Shopify Bank Transfer: A Complete How-To Guide
Shopify Bank Transfer: A Complete How-To Guide
As a Shopify merchant, you need to move earnings from your Shopify account to your business bank account for working capital and growth investments. While Shopify offers fast payouts to debit cards, completing bank transfers requires additional steps. This guide covers the end-to-end process for seamless money movement.
Connect Bank Account
The first step is connecting your bank account within your Shopify Payments settings. Shopify supports linking business checking/savings accounts from major US and international banks. Simply log into your Shopify account and navigate to Settings > Payments > Bank accounts.
You can add details for multiple bank accounts as needed for separate transfers. Ensure any accounts are valid business accounts under your ownership to align with Shopify merchant services terms. This setup only needs completed once for ongoing use.
Initiate Manual Transfer
Once your bank account is connected, moving money only requires initiating a one-time or recurring bank transfer. In Shopify Payments, click on “Transfer funds” and enter the transfer details including:
- Destination bank account
- Transfer amount
- Frequency such as one-time, weekly, or monthly
Confirm there are sufficient unallocated earnings in your Shopify Balance to fully cover the transfer amount. If earnings fall short, a partial transfer will process up the available balance.
Processing Timelines
Shopify issues bank transfers on the next scheduled payout after the transfer request. So if you payout every Tuesday, a transfer initiated last Wednesday will process next Tuesday. One-time transfers overall take 2-5 business days including initiation, processing, and bank clearing.
For recurring transfers on fixed payout cadences, Shopify handles ongoing money movement automatically based on the set frequency. This saves you effort over individual one-off transfers. Simply monitor your Shopify Balance and bank records to track completion of each scheduled transfer.
Troubleshooting Issues
Despite the overall simplicity, a few nuances can impact bank transfers:
- Insufficient funds resulting in partial transfers
- Incorrect bank details leading to failed transfers
- Bank blocks on deposits flagged as suspicious
Carefully entering full and accurate bank details plus verifying account funding prevents most issues. Check for typos, confirm account ownership, and resolve any bank blocks directly with your financial institution to smooth transfers.