To receive payouts for Shopify Payments (UK), the store owner will need to connect an account that:
Based on the information I can find about Transferwise, it would not be an eligible institution for receiving payments from Shopify Payments. In this case, you will want to look into a few local banks that meet the criteria above if you're hoping to use Shopify Payments within your store.
For future reference, I would also recommend browsing our United Kingdom dedicated forum posts here. These threads would be a great way to connect with other UK based merchants, along with finding resources more geared towards your location.
could you please elaborate on what information and sources you are basing your recommendation on?
Transferwise themselves have an article promoting the integration with Shopify Payments (https://transferwise.com/gb/blog/shopify-uk-ecommerce-platforms) which states "Shopify UK can only pay-out your earnings in British pounds - but receive them to your UK local account details with TransferWise, and use them for future payments to suppliers or manufacturers."
Shopify Payments seems to be forcing UK users (via incomplete documentation) to look for high street bank accounts, where we will get the worse deals possible in terms of a good business bank account, specially regarding transfer rates and fees. A list of the supported entities would be as clear as day instead of just a few bullet points on 'requirements for Shopify Payments business accounts' that still leave lots to doubt when making an actual choice of account.
Any thoughts on this?
I can't speak to a third-party article and how they propose you can use their services with Shopify. My previous response is based on internal information that requires the bank account to be from a banking institution that has physical locations. As Transferwise is considered to be an online money transfer service, it is likely that they are considered to be an unsupported bank type, and will not work with Shopify Payments. It's not to say that Transferwise won't work, but in the event that there are issues with the payouts, or issues with adding the banking information, then we would be unable to troubleshoot it further.
May be virtual bank would not work. but some of them do provide IBAN and have further contracts with banks that in turn provide valid IBAN and Swift etc. so i hope those will be acceptable. I am right Shopify?
Plz note shopify payments is also a virtual and at the back of it it had stripe which is not a bank yet you are working great! but still you demand from us something you dont follow... please have a ease of doing business at your platform else you should rapidly expand to countries so that businesses can connect with you without hurdles.
I can not say whether one type of service will work over the other. However, I can say that you will need a bank account from a bank located in a supported country, that is in the local currency, and has physical locations. If your bank does not provide these requirements, then it is likely that the bank account will be unsupported. These requirements can not be bypassed I'm afraid.