Making payments to foreign suppliers and consumers can be a headache for any company.
Some business bank accounts might not permit foreign transfers, while others that do might charge high fees. However, with the rise of challenger banks, there are now many online providers that offer multi-currency business bank accounts and low-cost international transfers.
So, if you're happy to bank online, this might offer your business a suitable solution. Let's take a look at some of the best options for international business accounts.
We've also factored in exchange rates, transfer fees and monthly costs so you have a clearer idea of what account is best suited for you.
| Provider | Score | Details |
|---|---|---|
| 1. Revolut Business | ★★★★★ | Learn more |
| 2. Wise | ★★★★★ | Learn more |
| 3. Payoneer | ★★★★★ | Learn more |
| 4. Novo | ★★★★★ | Learn more |
| 5. Brex | ★★★★★ | Learn more |
| 6. Monese | ★★★★★ | Learn more |
| 7. Starling Bank | ★★★★★ | Learn more |
| 8. N26 | ★★★★★ | Learn more |
| 9. Soldo | ★★★★★ | Learn more |
At a Glance, Pros and Cons
Let’s look into the pros & cons of opening an international business bank account.
| Pros | Cons |
|---|---|
| ✅ You can often hold, send and receive funds in a wide range of currencies from the one account. | ❌ Opening a foreign business bank account might be challenging without a physical presence in the country. |
| ✅ Opening an international business bank account can cut the cost of foreign payments. | ❌ Some accounts lack protection under the Financial Services Compensation Scheme (FSCS). |
| ✅ Payments made with an international business account are often completed quickly. | ❌ Contacting customer support with overseas banks may be difficult due to time zone and language barriers. |
Best international business accounts
Exactly what is a foreign currency business account?
Banking as we know it has evolved with the help of fintech companies. So, what exactly is a foreign bank account?
Financial institutions and mobile banking apps that let you carry out international money transfers and hold funds in multiple currencies are included.
Business owners who don't live in the nation where their company is based may still take advantage of them since they are often simple to operate online.
Provider | Monthly Cost | Exchange Rate Cost | Transfers Fees | Overdraft |
|---|---|---|---|---|
1. Revolut Business | From £0 | Depends on the plan | Depends on the plan | No |
2. Wise | £45 (one-off payment) | From 0.43% | From 0.43% | No |
3. Payoneer | Free | 0.5% | 1-3% | No |
4. Novo | Free | £0 | £0 | No |
5. Brex | From £0 | N/A | N/A | No |
6. Monese | £9.95 | From 0.5% | £0 | No |
7. Starling Bank | From £0 | 0.4% | £0 | Limited Companies and LLPs only |
8. N26 | From £0 | Depends on the plan | £0 | Yes |
9. Soldo | From £21 + VAT | 1% | £0.75 | No |
1. Revolut Business — Best international platform for businesses
If your company does business on a worldwide scale, a Revolut Business account is certainly worth considering. It enables you to send, receive and exchange money in 25+ currencies and you can provide free debit cards to your employees.
You can pay like a local and spend effortlessly with your Revolut card in 150+ currencies with no hidden fees.
Revolut is a bank in some regions, including the EEA (European Economic Area). Revolut Bank UAB holds a full banking licence in Lithuania, allowing it to offer cross-border banking services to its business customers in the EEA. But Revolut is not a bank everywhere yet, including in the UK. This means there is no FSCS protection.
There are several plan types to choose from with Revolut. The basic plan has no monthly fee, but you'll need to pay a fee for all international transfers. If you are happy to pay a monthly fee for your plan, you'll be given a monthly allowance of fee-free international transfers — the more expensive your plan, the higher the allowance.
- Fee depends on the plan you use.
- Revolut uses a real-time exchange rate. Fees will depend on your plan type and day of the week.
- Available in the UK, United States, European Union/European Economic Area, and Switzerland.
To learn more, read our comprehensive review of Revolut Business. Benefits include:
✔️ Keep and trade 25+ different currencies.
✔️ Allows you to collect payments directly from your website.
✔️ Distribute business credit cards and oversee employee spending.
✔️ Access to a bespoke API and advanced team features.
✔️ Share data with business applications and finance programmes.
✔️ Both local transfers and international wire transfers are unrestricted.
2. Wise — Top pick for bank account information
You can send and receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD into your Wise Business bank account (featuring a debit card) to 50+ countries.
You'll be able to issue invoices in 10 different currencies, withdraw funds from online businesses in multiple currencies, and collect payments without any hassle. Convert your foreign currency earnings into local currency at competitively low rates, potentially saving you hundreds of pounds compared to using a high street bank.
One of Wise's best features is that it shows you the exact currency rate it's using for your transfer at all times. The conversion fee will depend on the currency, with more popular currencies costing less to convert. Fees start from 0.43%.
- Wise allows you to convert currencies at the mid-market rate.
- An initial membership fee of £45.
- Multi-currency support.
- Accessible in the United Kingdom, European Union/European Economic Area, Liechtenstein, Norway, and Switzerland.
Benefits include:
✔️ Locate account information in 10 different currencies (USD, GBP, EUR, etc.).
✔️ Pay bills and wages with ease.
✔️ Hold 40+ currencies.
✔️ Connect to accounting management tools.
✔️ No recurring costs.
✔️ £45 initial fee.
3. Payoneer — Free to join
It costs nothing to join up for a Payoneer account, and once you do, you'll be able to receive funds in several currencies. These include US dollars, British pounds, euros, Australian dollars, Canadian dollars, Singapore dollars, Hong Kong dollars, UAE dirham, Chinese yuan, and Japanese Yen.
You can accept payments from consumers across the globe when you use Payoneer since it converts your earnings into their native currency. If you want to transfer funds abroad, Payoneer will convert your money at the current mid-market exchange rate.
Payoneer's set price of up to 3% per international transfer is slightly high, however.
- Receive funds in a range of currencies.
- Signing up won't cost you a penny.
- Distribution is worldwide.
Reasons to use:
✔️ Provides a mid-market rate for foreign currency conversion.
✔️ Convert foreign currency at a reasonable exchange rate.
✔️ Transfer Payoneer funds straight to HMRC for VAT in the UK.
✔️ Finance day-to-day operations and maintain stable cash flow.
✔️ Support in several languages is available at all times.
What are the best international business bank accounts for British nationals that have set up shop in the US?
Let's move on to look at the top two international business bank accounts open to residents of the United States, as well as foreign nationals who own or run a business in the United States.
In order to create an account with one of these commercial banks, your company will need to be recognised as a legal business entity in the United States.
4. Novo — Best American jack-of-all-trades
It's possible to open an account with Novo in just 10 minutes. There are no monthly fees and no minimum balance requirements.
You can have either a physical or virtual Mastercard with the account, and there are no fees to use it for spending purposes or ATM withdrawals overseas. With Novo, you can keep tabs on your sales and balances from many marketplaces and payment processors, including Stripe, Etsy, and Amazon.
Novo, backed by Middlesex Federal Savings F.A., lets you link your account to bookkeeping software. Plus, with the help of Wise, the online banking platform can now send out international wire transfers at the market rate.
- Small company account.
- Free to join.
- Notable features include no-fee money transfers and ATM withdrawals.
- Available in the US.
5. Brex — Popular for teams
Brex is an integrated finance platform for expanding businesses. Brex does not charge any fees, whether for account maintenance, ACH transfers, local wires, or international wires.
Unlike Revolut Business, Brex does not provide foreign exchange services, but it does provide a superior platform for controlling teams' collective card usage.
You'll be given a Mastercard for team members and you can set and control spending limits. Brex cards can be issued in a range of currencies and countries, so you can avoid foreign transaction fees.
Integration with widely used programmes like QuickBooks, Xero, and Slack is a breeze. Its spend management software is also noteworthy since it lets you set spending budgets for teams and departments and notifies you of any spending abnormalities.
- Current accounts.
- Free to join.
- Cards in more than 20 currencies.
- Available in the US.
What are the top UK-based business banking options for overseas transactions?
Let's take a look at the top international business bank accounts that are open to company owners in the UK and beyond.
If you're a limited company, you'll need documentation from the UK's Companies House to create an account in this category.
6. Monese — Top Choice for UK-Based SMEs
To open this account, you need to be UK registered and the sole director of the company which needs to be listed on Companies House.
It's easy to set up a Monese business account and you'll have a free personal account to run alongside it. You can send and receive money from more than 30 countries, although a fee will apply. Transfers between Monese accounts are free of charge.
You can also use the app in a range of different languages.
- Fee of £9.95 a month.
- Send money to more than 30 countries.
- Available in the UK.
7. Starling Bank — Authorised UK Financial Institutional Neobank
Businesses based in the United Kingdom may benefit most from using a Starling Bank business account, whether you're a sole trader or limited company.
Within the UK, sending and receiving Sterling (£) is completely free. There are no service charges applied when paying with sterling or getting cash from an ATM. There are also no fees for using your card abroad.
On top of this, you can open a US dollar account for £5 a month or a Euro account for £2 a month.
Transferring British pounds overseas will incur fees. Transfer fees are 0.4%, and Starling Bank will use the currency rate shown on the app's international payments page to do the conversion. There will be a fee of £5.50 added to your total if you choose to pay with SWIFT.
- Current UK accounts.
- No monthly fee.
- No fee for using your card overseas.
- Availability: UK.
What about the top EU Banks for international business transactions?
Let's have a look at the international business banking accounts for those in the EU.
8. N26 Business — Great for EU Freelancers and Independent EU Contractors
N26 Bank, one of the leading European online banks, provides a business account that is functionally equivalent to its personal banking offering.
N26 is a popular digital bank due to its low costs and slick mobile and web interface. You can't open a business bank account in your company's name, but freelancers and self-employed EU nationals can open a N26 Business account.
This business account may be a useful tool for freelancers in the EU who want to keep their personal and professional finances separate. Note that you can't have a personal account and a business account at the same time with N26.
There are four plans to choose from, one of which has no monthly fee.
- Monthly fees of €0 to €16.90.
- Cashback, free payments worldwide and travel insurance are all noteworthy features.
- Availability: Europe (EU).
What about top-rated international accounts for global companies?
In this last group, you'll find service providers that offer software to help you better manage your business finances.
Freelancers and established businesses with a high volume of transactions may benefit most from using these services. You may save time and effort on mundane financial tasks by using their technology to automate your processes and free up resources for more important strategic planning.
9. Soldo — Popular for boosting profitability through increased efficiency
Soldo bank is a prepaid company card and automated expenses platform. Its company cards let you control your business expenses and who spends company money.
The app can be easily customised to fit the unique needs of your firm. You'll be able to control costs associated with things like advertising, subscriptions, staff expenditures, and travel.
Also, you can issue cards and wallets in three different currencies (GBP, EUR, and USD), making them useful for any firm with operations on both sides of the Atlantic. (This is only available to Premium and Enterprise customers.)
There are no fees for using your card for domestic transactions, but a 1% foreign exchange fee applies.
There are three plan types. The Standard account charges £21 a month + VAT, the Plus account £33 a month + VAT, and the Enterprise account has custom pricing for medium and larger businesses needing dedicated support.
- Choose your card currency.
- Create temporary virtual cards if needed.
- Available to those in the UK and EEA.
Britain’s Top International Business Accounts — Buying Guide
Let’s explore these services further.
So, what exactly is an “International Business Account”?
An international bank is a bank that provides services to customers in several countries and multiple currencies. Some of the features offered by global business banking accounts are:
- Use accounts in several currencies.
- Make international payments to overseas suppliers and clients.
- A debit card that doesn't charge you extra for using it abroad.
Each international bank has its own rules and strategies for working with either independent professionals or established businesses as customers for international business banking.
International A-List banks that offer business accounts
Some high-street banks offer international services and have branches across the globe.
However, their registration procedure can be lengthy, making these accounts harder to access. They might also have poorer exchange rates and charge high fees for transferring money abroad.
You can open an international business bank account with any of the following reputable institutions from the United States or the United Kingdom:
- JPMorgan
- Ally Bank 360
- HSBC
- Citibank
- Barclays
- Bank of America
- C. S. Schwab
Each will feature particular services and incentives, such as financial management.
Learning about fees and exchange rates 📁
Currency conversion rates and associated fees are crucial factors to consider when selecting the best foreign business bank account.
When you make an international money transfer, the receiving bank will convert your cash based on the current exchange rate. However, these rates may vary widely amongst financial institutions, with some even charging commissions to convert currencies.
Finding the most competitive foreign exchange rates and fees requires researching and comparing the offerings of various financial institutions. Keep in mind that the rates shown on a bank's website may not be the actual rates you get when completing a transfer due to extra fees and charges imposed by the bank.
Dealing with foreign exchange fees…
It's important to check what fee you might be charged for carrying out foreign exchange. Banks charge these costs whenever money is sent internationally, and they may vary widely across institutions.
Fixed costs or a percentage of the total transfer amount are two common types of international transaction fees. There may also be costs for using an intermediate bank or carrying out a SWIFT transfer at a particular financial institution.
What support should you expect?
The quality of banks' customer service varies widely. Some financial institutions provide customer service through phone, email, or live chat around the clock, while others are only available during regular business hours or during certain time zones.
Finding the best customer assistance requires thinking about what your company needs and how much help you'll really need. If your business spans numerous time zones or involves regular cross-border transactions, you may want to look for a provider that offers 24/7 support.
Leading international business accounts: The Verdict
Although it is a challenger bank and not a registered bank, Revolut offers some of the best rates and most competitive fees for international transfers.
Wise is another viable choice, despite being a simpler account with fewer features than Revolut.
However, it's important to compare each account carefully, looking at exactly what features it offers and what you might be charged or carrying out international transfers or spending abroad. Each company has different requirements, so you need to find an account that works best for you.
