How do you withdraw the money accumulated in your Stripe account?
If you have an llc in Usa and have opened a Stripe account for this company, at this stage you need a bank account from which you can withdraw the money on Stripe. After forming your company, you can open an account at Mercury bank and define your Mercury bank account in the stripe panel.
If there is no problem so far, you have already taken care of everything, but Mercury bank may not accept some types of business (some online stores, e-commerce sites that contain copyrighted products). Also, international money transfer through Mercury bank is a bit expensive.
I will tell you a very simple solution to overcome problems like this. Transferwise as your bank . Many people probably know this solution, but let's start by saying that it would be useful to share it for those who do not know.
Note: When you use this referral link , you will be entitled to free transfers of up to £500 If you do not want to use the link, it does not matter, you can also open an account as standard.
What is Transferwise?
Transferwise is a banking solution that supports multiple currencies, allows international money transfers at affordable prices, and best of all, serves Turkey. Moreover, it is approved by BRSA in Turkey. When you sign up to Transferwise, it opens an account in EUR, USD and many other currencies, just like a real bank. In short, you will have a special USD and EUR account. If you don't have one, first create a free bit transferwise account for yourself because I can say that it is a very useful solution.
Since our topic is not to explain the membership steps to the Transferwise platform (the membership is very easy and the site is in Turkish anyway), let's keep this part short and look at how Transferwise and Stripe work together and how we can benefit from the benefits of this.
Does Stripe support Transferwise?
Yes, after signing up to Stripe, you can go to the bank account information section and add a new account and enter your Transferwise account information in the relevant field.
In this way, you can transfer the money on Stripe to Transferwise on a daily basis without having to open a bank account in Usa. You can also withdraw the money to your TR account by entering your IBAN in Turkey via Transferwise.
So does Stripe allow this?
they have given details about Transferwise among the supported bank account types on their website (see https://stripe.com/docs/payouts
Stripe says;
SUPPORTED BANK ACCOUNT TYPES
Provide a standard bank account from a financial institution (e.g. checking). Other bank account types (e.g. saving) or those with a virtual bank account provider (e.g. N26, Revolut, Transferwise , etc.) are supported.
By the way, the same is said by Transferwise. See https://transferwise.com/tr/blog/stripe-turkiye-odeme. In fact, Transferwise has even prepared step-by-step guides for this.
As a result, you have formed your company in Usa, obtained an EIN, opened a Stripe account, but if you encounter any problems in opening a bank account, you can use transferwise for a solution.
How to Connect Stripe to TransferWise?
It's pretty easy,
First, sign up for Wise here
After creating your Transferwise account, the first thing you need to do is click on the "Add a balance" link on the left and create USD, EUR, TL accounts.
The accounts you have opened are listed on the left.
When you click on any currency on the left, you can see your account information.
What you need to do next is to enter this account information into the Stipe panel.
First, switch to your Stripe panel. Then click on the “Settings” link on the left and click on the Bank accounts and scheduling link in the Business settings section.
Click the “Add bank account” button to add a new account
Fill in these fields with the information you received from your Transferwise account as follows. You can add it in EUR or USD. But the important point here is to add a bank account in the same currency in which currency you receive payments from your customers. For example, if you receive your payments in Euro to Stripe, you must have EURO in your bank account. The reason for this is that you do not lose money in foreign currency translations during the transfer phase.
Once you add your bank account information to Stripe in the currency you choose, everything is ready.
Your bank account information will appear in your Stripe panel as follows.
You can now transfer the money coming to Stripe to Transferwise.
To set the money transfer period, you can set it to Automatic every day from the “Payout Schedule” section at the bottom of the same page. When you make this setting, the money you earn will be transferred to Transferwise on a daily basis. You can also transfer the money received via Transferwise to your TR account whenever you want.
You can also use Transferwise's corporate account if you want. This account type has different advantages. You can find details about the corporate account here. https://transferwise.com/gb/business/pricing-and-coverage
Conclusion
After forming an LLC company in the USA and obtaining an EIN, you can benefit from Trnasferwise benefits in cases where there are problems in opening a bank account or to make more cost-effective money transfers. Transferwise is legally supported and compliant by Stripe. Additionally, Transferwise is free and only charges low commissions when transferring money. You can calculate commission fees on the Transferwise home page.
Good luck!
41 Comments . New Comment
First of all, thank you for your efforts. Can the amount to be collected during the Stripe integration process into my website appear in Turkish lira? In other words, can it be seen as TL equivalent to USD on the panel and the consumer can process it as Turkish lira payment?
Thanks.
This depends on your website infrastructure, so you can enter the price in TL in the system you use and have the checkout done in TL. But in the background, stripe converts TL to USD and takes the conversion commission and reflects the USD to you. You pay a small commission for the exchange rates, you can check these commission rates in Stripe FAQs.
Sir, according to the information I have obtained, it is not necessary to be 18 years old to form a circus in New Mexico, and there is no minimum age limit. This is true. I wanted to confirm it for you. Thank you.
An LLC can be formed, but there may be an age limit to open a bank account and other accounts.
Well sir, I will now open a zircrt in my own name. After that, can I open a bank account under my mother or father and send the money you earn with Stripe to that bank directly (Mercury Bank)
Unfortunately, the company owner and the bank account owner must have the same name. It would make sense to base the company on one of the parents
Hello,
when this article was written, we were able to transfer the money we collected with Stripe to Iban in Turkey at a very low cost and speed with Wise. When wise stopped working with Türkiye in the summer of 2023, Stripe became dysfunctional in terms of collection. Has anyone been able to solve this situation? How do those who currently collect via Stripe bring the accumulated money to IBA in Turkey?
Wise has stopped individual accounts, but you can open a corporate account and continue using it in the same way. Alternatively, you can make a transfer by opening a Mercurybank account.
In summary, the wise individual's termination did not change anything. If you want to continue using Wise, you can continue trading in the same way by opening a corporate account or connect Stripe to your Mercurybank account by opening a Mercurybank account.
Thanks very much for the quick reply. I didn't know about the corporate account option in wise. The individual account will remain, I will open a corporate Wise account over the LLC formed in Usa and I will be able to send it to the individual Iban address in Turkey. Did I understand correctly?
Mercury is one of the options that allows us to open an account in the USA without going to Usa. So how is the money transferred from there to Turkey? with old school swift? Would it be too long and costly??
Yes, you need to open a corporate account for any website etc. You can apply for an account and make a deposit without notifying yourself. At this stage, you will be asked for camera ID verification.
You can send money to your USD account in TR via Mercurybank with Swift for a fixed fee of 15 USD without paying any extra commission.
thanks a lot,
Hello, after opening the Wise corporate account, can we transfer money to Turkey without using Stripe?
Good luck
Hello,
Stripe is not a money transfer platform and is used to accept payments from credit cards. Amazon revenues are transferred to the digital banks you specify, such as Wise or Mercurybank, and you transfer them to your location from those banks. Stripe is not a platform related to the business you specified.
Thank you for your answer,
so there will be no problem if I do not use stripe.
Stripe is a system for receiving online credit card payments from websites. Stripe is not available on Amazon
thank you, good luck
I have completed every step and money is coming to my Wise individual via Stripe on a daily basis. The only question is, will this be a problem when money comes to my personal bank account in Turkey from wisedan? After all, taxes will be paid in Usa.
Regular and continuous income can attract the attention of any bank. Bring this income to your country by reporting it collectively to your bank within the scope of asset reconciliation.
https://startupsole.com/varlik-barisi-2023/
Or, report the income to the tax office and try to pay the tax individually.
Even if the tax is paid in a different country, the money entered into the country of residence must be taxed (in some amount or at a certain rate) in that country. Consult this situation with an advisor both in the USA and in your country. If you are not going to benefit from the peace of existence, apply these. But the most logical thing would be to take advantage of this regulation that has been going on for years, because this is a legal advantage that exists in Türkiye.
You wrote that you should open a company in the USA to use Stripe and Wise.
Can't we register and use it through our company in Türkiye?
Or is there any risk for stripe and wise if used, such as blocking when the transaction volume increases.
When opening a Wise corporate account, there is an option to open an account as a Turkish company (individual, ltd, joint stock). If you have an llc in TR, you can try to open an account. There will be no problem for Stripe, but how do you open your Stripe account? Opening a Stripe account with a Turkish company is not allowed.
We will sell products with Shopify. Our company is in Türkiye. Is the safest and most stable method for this to establish a company in the USA? Or is it possible to make payments via Stripe without a company for a while and then establish a company depending on how things go?
Is the $39.90 company setup service advertised on your site sufficient for the company we need and all the setup processes?
If you are going to receive payments from all over the world, you need to have a Stripe account. It is widely preferred because it is the virtual POS stripe that allows the easiest collection from foreign cards. Also, the easy integration and documentation support is tremendous.
For Stripe, you need to have an American LLC company because Turkish companies are not accepted by Stripe. Turkish citizens cannot open a Stripe account individually. As a Turkish citizen, the only option to open a Stripe account is to establish an LLC company.
We did not promise a price of $39 in the advertisement, we try to state that it is plus the state fee in the promotions. You can form an llc for $39 + state fee. Afterwards, you can get your EIN number for free and start at low costs.
Hello, is there a requirement to have an IBAN with the same name and surname when sending to wise tr banks? Can I receive payment to the IBAN number of another family member? (I completed the company setup in the USA and applied for EIN)
Hello,
It doesn't matter, you can send money to anyone you want by entering their Iban information.
Thanks a lot..
Hello, can I transfer money to my paypal business or personal account using wise? If I can transfer it to my paypal account via Türkiye, will it cause any problems for me in the future? Or through which other system can I transfer money to PayPal?
Hello, it is written here
https://wise.com/my/blog/how-to-transfer-money-to-paypal
Hello, when you form an llc through stripe+wise or stripe atlas and generate income, it is ultimately taxed in the US. So, what happens to the tax situation in TR when we withdraw money with Transferwise? Also, is it taxed in TR?
This varies depending on the amount of money you withdraw and whether the account you receive the money from is an individual or a corporate account. When you receive payment to a corporate bank account, there must be a provision for this, that is, it may be necessary to issue an invoice. You can talk about this issue with the accounting expert of your company in Turkey.
The situation does not change with Stripe Atlas, you open a bank account there and transfer the money back to Turkey.
Hello, I created a Transferwise account from the link you gave. I created a Balance for US Dollars, but it did not provide card information. Instead it says “Get account details for 31 USD”. Is this service paid? You didn't mention it at all in the article.
Hello,
At the time we wrote the article, there was no such practice, but later they started taking this deposit fee as a kind of security fee against fake accounts.
They receive this balance through corporate accounts, unfortunately this is the latest situation.
Ok. I have already applied for Mercury Bank and will continue with it. Thank you.
You're welcome, wise you can also use it individually, it supports stripe. When opening a TL balance for an individual, ten payments of 100 TL are loaded and then all currencies are opened. Then you can get back the 100 TL loaded. But Mercury is also available, you only need to upload a passport
Hello, when opening a stripe or wise business, are any important documents sent to the company address?
Hi,
They don't send anything, we have been using it for years and I have never seen any documents coming through stripe or wise.
When registering to Wise Business, should we enter our address in Turkey in the personal address or should we enter the address we entered as the company address in Usa?
You can enter your residence address in the personal address and your company address in the business address.
Can we define our Mercury account as Stripe with Wise and use both banks?
Of course, you can add any bank account you want. You can sign in to your account and add it here: https://dashboard.stripe.com/settings/payouts
Hello,
Among all these steps, is there a step where we "definitely" need to have an up-to-date passport? Can we complete all the necessary setup and payment processes without our passport?
Thank you very much, good work…
Hello,
You do not need a passport at all when forming an llc, opening a Stripe account, or approving a Wise account.
If you want to use Mercury as your bank instead of Wise, this bank requires a passport. Wise will do the job too, it doesn't require a passport. Some entrepreneurs want to use wise + mercurybank (optional and not compulsory) and at that stage the need for a passport arises. Other than that, you don't need a passport at all.