Business

How to change bank account on Stripe: Easy guide

Panna Kemenes

19.12.23 (updated more than 1 year ago)

Read time 1 minute

Changing your registered bank account on Stripe is easy when you follow these steps.

Step by step guide on changing bank accounts on Stripe

The option to change or add bank accounts on Stripe can be found on the main dashboard/home page.

On the left-hand side menu, click on ‘Settings’
Then click on ‘Bank accounts and scheduling’ given under the ‘payments and payouts' list.
Click on the ‘edit’ button next to the currently linked bank.
Provide new bank account information and click 'edit' to confirm. For payouts to a local bank account held in the U.S., Stripe usually asks for your ACH routing number which is the 9 digit number below your cheque.
Click on the link sent to your registered email address to confirm the change.
You might be asked to log in again and go through the 2-factor authentication but you're all set after that!

Choosing the right account to link with Stripe

Stripe generates separate balances for each currency that your customers paid in.¹ When those balances are paid out to your registered bank account (or debit card), Stripe sends them to the bank account that has the same currency.

However, if there is no registered account in the same currency, Stripe will automatically convert your money to match the currency of your registered account.¹ Where currency conversion is required, this will incur a 1% conversion fee.²

The solution to this is to register several accounts in different currencies to reduce the fee. However, banks are not usually the best option. They often only support one local currency and charge a conversion fee on top of a receiving fee.

Location and currency of your account

The type of bank account information required depends on where your bank account is located. The bank accounts must be located in the country where their settlement currency is based (e.g., USD bank accounts must be based in the US), though there are some exceptions where Stripe can payout:³

To a USD denominated account that was created and registered in Canada
To GBP bank accounts created and registered in Ireland, provided they support payouts with Bacs (check your bank to see if they support this payment method).
To EUR bank accounts located in any European country where Stripe is currently live, in public beta, or private beta.

Sources:

Stripe support page
Stripe price page
Stripe Docs page

All sources checked December 19, 2023.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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