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What Type of Banks Should a Remote Team Member Use? [Stripe]

Ensure your bank account meets Stripe's requirements. Only traditional banks or recognized banking institutions are accepted. Digital banks and virtual wallets are NOT compatible.
Banks Accepted by Stripe

Stripe exclusively works with traditional banking institutions, which are licensed and regulated to handle direct international transactions. These include:

  • Major local banks in your country.
  • Established global banking institutions.
Banks Stripe Does NOT Work With

Stripe explicitly does not work with the following:

  • Digital Banks: Even if they provide international banking features, digital banks are not supported. Examples include:

    • Wise
    • Payoneer
    • Revolut

  • Virtual Wallets and Payment Platforms:

    • GCash
    • PayPal
    • Venmo
    • PayMaya
Recommendations for Remote Team Members

When choosing a bank for receiving payments via Stripe, ensure the bank:

  1. Is a traditional banking institution.
  2. Has a valid SWIFT code and IBAN (if applicable).
  3. Supports international bank transfers without restrictions.
  4. Is active and not subject to monthly transfer limits.
Examples of Traditional Banks by Region
  • United States: Chase, Bank of America, Wells Fargo.
  • Philippines: BPI, BDO, Metrobank, UnionBank.
  • Mexico: BBVA, Santander, Banorte, Citibanamex.
  • United Kingdom: Barclays, HSBC, Lloyds Bank, NatWest.
Important Notes
Using digital banks or virtual wallets can result in failed payouts, delays, or additional fees. To avoid these issues, always provide Stripe with details from a traditional bank account.

CRITICAL CURRENCY WARNING: Stripe automatically transfers funds in your country's official local currency.

  • For "Dollarized" Economies : Even if USD is widely used in your country, Stripe will typically only transfer in the official local currency (e.g., Riel, Peso, Lira). Do not use a USD account in these regions unless explicitly instructed, as the transfer may fail or face double conversion fees.

  • For Non-USD Countries (e.g., Philippines, Mexico, Peru): Do not use a USD-denominated account. Ensure your account matches your local currency (Peso, Soles, etc.).

By adhering to these guidelines, Remote Team Members can ensure smooth and reliable payouts from Stripe.

We Are Here to Help

If you have questions, our support team is ready to assist you.

Contact VPM Support