OP]
Member
Apr 20, 2011
314 posts
45 upvotes
Toronto

Best account for small business (ecommerce)

I am starting a business to sell online. My company is in Canada but my target audience would be US. The payments would be received from US (haven't decided should i keep in US$ or CAD$). The company would also be paying to some freelancers (most probably will be hiring them online so not sure about their location). The inventory would be coming from East Asia (right now in testing phase of the product so supplier hasn't been confirmed). For that, I will be doing wire transfer to that country.

I am expecting that the revenue would be around ~USD 30,000 / year.

Based on these requirements, what bank would be best for me (cheap and which can server all of my requirements)

Thanks
2 replies
[OP]
Member
Apr 20, 2011
314 posts
45 upvotes
Toronto
DecayHeat wrote: I've used transferwise for my small scale shopify dropshippin business.

For amazon, I setup a US biz acc with RBC
Do you get payments in US$? And what is the cost of the account? How many transactions are free?

I am expecting 2-4 payments from Amazon / month

2-5 payments to freelancers / month

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