Multi-Currency Accounts Guide: Best Foreign Currency Account

If you are selling online abroad and/or paying suppliers abroad, you need to get your hands on a good multicurrency bank account. Did you know Amazon currency conversion costs up to 4.5% of the lump sum converted?! Our multi-currency account comparison for UK businesses will help you discover the best foreign currency accounts out there.

Multi-Currency Accounts FAQ

  Are multi-currency accounts safe?

Yes. 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.

  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?

These companies offer you a virtual bank-like account on their system. You can make outbound payments in any currency, and receive payments in most currencies to a bank account address provided by them – these payments will go through directly to your own account. These companies will withhold your funds in a segregated safeguarded bank accounts, and you can withdraw them to your bank account in any currency at any time.

  Which currencies are supposed?

For outbound payments, the majority of the world’s currencies are supported. To receive payments into your domestic bank account, you can have your own collection bank account in UK, France, Germany, USA, Australia, Canada, New Zealand, Poland, as well as Singapore, China and Japan – complete selection of the leading companies and which currencies are supported is available below.

Best Multi-Currency Account Comparison

View the top rated foreign currency collection account in UK below – Updated for: October 2020

UK Best for Multi-Currency Accounts in the UK
Headquarters:
Millbank Tower, 21-24 Millbank, Westminster, London SW1P 4QP
96.0% Editorial rating
3,000 Client Reviews
Minimum transfer:
£1,000
Why Them?
  • Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)
  • Top Rated since 2014
  • Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay)
  • Excellent, Transparent, Currency Rates with Less than 0.5% Spread Margin
  • Global Offices in 5 Continents
UK The Industry Veteran
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
£250
Why Them?
  • Bank accounts available in UK, EU and USA
  • Operating Since 1970 - First Commercial FX Firm in UK
  • Corporate FX Specialists
  • Great Online Platform
  • Many Consumer and Business Awards
  • 0.75% Fixed Margin on Foreign Currency Payments
UK Most Global Provider for Online Sellers
Local UK Offices:
The White Chapel Building, 10 Whitechapel High St, London, E1 8QS
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
£100
Why Them?
  • Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia are available!
  • Traded Publicly
  • £20bn Turnover per Year
  • Ultra Professional
  • Very Tight Margins
UK Now Available: TransferWise's Borderless Account
UK Offices:
Tea Bldg, 6th The, 56 Shoreditch High St, London E1 6JJ
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
  • Hold Money in 50 Currencies
  • Most Recognizable Brand in Money Transfers Today
  • Boast 1,000+ Employees and $4bn in Monthly Turnover
  • Transparent Pricing on the Site
  • Easy to Use

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).

Selling internationally is somewhat complex and and expensive as it is, but nevertheless – a necessity. 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” solution.


Best Multi-Currency Accounts UK & Your Savings

Annual TurnoverAmazon Currency ExchangeSpecialist ProviderSaving
$10,000$400 in currency fees$150-$200 in currency fees$200-$250
$50,000$2,000 in currency fees$500-$750 in currency fees$1,250-$1,500
$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 in currency fees$39,500


Notes: The table above is not marketplace specific. The currency exchange services for online sellers can be applicable to your business regardless of whether you sell on Amazon, Ali Baba, TMall, Overstock, eBay, Ubid, Bonanza, or any other online marketplace. The figures used in this table are only meant to demonstrate what could you could potentially save; They use 4% as the base figure for currency exchange fees, and 0.5%-1% in foreign currency fees when choosing a specialist provider – this is not necessarily what you’re paying at the moment, or what you’ll be paying with a currency provider, but rather a rough figure based on Amazon’s FX fees and information supplied by currency providers.


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

Multi-Currencies 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 USAOpen 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 Australia✓ Open CAD accounts from Australia
✓ Open foreign bank accounts in China✓ Open foreign bank account in New Zealand
✓ Open foreign bank accounts in Japan✓ Open foreign bank account in Honk Kong

Note there are other bank and non-bank services enabling prospective clients to open up foreign bank accounts abroad for their businesses, such as HSBC multi currency account, we have only focused on services offered by money transfer companies.

View our best EUR 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 business to collect and pay savings from a multi-currency bank account. It’s not only about improving the poor currency exchange rate offered by Amazon’s Global Sellers Program or improving your eBay seller account’s value proposition to overseas buyers.

Both of these companies are happy to provide customers with dedicated account managers who become an integral part of your business – they can assist on the right time to exchange certain currencies, suggest hedging solutions tailored to your business’ needs, and even help on topics relating to selling internationally online based on their experience escorting many clients like yourself.

For example, we heard of cases where representatives from these companies have helped online sellers on Amazon reduce their Amazon Seller fees above and beyond the Amazon Money Transfer; they helped them understand the costs of Amazon FBA and suggested a local solution that other clients of theirs recommended.

Additionally, the power of opening a foreign bank account abroad (or a multi-currency account locally), and accepting payments in foreign currency into your 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 these two companies.


 

Will using alternatives to Amazon’s currency exchange make me a successful online seller?

So far, this article has touched a single (important) topic relating to selling online with a particular focus on international sellers. With that being said, by paying the least commission on international money transfers, or finding the best foreign currency bank account in UK, without having a solid business model, you will not be a great Amazon seller.

Below you can find 7 more tips that can guide you in the right direction when selling your merchandise online, and particularly to international audience:

1) Use local pricing

Using the current exchange rate to determine the local price of your products in domestic currency doesn’t always work. In some countries certain items are cheaper and in some countries they are more expensive. It all depends on the local competition!

2) Focus on reliable shipping with reasonable pricing

Amazon and eBay have great international shipping programs but they are often too reliable. For example, did you know that buying from Amazon in the middle east means almost $30 in shipping? if you are selling items that cost dozens of dollars, you are losing out on all potential customers in that region. Similarly, eBay’s international shipping program can cost up to $40 for the smallest of items (whereas using UK Post or USPS can slash that cost by a lot).

3) Use local language descriptions that make sense

Too many online sellers insist on using automated software to translate their listings. It doesn’t work and locals are likely to think it’s a scam.

4) Consider drop-shipping

If your product is manufactured overseas anyhow, why not store it in the country where it is manufactured and ship from there?

5) Expand outside of eBay, Amazon, Ali and the marketplaces

Customers always like to see that you have a “store” outside of eBay. It helps establish trust that you are indeed a serious vendor rather than someone’s side hustle on eBay.

6) Local customer support

This one is tricky but can perhaps be addressed by using a third party provider to simply accept calls and emails and transfer them to you, translated. People view local support as the ultimate sign of trust because normally, only big companies offer multi-language support.

7) Advertise and market your product the way locals do it

Many online sellers and businessmen mistakenly believe that an advertising campaign that worked in one locale will work globally, but it isn’t so. Cultural differences make a huge difference in the buying decision making process – and hence, marketing and advertising have to be adapted to the local preferences.


Bottom Line – Best Multicurrency Accounts

If you are an online seller or a small business, making foreign currency payments or receiving them, you should consider a specialised and bespoke service. The best multi-currency accounts featured on this page will help you achieve that.

Subscribe
Notify of
5 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
E-commerce has Gone Global; Here’s How to Beat the Challenges and Take Advantage - Ecommerce Platforms
4 years ago

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

Daphne 1999
11 days ago

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