Best Multi-Currency Business Accounts

Explore the best multi-currency accounts for businesses.

Updated: April 3, 2024
Matt Crabtree

Written By

Matt Crabtree

|
Rachel Wait

Edited By

Rachel Wait

 

If you're considering expanding your business by starting to operate internationally, you may be wondering what you need.

Your traditional business bank account might not have the right features or the fees might be too high to start trading internationally. In which case, you could be better off looking for a multi-currency account.

Multi-currency or foreign currency accounts aren't just for personal use. You can open a business multi-currency account and send and receive payments worldwide. 

Some multi-currency account providers will enable you to have separate balances for different currencies, for example, one for GBP, another for US dollars and one for EUR. The currencies your new account can hold will depend on your chosen provider.

In this article, you'll learn all about business multi-currency accounts, and we'll share the top six currency accounts on the market.

ServiceScoreRegister
1. Revolut Business★★★★★Click Here
2. Starling Bank★★★★★Click Here
3. Equals Money★★★★Click Here
4. Airwallex★★★★Click Here
5. Payoneer★★★★Click Here
6. NatWest★★★★Click Here

Multi-Currency Business Accounts Pros and Cons

Take a look at our summary of the pros and cons of multi-currency business accounts.

Pros

✔️ Multiple currencies: A multi-currency account allows you to manage numerous currencies simultaneously, and you can send and receive them, too.

✔️ Simple online banking: You can control your international payments from one online bank account. Some multi-currency account providers also offer accounts for everyday banking, so you don't have to use more than one bank account for your business.

✔️ Competitive exchange rates: Many foreign currency accounts allow business owners to take advantage of competitive exchange rates, which you won't always get with a high street bank account.

✔️ Quick international transfers: Most multi-currency accounts offer fast international transfers, so you and your business customers don't have to wait too long for transactions and payments to clear.

Cons

❌️ Exchange rates fluctuate: If the provider you go with has live exchange rates, you could get a higher price one day and a lower one the next.

❌️ Transaction fees: There are usually no fees when sending and receiving payments from a local bank account. However, there may be conversion charges if you're sending payments in another currency.

❌️ Multiple business accounts: If you've already set up a business account that only allows one currency, you'll have to set up a new account specifically for global payments. Managing multiple accounts at once may be challenging, but you can switch bank accounts to one that offers all local and international transactions. 

Best Foreign Currency Accounts for Businesses — Reviews

Here are top 6 foreign currency accounts for businesses:

1. Revolut Business: One Platform for All Business Transactions

  • Monthly fees: £0 to custom, depending on the plan
  • Exchange rate: Live competitive exchange rate
  • Supported currencies: 25+
  • Supported countries: 39

With Revolut Business account, you can transfer money around the world at competitive rates.

You can send and receive payments in more than 25 currencies worldwide and use your business account to spend locally in 150 currencies.

A Revolut business account is an all-rounder. You can carry out your everyday expenses and multi-currency transactions, so all your business finances are in one place, and you don't need a separate account for foreign currencies. There are several different plan types to choose from, some of which charge a monthly fee.

Opening a basic business account with Revolut has no monthly fee and gives you access to invoice tracking, and five free local payment allowances. But you'll need to pay for all international transfers. Alternatively, if you pay a monthly fee for your account, you'll get a monthly allowance for fee-free international transfers.

2. Starling Bank: Multi-Currency Accounts for Businesses

  • Monthly fees: Vary between accounts, from £0 to £7 per month
  • Exchange rate: Live exchange rate plus 0.4% conversion fee
  • Supported currencies: 19
  • Supported countries: 34

It's easy to open a business account with Starling Bank and transfer money to bank accounts in 34 countries (fees apply).

The main business bank account has no monthly fee, although you can choose to pay £7 a month for the Business Toolkit feature. This offers tools to help you create invoices and record VAT.

You can also choose to open a Euro business account for £2 a month or a US dollar account for £5 a month. All Starling Bank accounts have money management features that help your business grow, such as spaces for separating tax from overheads and instant payment notifications.

You can also use your Starling debit card abroad and no foreign transaction fee will apply.

3. Equals Money: Multi-Currency Business Account

  • Monthly fees: Depends on the business type
  • Exchange rate: Based on volumes
  • Supported currencies: 140
  • Supported countries: 190

With Equals Money, you can open multi-currency accounts to help you manage business transactions worldwide.

You can send and receive money around the globe, though fees apply, and you can spend on your card in 15 major currencies for free. You can order cards for team members and control spending and block ATM withdrawals. You'll also benefit from cashflow management and budgeting tools.

The main business account costs £50 a year, but there is a free account for non-profits and charities, and a Business Plus account where the fee will depend on your business requirements.

4. Airwallex Multi-Currency Business Account

  • Monthly fees: No fees
  • Exchange rate: 0.5% above interbank exchange rates
  • Supported currencies: 46+
  • Supported countries: 150+

With Airwallex, you can open domestic and foreign currency accounts in minutes.

There are no account opening fees, monthly maintenance charges or minimum transaction requirements. You can streamline global cash management by converting held balances to different currencies. With Airwallex, you can eliminate unnecessary conversion fees by receiving payments in the same currency paid by your business customers.

When you switch currencies, you can get global account details for GBP, EUR, USD, AUD, and HKD with a 0.5% to 1% conversion fee. You can get local bank account details for major currencies to make receiving international payments seamless.

5. Payoneer: Online Payment Processing Platform

  • Monthly fees: None
  • Exchange rate: Mid-market rate with a single 0.5% fee
  • Supported currencies: 70
  • Supported countries: 190+

If you run a business that offers services abroad, you could consider Payoneer for all your global payments.

As well as the business account, there is also a freelancer account. You can get local bank details for major global currencies, including GBP, EUR, and USD, and you can hold currencies in your global business wallet.

It's quick and easy to exchange currency, with rates based on the mid-market rate with a single 0.5% fee. You can lock in your conversion rate for 2 minutes before carrying out the transaction.

As you'll have local account details, you can get paid quickly and simply as if you were a local, and you'll be able to receive payments from local bank accounts in over 190 countries worldwide.

6. NatWest: Personal Accounts and Business Accounts

  • Monthly fees: None
  • Exchange rate: Competitive rates
  • Supported currencies: 25
  • Supported countries: 100+

If you're looking for a high street bank that offers you a currency account, NatWest is worth a look.

The NatWest currency account allows you to make electronic transfers in multiple currencies around the globe. All costs are transparent, so you'll know exactly what you'll need to pay before making the transaction. You can also get a cheque book or overdraft facility in most currencies. A sterling account will be opened alongside your currency account.

To open an account, you'll need to call the NatWest business team on 0345 711 4477.

The Verdict

Whether you create a new currency account for your business or sign up for a bank account that does it all, using one of the bank accounts from the list above will help you make international business payments with ease, enabling you to trade around the world.  

Related Guides:

Best Multi-Currency Business Accounts: FAQs

What Is the Best Business Account for Foreign Currency?

What Are Multi-Currency Accounts?

Can You Open a Foreign Currency Account in the UK?

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