To merchants who are leveraging their business on Shopify, the process of withdrawing earnings becomes a focal point of financial strategy. It is essential for maintaining healthy cash flow, reinvesting in your business, and meeting operational needs. Whether you are restocking inventory, paying suppliers, or investing in marketing campaigns, the fluidity with which you can access your funds directly impacts your business’s agility and growth potential.
Moreover, staying vigilant about the withdrawal process helps you navigate various transaction limits, avoid unnecessary fees, and understand the nuances of different account types. In a platform that saw over $319 billion in sales, the significance of efficiently managing your earnings cannot be overstated. It’s not just about withdrawing money; it’s about strategically managing your resources to fuel continuous growth and success in the competitive landscape of e-commerce.
In this guide, we delve into the essential aspects of withdrawing money from Shopify, providing you with the knowledge and tools to streamline this process, ensuring that you can focus on what you do best – growing your business.
Shopify Balance Account Transaction Limits
When you do business on Shopify and receive payments from your customers, those payments are credited to your Shopify Balance account. This is a type of account that helps you manage your store’s finances, similar to an electronic wallet linked directly to your store. Withdrawing money from Shopify means transferring funds from this account to your bank.
Shopify offers different account types, each with its own set of transaction limits, designed to support businesses of varying sizes and operational needs. From the standard Shopify Balance account to the advanced Shopify Balance Enterprise option, these limits apply to both sending and receiving funds. Below is a breakdown of the transaction limits for each account type.
| Account Type | Daily Send Limit | Weekly Send Limit | Monthly Send Limit | Daily Receive Limit | Weekly Receive Limit | Monthly Receive Limit |
| Shopify | $50,000 | $100,000 | $500,000 | $1,000,000 | $5,000,000 | $20,000,000 |
| Shopify Pro | $100,000 | $250,000 | $1,000,000 | $2,500,000 | $10,000,000 | $40,000,000 |
| Shopify Enterprise | $250,000 | $500,000 | $2,500,000 | $5,000,000 | $20,000,000 | $80,000,000 |
Send limits
- The send limit is the maximum amount of money you can send from your Shopify Balance account in a given period of time.
- You can send money to your bank account, other Shopify Balance accounts, or external payment processors.
Receive limits
- The receive limit is the maximum amount of money you can receive into your Shopify Balance account in a given period of time.
- You can receive money from your customers, other Shopify Balance accounts, or external payment processors.
Increasing your limits
If you need to increase your transaction limits, you can contact Shopify support. They may be able to increase your limits based on your business volume and risk profile.
Here are some additional things to keep in mind about Shopify Balance account transaction limits:
- The limits are subject to change at any time.
- Shopify may temporarily lower your limits if they suspect that your account is being used for fraudulent activity.
- You can view your current transaction limits in the Shopify Balance app or on the Shopify Balance website.
Fee and Charge when Withdraw Money from Shopify
There are no fees to withdraw money from Shopify Balance to your bank account. However, there may be fees associated with withdrawing money to other destinations, such as other Shopify Balance accounts or external payment processors.
For example, PayPal charges a 3% fee for withdrawals to bank accounts.
In addition to the fees listed above, there may also be fees associated with converting currency when withdrawing money from Shopify Balance. For example, if you withdraw money from your Shopify Balance account to your bank account in a different currency, you will be charged a currency conversion fee. The fee will vary depending on the currency exchange rate.
You can view the current currency exchange rates on the Shopify Balance website.
Step by Step Guide to Withdraw Money from Shopify
Withdrawing money from your Shopify Balance account is a straightforward process that can be completed in a few simple steps. Here’s a step-by-step guide on how to withdraw money from Shopify:
Step 1: Log in to your Shopify account
- Navigate to the Shopify login page.
- Enter your Shopify account email address and password.
- Click the Log in button.
Step 2: Access your Shopify Balance
- From your Shopify dashboard, click on the Settings tab.
- Select Payments from the dropdown menu.
- Click on Payouts to manage your Shopify Balance and initiate withdrawals.
Step 3: Review your available balance
Under the Payout settings section, you’ll see your current Shopify Balance available for withdrawal. Ensure the balance is sufficient to cover the amount you intend to withdraw.
Step 4: Select your payout method
Click on the Manage payout methods button. Choose the preferred payout method for receiving your funds. Options may include:
- Direct bank transfer: Link your bank account to Shopify for direct payouts.
- PayPal: Transfer funds to your PayPal account.
- Other payment processors: Check for supported third-party processors.
Step 5: Initiate the withdrawal process
- Click on the Request payout button.
- Enter the desired withdrawal amount.
- Confirm the payout details, including the selected payout method.
- Review the terms and conditions and check the agreement box.
- Click on Confirm payout to initiate the withdrawal process.
Step 6: Monitor the withdrawal status
You’ll receive a confirmation email notifying you of the withdrawal request. The withdrawal processing time may vary depending on the chosen payout method. Once the withdrawal is complete, you’ll receive another email notification. Check your bank account or chosen payout method to confirm the receipt of funds.
Common Issues When Withdraw Money from Shopify
While specific issues may vary, below are some common problems merchants encounter when withdrawing money from Shopify, along with potential solutions.
Delayed Transfers
Sometimes, withdrawals might take longer than expected due to bank processing times or Shopify’s internal processes.
Solution: If the delay is unusual, contact Shopify support for clarification.
Incorrect Bank Details
Entering incorrect bank details can lead to failed transactions.
Solution: Double-check your bank details before initiating a withdrawal. If a mistake is made, update the information and reinitiate the transfer.
Exceeding Withdrawal Limits
Each Shopify account type has its own withdrawal limits.
Solution: Be aware of your account’s limits. If necessary, plan withdrawals accordingly or contact Shopify to discuss limit adjustments.
Currency Conversion Issues
When withdrawing in a different currency, conversion rates and fees may apply.
Solution: Review Shopify’s currency conversion rates and consider withdrawing in your local currency to avoid additional charges.
Account Verification Issues
Withdrawals can be delayed due to incomplete account verification.
Solution: Ensure all required verification documents and information are up to date.
Technical Glitches
Occasional technical issues on Shopify can affect withdrawals.
Solution: Try again later. If the issue persists, contact Shopify support.
Read more:
3D Secure Shopify: Boosting Payment Security for E-commerce Success
Tips and Tricks for Faster and Seamless Withdraw Money from Shopify
To ensure a faster and smoother withdrawal process, consider the following tips:
- Use electronic funds transfers (EFT): EFTs are faster than manual checks.
- Schedule regular transfers: Weekly or bi-weekly payouts help avoid large delays.
- Keep your bank details updated: Verify routing numbers, account numbers, and account holder names regularly.
- Monitor your Shopify Balance: Plan withdrawals ahead to ensure sufficient funds.
- Split large withdrawals: Smaller transfers reduce the risk of rejection.
- Notify your bank for large payouts: Prevent holds or delays.
- Use real-time payout tracking: Monitor withdrawal status directly in Shopify Balance.
- Contact Shopify support when needed: They can assist with verification and troubleshooting.
Read more: Shopify Help: Your Ultimate Guide to Getting Assistance
Track and Monitor Shopify Balance Transfer
Tracking your Shopify Balance transfers helps maintain accurate financial records and identify discrepancies.
Shopify Balance Overview
- Log in to your Shopify account and navigate to Finances.
- Click Balance in the sidebar.
You’ll see your current balance, recent transactions, and upcoming payouts.
Transaction History
- On the Balance dashboard, click View all transactions under Cash flow this month.
- Filter by date, type, or status.
- Click any transaction to view details such as transfer method, recipient, and fees.
Payout Status Tracking
- From the Balance dashboard, click Manage account.
- Under Payouts, select View all payouts.
- Check payout status (pending, processing, completed) and estimated dates.
Reconciliation with Bank Statements
- Download your bank statements.
- Match them with Shopify Balance transactions.
- Resolve discrepancies promptly.
Leverage Accounting Software
Use accounting software that integrates with Shopify Balance to automate reconciliation and streamline financial management.
Final Thoughts
Withdrawing money from Shopify is a vital part of managing your e-commerce finances. Understanding transaction limits, fees, payout methods, and tracking tools allows you to maintain healthy cash flow and operational efficiency.
By staying informed, proactive, and organized, you can leverage Shopify’s financial ecosystem to support sustainable growth and long-term success.
