Best business bank account for wholesalers and distributors
Collect from retailers, pay suppliers in batches and finance the stock in between. What to check and how the providers compare.
- Collect from retailers and marketplaces on account details in your company's name.
- Pay the supplier run as one batch, with each payment priced and dated before approval.
- Hold USD, EUR and GBP so both sides of the trade settle without a conversion.
- Supplier finance and working capital cover the gap between paying suppliers and selling stock.
- Helm accounts are usually live within days of the first call.
What a wholesaler needs from a business account
A wholesaler's money moves both ways: in from retailers and marketplaces, out to suppliers abroad, with stock sitting in between. The account has to collect on local details, pay suppliers in batches, hold the currencies on both sides and finance the stock cycle.
The checklist
| What to check | Why it matters | What to look for |
|---|---|---|
| Account details in your company's name | Buyers and marketplaces pay the name on the invoice; a payment to a provider's name gets queried | USD routing and account number, EUR IBAN, GBP sort code, all under your registered name |
| Local receiving rails | A domestic payment for the buyer costs them nothing and arrives faster | ACH in the US, SEPA in Europe, Faster Payments in the UK |
| Fee to receive | Receiving fees on every invoice add up across a year | Free on local rails; a fixed fee, not a percentage, on wires |
| Conversion fee | The largest cost for most traders is the spread on conversion | A stated percentage above the mid-market rate, shown before you confirm |
| SWIFT fee | Supplier payments outside local rails travel by SWIFT | A fixed fee per payment, with the arrival date shown first |
| Digital dollars | Suppliers and buyers in some markets settle in USDT or USDC | USDC and USDT supported, with conversion inside the account |
| Trade finance | Deposits and balances fall due before the goods sell | Supplier finance and receivables finance arranged around orders |
| Named account manager | Reviews and holds are resolved faster with a person who knows your trade | A named person reachable by phone, email and WhatsApp |
| Opening time | A new buyer or supplier will not wait a month | Days, with one document list |
How the main providers compare
Figures are taken from each provider's published pricing page on the review date.
| Provider | Account currencies with local details | Fee to receive by SWIFT | Conversion fee | Digital dollars | Trade finance | Published on |
|---|---|---|---|---|---|---|
| Helm | USD, EUR, GBP | Agreed with your account manager | Agreed with your account manager | USDC and USDT | Yes | helm.business |
| Wise Business | 9 currencies with local details, 22 to receive | 6.11 USD (USD); 2.16 GBP; 2.39 EUR | From 0.23%, varies by currency | Not offered | Not offered | wise.com/us/pricing/business |
| Airwallex | 20+ currencies | Not stated on the pricing page | 0.5% majors, 1.0% others | Not offered on the business account | Not offered | airwallex.com/us/pricing |
| Payoneer | Local receiving accounts in several currencies | Not stated on the fees page | 0.5% between balances; withdrawals 1.2% to 4% | Not offered | Working capital for marketplace sellers | payoneer.com/about/fees |
| WorldFirst | 20+ local receiving currencies | Free to receive | 0.30% to 0.50% for major currencies | Not offered | Not offered | worldfirst.com/uk/pricing |
| Statrys | 11 currencies, Hong Kong based | HKD 60 | From 0.1% majors | Not offered | Not offered | statrys.com/pricing |
Paying suppliers in one batch
A supplier run of twelve payments in four currencies should be one approval, not twelve. Check that the account prices each payment, shows each arrival date and lets a second person approve the batch. Helm batches up to 500 payments in mixed currencies and rails; see International Payments.
Financing the stock cycle
Suppliers are paid before retailers pay. Supplier finance pays the supplier's invoice on the agreed day and the wholesaler repays as the stock sells through, on a term of 30 to 90 days. Working capital facilities cover the season. Both are arranged by Helm around the stock cycle; see Trade Finance and the wholesalers and distributors page.
| Facility | Pays | You repay |
|---|---|---|
| Supplier finance | The supplier's invoice on the agreed day | On a fixed date, 30 to 90 days later |
| Working capital | A facility you draw as orders land | As the stock ships and sells |
| Receivables finance | Most of an invoice to a retailer today | From the retailer's payment |
Opening the account
One document list, including two or three invoices that show both sides of the trade. Helm accounts are usually live within days; see Eligibility.
Open a Helm account
USD, EUR and GBP accounts in your company's name, international payments on bank rails and in digital dollars, and trade finance. A named account manager from the first call.
Open accountQuestions
Can retailers and marketplaces pay into the account?
Yes. Any buyer or platform that pays by ACH, Fedwire, SEPA, Faster Payments or SWIFT can pay Helm account details in your company's name.
How many payments can go in one batch?
Up to 500 at Helm, in mixed currencies and rails, with one approval.
Does the provider finance stock?
Helm offers supplier finance, working capital and receivables finance arranged around the stock cycle. Of the providers compared, Payoneer publishes working capital for marketplace sellers; the others do not publish trade finance.
Can two people approve payments?
Yes at Helm. Set approval limits by user so that payments above a threshold need a second approval.
What does conversion cost?
Airwallex publishes 0.5% for major currencies, WorldFirst 0.30% to 0.50%, Wise from 0.23%. Helm agrees conversion fees with each client before the account opens.
References
- Nacha: What is ACH?
- Swift: Cross-border payments
- European Central Bank: SEPA
- Federal Reserve: Fedwire Funds Service
This guide is general information for businesses, not financial, legal or tax advice. Fees and timings quoted for other providers are taken from their published pages on the review date and may change.