Banking & Payment Setup

In This Section, You Will Learn:

• • Business banking options for Pakistanis
• • Setting up Wise Business account
• • Payoneer Business vs Wise comparison
• • Connecting bank to TikTok Shop
• • Withdrawing to Pakistani bank
• • Tax considerations

Business Banking Options

• Why You Need Business Bank Account:
• • TikTok Shop requires business bank details
• • Separates personal and business finances
• • Professional payment processing
• Best Options for Pakistanis:
• • Wise Business: Recommended – easy setup, low fees
• • Payoneer Business: Alternative option
• • Traditional UK Bank: Difficult from Pakistan
• Requirements:
• • Registered UK/US business
• • Company registration documents
• • Director passport (yours)
• • Proof of address

Setting Up Wise Business

• Why Wise is Best:
• • No monthly fees
• • Real UK/US bank account numbers
• • Multi-currency accounts
• • Easy verification for non-residents
• • Low withdrawal fees to Pakistan
• Step-by-Step Setup:
• 1. Go to wise.com/business
• 2. Register with company details
• 3. Upload company documents
• 4. Verify director identity (passport)
• 5. Wait for approval (2-5 days)
• 6. Activate USD and GBP accounts
• You'll Receive:
• • UK account number and sort code
• • US account and routing number
• • EUR IBAN (if needed)

Wise vs Payoneer Business

• Wise Business:
• • Monthly fee: $0
• • Currency conversion: 0.5-1%
• • Withdrawal to PKR: ~1-2%
• • Holds multiple currencies
• • Debit card available
• Payoneer Business:
• • Annual fee: $29.95
• • Receiving fee: 0-1%
• • Withdrawal to PKR: ~2%
• • Good for marketplace payouts
• Recommendation:
• Use Wise Business for TikTok Shop – simpler, cheaper.
• Have Payoneer as backup for other platforms.

Connecting to TikTok Shop

• In TikTok Seller Center:
• 1. Go to Settings → Bank Account
• 2. Choose 'Business' account type
• 3. Enter Wise bank details:
• – Account holder: Your company name
• – Account number: From Wise
• – Sort code (UK) or Routing number (US)
• 4. Verify with micro-deposit (if required)
• Payout Settings:
• • Choose payout frequency (daily/weekly)
• • Set minimum payout threshold
• • Funds arrive in Wise in 1-3 days
• Important: Business name on TikTok must match Wise exactly

Withdrawing to Pakistan

• From Wise to Pakistani Bank:
• • Conversion: GBP/USD → PKR
• • Fee: ~1-2% total
• • Time: 1-2 business days
• • Direct to any Pakistani bank
• Supported Banks:
• • HBL, MCB, UBL, Meezan, Allied
• • Most major banks work
• Tax Considerations:
• • Foreign remittance is legal
• • Keep records for tax purposes
• • Consider consulting tax professional
• • Pakistan has favorable freelancer tax regime
• Pro Tip: Withdraw when exchange rate is favorable