The Banking Guide for E-commerce Businesses

The UK retail trade industry continues to thrive, generating an economic output of £114.7 billion in 2024, according to the House of Commons Library’s Retail Sector in the UK research (2025). 

Beyond physical storefronts, retailers are increasingly expanding their sales channels online. As e-commerce continues to surge, many brands are now selling through global platforms such as Amazon, Shopify, and Etsy, reaching customers outside the UK. 

While selling globally has never been easier, managing the financial side of an e-commerce business is becoming increasingly complex. 

Cross-Currency Banking Challenges For Online Retailers 

Retailers operate within a global ecosystem: managing payments from international customers while paying overseas suppliers, logistics partners, and service providers. 

For those selling on US- or Europe-based platforms, payouts are often received in USD or EUR. Traditional banks that only support single-currency deposits typically force an automatic conversion of other currencies to GBP upon receipt. However, businesses may need to convert those funds back into other currency to pay overseas suppliers. 

A single cross-currency payment introduces: 

• Foreign exchange fees 

• International transfer fees, especially for SWIFT payments 

• Settlement delays, often ranging from three to five business days 

This results in cash being tied up, generating eroded margins and reduced control over working capital. For fast-moving e-commerce businesses that rely on speed and flexibility, these inefficiencies can quickly become a financial bottleneck. 

Key Considerations for E-commerce Brands When Looking for a Business Bank Account: 

1. Multi-Currency Functionality 

A business account that supports multiple currencies is essential for e-commerce brands. It reduces unnecessary currency conversions and gives retailers greater control over how and when foreign exchange is executed. 

2. Fast and Secure International Transfers 

E-commerce businesses rely on timely payments to suppliers, logistics partners, and service providers. The ability to pay overseas partners in their preferred currency, quickly and securely, not only improves cash flow but also strengthens supplier relationships. 

3. Transparent FX Fees and Low Costs 

For sellers handling high volumes of international payouts, even small differences in FX spreads can add up significantly over time. Clear, transparent FX pricing and low transfer costs are crucial to protecting business margins. 

The iFAST Global Bank Solution: A Universal Wallet for E-commerce Businesses 

iFAST Global Bank’s Multi-Currency Business Current Account allows e-commerce businesses to receive payouts in major currencies, hold funds in the same currency, earn interest on current account balances, and make international payments to suppliers — all without unnecessary FX conversions. 

With the Multi-Currency Business Current Account, you can: 

• Receive, hold and spend in nine major currencies (GBP, USD, EUR, HKD, SGD, JPY, CNY, AED and CHF). 

• Earn up to 2.65% AER* Variable on your GBP current account balance, with no interest caps and no minimum balance requirements. 

• Enjoy zero fees on all inbound payments. View our transparent fee structure here. 

• Make global payments with the Multi-Currency Visa Debit Card^#, accepted across 200 countries and territories. 

• Enjoy no withdrawal fee^ for overseas ATM and no overseas service charges by iFAST Global Bank. 

• International outbound transfers involving cross-currency payments of £2,500 or equivalent and above are free of charge, with only the applicable FX spread charged. For transfers below £2,500, a £25 transaction fee will apply, together with the FX spread. 

If you have a UK-registered e-commerce business or are planning to start one, iFAST Global Bank could be the right banking partner to support your growth. Learn more: www.ifastgb.com/commercial-banking

Disclaimers: 

*Interest rates are variable and subject to change. For up-to-date rates, please refer to www.ifastgb.com/commercial-banking

^Some local ATM operators may apply their own service charges. 

#The Multi-Currency Visa Debit Card is only applicable to UK-registered entities.