Best multi-currency business accounts
Discover what multi-currency business accounts are, how to get one and whether it's worth applying for.
If you travel abroad a lot for work or have a business that deals internationally, it’s definitely worth considering a multi-currency bank account.
Latest reviews of business accounts with multi-currency features
What is a multi-currency business account?
A multi-currency business account is an account that allows you to hold balances in multiple currencies. There are multi-currency bank accounts that allow you to have separate balances for pounds, US dollars and euros, for example.
This stops you having to pay foreign exchange fees when making a payment in a different currency, provided your balance is high enough. It also lessens the odds of your customers having to pay foreign exchange fees when you are able to accept multiple currencies.
How does a multi-currency business account work?
A multi-currency business account usually has one account number, IBAN and SWIFT code. This way, payments can be made and received using a single account. This means that, as well as cutting down on the admin involved in opening and maintaining business account in several currencies, you’ll usually save on foreign exchange fees.
How to get a multi-currency business account
You’ll apply the same way you would apply for any other business account. In most cases, you’ll be able to apply online, over the phone or in-branch.
With that said, a lot of the multi-currency business accounts on the market are provided by online-only business bank accounts.
Who is it for?
It’s suitable for any businesses that deal internationally, and therefore receive and make payments in multiple currencies. If you only trade in pound sterling, this isn’t a feature you need to look for in your business current account.
If you travel overseas to make in-person business payments, a multi-currency card will also prove useful, as most multi-currency business accounts offer low fees and great rates on all overseas transactions.
Pros and cons
- Avoids foreign exchange fees. These types of accounts enable you to hold balances in multiple currencies, reducing the need for your bank to charge you for converting payments into different currencies.
- Competitive exchange rates. Most of these accounts pride themselves on offering the best foreign exchange rates on other currencies.
- Reduces admin time. These types of accounts reduce the amount of time you’ll need to spend tracking payments from overseas customers or checking payments to international suppliers are made from a particular account.
- Extra fees. Some banks will charge an extra monthly fee for you to add multiple currencies to your account.
- Some business accounts already offer strong exchange rates. A few business current accounts, particularly the likes of Starling, already offer decent exchange rates when converting payments made to you from overseas.
- Limited choice. There aren’t that many multi-currency business accounts available to small and medium-sized businesses.
If your business is consistently making overseas transactions, a multi-currency business account can be a good idea. In the long run, this can save you a great deal of money in foreign exchange fees.
To get the best value from a multi-currency business account, make sure you find an account that can meet your needs, while charging as little as possible in extra account maintenance fees. Currently it’s difficult to find a multi-currency business account that doesn’t charge any maintenance or transaction fees, so keep this in mind when shopping around.
The more overseas business your company does, the more benefit you’re likely to get from using a multi-currency business account.
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