Multi-Currency Accounts Guide: Best Foreign Currency Account

The need for multi-currency bank accounts is on a constant incline as many more people, and businesses, consider themselves international - their suppliers, clientele, or simply centre of life is handled in a different currency and their current bank isn't apt for the task.

The best multi-currency accounts in UK are accessible for customers also outside the UK and offer a simple and smooth online solution that will enable vast saving when it comes to currency exchanges compared to banks (charging upwards of 3% for a currency exchange) and online payment apps like PayPal (charging up to 5%). The best solutions for a multi-currency account will also simplify and pace up payment processes by using edge-cutting tech.

 

Types of Multi-Currency Accounts ↔️

Payments

If you need to send or receive payments from abroad, you could use a currency broker to accept the funds on your behalf domestically and transfer them to your account domestically in Sterling with minimal currency fees. You won’t to do any excessive reporting on owning a foreign bank account, as the broker will just be a “middle-man” in the deal.

Business FX

If have foreign exchange requirements for your business, then you could look into brokers who specialise in businesses. You can send and receive business payments, set up a multi-currency receiving account, but also book FX hedging, speak directly to a corporate FX specialist, and make or receive complex payments. Premium level service and security.

Multi-Currency Card

If you simply need a balance in multi-currencies attached to a multi-currency card, and your main objective is to travel for cheaper and save up on currency exchanges when out of your country, then you could use fintech multi-currency account solutions (non-banks). Exchanging currencies and withdrawing is easy and the card’s balance automatically adjusted based on the currency charged.

Collection Account Abroad

If you need a multi-currency balance for your business (including online sellers and sole traders) as you are receiving a lot of payments from abroad in various currencies + want to DIY with the best exchange rates, then there are “online business” oriented services available for you with ability to hold balances in dozens of different currencies and as low as 0.15% currency exchange fee.

Savings Account + Borrowing

If you are looking for a bank that will allow you to deposit funds into a savings account or allow you to borrow, then you must use an actual bank with a banking license. Payment companies aren’t allow to offer investment products, or lend money, to customers (unless hold a banking license).

Cash Foreign Cheques

If you inquired about a multi-currency account to deposit a foreign cheque then you should be aware this is a problematic process that may be very expensive and long, and isn’t necessarily by multi-currency account providers in UK. Brokers can help prospective customers  (with some legwork).

Best Multi-Currency Virtual Bank Account Comparison

View our foreign currency account comparison below – Updated for: July 2022

#1
UK Multi-Currency Bank accounts available in UK, EU, Poland, Australia, NZ and and USA + Debit Card 💳. Best App 📱.
UK Offices:
Tea Bldg, 6th The, 56 Shoreditch High St, London E1 6JJ, but have many more offices globally (in Europe, North America, Australia and Asia)
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
€1
Why Them?
  • Bank accounts available in UK, EU, Poland, Australia, New Zealand and USA but you can hold money in 50+ currencies
  • Most recognisable name in money transfers and multi-currency account, serving millions of customers and traded on the London Stock Exchange
  • Very transparent about its fees which are generally among the cheapest for both private clients
+Read more
#2
UK Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
Local UK Offices:
The White Chapel Building, 10 Whitechapel High St, London, E1 8QS. Headquartered in Australia, have offices in Asia, USA, Canada, EU and more.
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
£100
Why Them?
  • Multi-currency Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
  • Traded Publicly in the Australian Stock Exchange. A prominent and well-know company with excellent reputation in Australia operating for 20+ years. Boasting more than £20bn in annual turnover, across all five continents.
  • Diverse offering combining the good parts of all other compabies - transfer money abroad, receive funds, multi-currency accounts, corporate foreign exchange, ecommerce intergration, online system and a friendly app.
+Read more
#3
UK Best for eCommerce Sellers 🛒: Potentially the Best Rates
Headquarters:
Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4QP
95.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
Min. annual volume of £1,000 - **Only Accepting Business Clients and Online Sellers**
Why Them?
  • Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)
  • FX Margins from 0.15% to 0.5% per transaction, potentially cheaper than competitors like TransferWise (Wise). No fixed payment fees or receiving fees.
  • Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay). Easy integration with any eCommerce platform, and Amazon recommended solution for currency exchanges.
+Read more
#4
UK Best for Corporate Foreign Exchange Payments
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
Min. annual volume of £5,000 - **Virtual Bank Accounts for Business Clients and Online Sellers - But Send and Receive Payments Available for Private Cusotmers**
Why Them?
  • Operating since 1979 - the first commercial foreign exchange space. Specialising in businesses - corporations and small businesses. Each business customer with volume of £5,000 is assigned with a dedicated currency dealder, demonstrating very high level of professionalism and excellent availability.
  • Virtual IBAN bank accounts available in UK, EU and USA - but you can use Moneycorp to receive foreign exchange payments from everywhere in the world.
  • 98% satisfaction based on online customer review. Many customer and business awards.
+Read more

Additional Multi-Currency Solutions on the Market

In addition to the above companies offering the best multi-currency solutions for businesses, the following companies also have a multi-currency solution:

  • SpartanFX runs a multi-currency solution using their payment platform (Currency Cloud).
  • Payoneer has been a pioneer of multi-currency accounts for businesses and sole-traders. Specialising more in accounts receivable than payments.
  • Revolut offers a form of a multi-currency account, combined with a debit card to spend multi-currency account balances around the world.
  • Kantox offers foreign payment collection accounts.
  • VFX Financial runs a multi-currency account for corporate FX cash (for business travel).
  • DynaPay provides local GBP, EUR & USD accounts for business + 30 other currency accounts held in London
  • TransferMate – a company geared mainly for d SMEs and corporates, is soon to launch global currency accounts.
  • The Currency Account – a company whose main selling point is virtual bank accounts and withholding funds in 20 currencies. Since 2011 but not particularly well-known in this space.

 

Multi-Currency Accounts FAQ

 Are multi-currency accounts safe?

All foreign currency account providers recommended by us are authorised to transfer money and hold client funds as Electronic Money Institutions by the Financial Conduct Authority (and/or other prominent regulators). These companies have been in the payment space for many years and transacted tens of billions of dollars.

 Who is eligible for a multi-currency account?

The vast majority of providers accept only businesses and online sellers (including sole traders who sell on eBay or Amazon). There is no minimum turnover to become eligible for the service (but sometimes, bigger volumes mean lower fees). For individuals who don’t sell online or have business transactions, the only option would be Wise and Revolut who do accept individuals.

 Can I use these services even if I’m not in the UK?

Generally speaking – yes. Although these companies are UK oriented, they offer their services to clients globally – small businesses, online sellers and sole traders. You should have not problem if you are based in the UK, EU, Australia, North America or many parts of Asia.

 How do multi-currency accounts work?

Digital providers offer virtual bank-like global currency accounts through their payment platforms. These digital-only accounts are usually opened by the digital providers in partnership with major banks like Barclays, Deutsche Bank or Citibank. Accounts are opened in the customer’s name and can be used to hold, receive and send multiple currencies. Funds can be withdrawn to a customer’s domestic bank at any time.
Some providers run all of their multi-currency accounts out of London, whilst others provide an account which is local to the country it represents. E.g. AUD accounts are held in Australia and USD accounts in the US. Making it easier to do business like a local.

 Which currencies are supported?

For outbound payments, the majority of the world’s currencies are supported. To receive payments, it’s whatever multi-currency accounts are supported by the provider. To name a few, collection accounts are possible in the UK, France, Germany, USA, Australia, Canada, New Zealand, Poland, as well as Singapore, China and Japan – a complete selection of the leading companies and which currencies are supported is available below.

Foreign Currency Accounts are Still Relatively New

Non-bank multi-currency accounts have actually been around for about a decade now. WorldFirst was the first fintech company to offer them but they were targeted specifically at ecommerce sellers. Being an authorised payment institution with the FCA, as opposed to a fully fledged bank, the regulatory landscape at the time meant accounts were collection only and any payments received had to be from pre-vetted institutions. Companies like WorldFirst could therefore complete the required due diligence for online marketplaces such as Amazon and then allow businesses to receive their international Amazon payouts. It was a great solution for online marketplace sellers but offering a full-scale business account which required KYC on every new company or individual paying into the account just wouldn’t have been workable for most importers/exporters.

Things changed when firms were able to apply for an e-money license. Reflective of improved capabilities for fraud and anti-money laundering detection, the requirement to conduct due diligence on companies or individuals paying into digital accounts was reduced. It was then that multi-currency accounts, provided by fintech companies, really kicked off. As little as 5 years ago, it was extremely difficult for SMES, sole traders and particularly individuals (unless high-net worths) to access multi-currency accounts. The application would be slow and arduous, and the bank solution would be costly.

It’s a wonderful thing for everybody (except for banks) that multi-currency accounts have evolved to where they are today. There are 12 different companies we have covered, to date, who offer such services and that means greater selection for customers, leading to lower fees. The most recent company to enter the multi-currency account domain is TransferMate and we are certain there will be many more to follow. In terms of fees, WorldFirst are offering the best exchange rate for business bank transfers bar none, from 0.15% to 0.6% per exchange (depending on annual volumes).  This is about 80% cheaper than the average margin a business would pay 5 years ago andit’s still more than 80% cheaper than the cost online sellers would incur using a multi-currency account through PayPal and the non-sterling transaction fees incurred by cards.

A multi-currency account is sometimes referred to as:

  • Foreign currency account
  • Collection account for foreign currency
  • Receiving account abroad
  • Collection account abroad
  • Bank account abroad to receive payments

They essentially refer to the same solution presented on our multi-currency bank account guide, supplied by some of UK’s best currency brokers, as per the below:

 

Digital Currency Accounts Top List of Fintech/Bank Collaboration

As detailed in McKinsey’s 2021 guide as to how banks are reinventing treasury services, the most common area of bank and fintech collaboration was for the provision of digital bank accounts.

When customers access an online currency account through a fintech company like WorldFirst or Wise, they’ll find that the underlying account is actually held with a bank. This ability to cooperate with a bank provides a stamp of trust for fintechs, who generally face less regulatory oversight and benefit from a more agile response to new market demands. For banks, it allows them to be a part of the seamless digital customer experience that fintechs seek to create.

With a multi-currency account you can

✔ Accept payments from abroad into your own local currency bank account, in your name

✔ Transfer back the funds into your domestic currency and your bank account with ease and for cheap

✔ Make payments abroad in a multitude of currencies for a great rate with no fees

✔ Avoid Amazon’s and PayPal’s currency exchange system which is extremely expensive

✔Get access to rate alert, hedging, dedicated dealers and other perks of Corporate FX for SMEs

With a multi-currency account you cannot

❌ Use it for personal purposes (with the exception of Wise and Revolut)

❌ Receive cheques or cash payments into your named back account abroad

❌ Process local card payments

 

To read more about specific currencies use our navigation below:

Most Value add for Businesses

For businesses selling internationally and/or paying suppliers abroad, multi-currency accounts can make international trade easier, faster and, perhaps most importantly, significantly cheaper. The same goes for individuals who constantly need to receive foreign exchange payments and/or make them.

Our multicurrency foreign bank account comparison will help you find a suitable solution for any purpose – whether you are an online seller, small business, corporation or an individual – it will highlight the benefits and limitations of multi-currency accounts and reveal the best foreign currency account in the UK for each sector.

Marketplace Availability

Are you an online seller (Etailer) looking to collect sales from one of the world’s Ecommerce giants? The multicurrency accounts featured on this page work perfectly with payments from:


Multi Currency Bank Account vs. Default Currency Conversion

 

The answer which is more profitable for your business is quite clear.

 


The ground facts

  •  If you are selling on Amazon and using their default setup, you will lose up to 4% of your sales in foreign exchange fees when using their Amazon Global Seller Program.
  •  If you are using eBay, your items will appear more expensive than their listed price for international buyers (due to Paypal’s high currency exchange fees, even if you transfer money from Paypal account to your Transferwise account).
  •  If you use your bank to exchange overseas funds to domestic currency, it may cost you up to 5% of the lump sum (unless you have a multi foreign currency account set up).
  • If you quote a GBP bank account on international invoices, domestic UK banks can take roughly 7%-10% of the total amount when converting receipts to GBP.

Selling internationally is somewhat complex and expensive as it is, but nevertheless – a huge growth opportunity. Using the right services together, offering you multi-currency accounts and cheaper FX will beat Amazon’s currency exchange program (offered via its Global Sellers Online centre), eBay’s currency exchange fees, or other high-cost “default” solutions.


Best Multi-Currency Accounts UK & Your Savings

Annual TurnoverAmazon Currency ExchangeSpecialist ProviderSaving
$10,000$400 in currency fees$50-$100 in currency fees$300-$350
$50,000$2,000 in currency fees$250-$500 in currency fees$1,500-$1,750
$100,000$4,000 in currency fees$500-$1,000 in currency fees$3,000-$3,500
$1,000,000$40,000 in currency fees$5,000 – $10,000 in currency fees$30,000 – $35,000

Notes:  The table above uses 4% as the default figure for Amazon Currency exchange fees and 0.5% – 1% in foreign currency fees when using a specialist multi-currency account provider. This is based on the latest information we were able to gather on Amazon and a conservative estimate for specialist providers. Some providers, such as WorldFirst, offer spreads as low as 0.15% for accounts transferring higher volumes. The figures are also relevant to other online marketplaces where similar FX spreads are charged to Amazon.


The Best Euro Account? The Best USD Account Bank Account?

Global Currency Accounts Keep You Covered!

The below are the type of foreign currency accounts you can open globally using two of our most recommended multi-currency accounts:

With World First You can…With OFX You Can…
✓ Open USD accounts from UKOpen USD accounts from UK
✓ Open USD accounts from AustraliaOpen USD accounts from Australia
✓ Open USD accounts from EuropeOpen USD accounts from Europe
✓ Open EUR accounts from UKOpen EUR accounts from UK
✓ Open EUR accounts from AsiaOpen EUR accounts from USA
✓ Open EUR accounts from AustraliaOpen EUR accounts from Australia
✓ Open CAD accounts from USA✓ Open CAD accounts from USA
✓ Open CAD accounts from UK✓ Open CAD accounts from UK
✓ Open CAD accounts from Asia✓ Open CAD accounts from Australia
✓ Open foreign currency accounts in China✓ Open foreign bank account in New Zealand
✓ Open foreign currency accounts in Japan✓ Open foreign bank account in Honk Kong

View our best EUR account, best JPY account and best USD account articles to learn more.

 

Added Values when Using Our Recommended Multi-Currency Accounts?

The very best multi-currency account providers – foreign exchange giants like World First, MoneyCorp or OFX – provide whoever chooses to use them with a lot more than simply moving money from point A to point B, or enabling businesses to collect and pay savings from a multi-currency bank account. It’s not only about improving the poor currency exchange rate offered by banks and Amazon’s Global Sellers Program or improving your eBay seller account’s value proposition to overseas buyers.

WorldFirst, Moneycorp and OFX are happy to provide customers with dedicated account managers who become an integral part of the businesses they work with – they can assist on the right time to exchange certain currencies, suggest hedging solutions tailored to each business’ needs, and even help on topics relating to selling internationally online based on their experience escorting many clients in the industry.

They can even suggest alternative marketplaces to sell on and may even be able to provide introductory offers for no-fee listings, based on their long-standing relationships with the world’s largest online marketplaces.

Additionally, the power of opening a foreign bank account abroad (or a multi-currency account locally), and accepting payments in foreign currency intor a bank account is simply unparalleled in the money transfer and currency exchange industry. Very few companies have the same capabilities when it comes to online sellers as WorldFirst.

How to Increase Profit Margin as an Ecommerce Business Selling Internationally

Reporting a multi-currency account to HMRC?

Our recent guide about reporting a foreign bank account to HMRC has concluded that multi-currency accounts, which aren’t foreign bank account per se, do no require specific reporting. Just make sure that you periodically repatriate the funds from this account to your UK account.


Bottom Line – Best Multicurrency Accounts

If you are an online seller or small business, making foreign currency payments or receiving them, you should consider a specialised global currency account provider. The best multi-currency accounts featured on this page help to reduce international trade barriers, allowing for local collection accounts in a number of countries around the world and cheap currency conversion back to your domestic account.

If you are looking for more information about a specific multi currency account have a look at our related guides:

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E-commerce has Gone Global; Here’s How to Beat the Challenges and Take Advantage - Ecommerce Platforms
6 years ago

[…] You can see a comprehensive guide to these services by clicking here. […]

Daphne 1999
1 year ago

Really good solution. When I used XE in 2015 they didn’t offer this service. Do they have a multi-currency account now?

Rob
1 year ago

Thanks you! This is very helpful. Amazon’s currency exchange is much more expensive.
I see that you have a comparison for the best Euro account in the UK. Do you have one for AUD as well?

Savannah Campbell
4 months ago

I sell in Australian Dollar and need to exchange it to SNG and Renminbi. Which currency account should I use?

Oskar
3 months ago

I don’t understand why Amazon has to charge 4.75% on currency exchange between Sterling / Euro and then recommend trading partners like OFX Wise Worldfirst . Why not just charge better rates and not force people to sign up with additional services if they want to sell on Amazon?

Alessandro Ferrara
23 days ago

My business requires a bank account in Romania and Czechia, any multicurrency service offer that please? thanks