Guide
How to switch business bank account
What the Current Account Switch Service covers, how long it takes and what to prepare.
Read guideCompare multi-currency accounts
Hold, send and receive multiple currencies without repeated conversion fees eating into your margins
Compare currency accountsReady to compare multi-currency accounts?
Run a full market comparison before you commit. It takes about five minutes and there's no obligation to apply.
What is a multi-currency business account?
A multi-currency business account lets a UK company hold balances in several currencies at once, typically GBP, EUR and USD, without automatically converting incoming or outgoing payments at the point of transfer.
This matters for any business that invoices overseas customers, pays foreign suppliers, or holds stock and staff abroad, since constant conversion between currencies can quietly erase several percent of every transaction in fees and unfavourable exchange rates.
Providers range from specialist foreign exchange platforms and digital business banks to add-on features within a standard business current account.
You're given local account details (an IBAN or equivalent) in each supported currency, so customers or suppliers abroad can pay you as if you were a local business, avoiding cross-border transfer fees on their end.
You then choose when to convert balances back to GBP, or keep funds in the original currency to pay foreign suppliers directly, timing conversions to get a better rate rather than converting automatically on receipt.
What are the risks with multi-currency accounts?
- Not every business banking provider holds a full UK banking licence. E-money institutions protect your funds through safeguarding arrangements rather than FSCS deposit protection, and the two work differently if the firm fails.
- Fees that look small per transaction can add up quickly at volume — always model a typical month's activity against the fee schedule before switching.
- If something goes wrong, UK-regulated providers must run an internal complaints process, and eligible small businesses can escalate unresolved disputes to the Financial Ombudsman Service free of charge.
Why compare multi-currency accounts with us
Regular small overseas payments
A digital multi-currency wallet with low or no monthly fees suits frequent, smaller transactions best.
Occasional large transfers
An FX specialist typically beats standard bank rates on infrequent but sizeable payments, such as paying an overseas manufacturer.
You want one banking relationship
A currency add-on through your existing business bank keeps everything visible in one place, even if the rates are slightly less competitive.
Multi-currency account options compared
Indicative pricing for UK businesses holding and paying in foreign currencies.
| Provider type | Currencies held | FX mark-up | Monthly fee |
|---|---|---|---|
| Fintech currency account | 25 – 40+ | 0.2% – 0.6% | £0 – £79 |
| Digital business bank | 3 – 10 | 0.4% – 1% | £0 – £35 |
| High-street bank | 5 – 15 | 1% – 3% | £5 – £40 |
| Specialist FX broker | 30+ | 0.15% – 0.5% | Usually £0 |
How much do international payments cost?
A worked example sending €25,000 to a supplier in the eurozone.
| Cost line | Fintech account | High-street bank |
|---|---|---|
| FX mark-up | £50 – £150 | £250 – £750 |
| Transfer fee | £0 – £5 | £15 – £30 |
| Receiving fee | £0 – £3 | £6 – £12 |
| Total cost | £50 – £158 | £271 – £792 |
Expert advice
The headline transfer fee is rarely the expensive part of an international payment — the exchange rate mark-up is.
“Compare the rate you're actually given against the mid-market rate on the day. That gap is your real cost.”
multi-currency accounts: pros and cons
Pros
- Avoids repeated conversion fees on every transaction
- Local account details make you look local to overseas customers
- Lets you time conversions for better exchange rates
- Simplifies reconciling foreign invoices
Cons
- Currency balances aren't always FSCS-protected in the same way as GBP
- Exchange rate risk remains if you hold a currency that then weakens
- Some providers charge monthly fees per additional currency
- Fewer providers offer in-branch or phone support for currency accounts
How to compare multi-currency accounts
Look past the headline offer and check these five things:
- 1
Monthly and transaction fees
Some providers bundle a fixed number of free transactions each month, then charge per payment or cash deposit above that — model your real volumes before you commit.
- 2
Integrations
Check native links to Xero, QuickBooks or Sage, since manual reconciliation quickly eats into any time saved by switching provider.
- 3
Cash and cheque handling
Digital-only providers are usually cheapest but can charge heavily, or refuse outright, to pay in cash or cheques through the Post Office or a partner network.
- 4
Customer support
Compare whether you get a dedicated relationship manager, phone support, or app-only chat — this matters far more once something goes wrong with a payment.
- 5
FSCS or safeguarding protection
Confirm whether the provider holds a full UK banking licence (FSCS protection up to £85,000) or is an e-money institution using client-money safeguarding rules instead.
Compare multi-currency accounts
See what's available for your business today. It takes just minutes.
Am I eligible for a multi-currency account?
Most providers will ask for:
1. UK-registered business
A limited company, LLP or sole trader with evidence of genuine international trading activity or intent.
2. Standard business account checks
The same director ID, address and business activity checks required for a standard business current account.
3. Expected transaction volumes
An estimate of how much you expect to send and receive in each currency, used for anti-money-laundering risk assessment.
4. Proof of trade relationships
Some providers ask for supplier or customer contracts for larger accounts, though this is rarely needed for smaller businesses.
Meet Craft & Co, a UK exporter
Craft & Co sells handmade goods to customers across the EU and US, invoicing in euros and dollars.
They open a multi-currency account with local EUR and USD account details, so their EU customers pay via a normal SEPA transfer instead of an expensive international wire.
They hold the USD balance for six weeks until the exchange rate improves before converting to GBP, saving roughly 2% compared with converting immediately on receipt.
Multi-currency account or just convert on the fly?
Converting every payment immediately on receipt is simpler administratively but almost always more expensive, since you're paying the spread and any transfer fee on every single transaction rather than batching conversions.
A multi-currency account is worth the extra setup once your international transaction volume passes a few thousand pounds a month, where the fee savings clearly outweigh the admin of managing multiple balances.
For occasional, small international payments, a simple international transfer through your main bank may still be the most practical option.
How to compare and apply for multi-currency accounts
1
Tell us about your business
Share your trading history, turnover and what you need the product to do. It takes a couple of minutes.
2
We search the market
We compare providers across the UK on cost, features and eligibility so you only see options you can actually get.
3
Review your options
Fees, rates and terms side by side in plain English, with no jargon and no pressure to proceed.
4
Apply with confidence
Pick the provider that fits and complete the application online. We'll tell you exactly what documents you need.
Why choose Grow Your Business?
Wide choice of providers
We compare a broad range of UK providers so you can find the option that actually fits how your business operates.
Exclusive offers
We work hard to bring you exclusive deals, switching incentives and cashback where they're available.
Simple and fast
It takes just a few minutes to compare with us — and the deal you find could be well below what you pay today.
What types of multi-currency account are there?
There are more options available than ever, so it pays to match the product to how your business actually operates.
Digital multi-currency wallet
App-based accounts offering local currency details in dozens of currencies with competitive conversion rates. Best for e-commerce and service businesses invoicing internationally.
Bank-provided currency account
A currency-specific account add-on offered by a traditional business bank alongside your main GBP account. Suits businesses that want everything under one regulated banking relationship.
FX specialist account
Offered by foreign exchange brokers rather than banks, often with the sharpest rates for larger transfers. Best for businesses making large, infrequent international payments rather than everyday transactions.
Providers we compare
Providers offering UK businesses multi-currency balances, local details and FX payments.
Wise Business
Revolut Business
Airwallex
Payoneer
HSBC UK
BarclaysComparing with us is a no-brainer
“Holding euros and dollars in the same account stopped us converting twice on every order. It paid for itself in the first month.”
Tom, Bristol
multi-currency accounts guides
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Cutting your business banking fees
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Guide
Funding options for growing firms
Overdrafts, invoice finance and asset finance compared for cash-flow gaps.
Read guidemulti-currency accounts FAQs
Is money in a multi-currency account protected?
GBP balances are usually FSCS-protected up to £85,000 if held with a licensed bank, but foreign currency balances and e-money providers typically use safeguarding rules instead, which work differently in a firm failure.
Do I need a UK trading history to open one?
Not necessarily — some providers accept new companies with a clear international trading plan, though transaction limits may be lower initially.
How many currencies can I hold?
Digital providers commonly support 20-40+ currencies, while bank add-ons are usually limited to major currencies like EUR and USD.
Can I get a debit card linked to foreign currency balances?
Many providers offer a card that automatically spends from the matching currency balance where available, avoiding conversion fees when paying abroad.
Will exchange rates always be better than my bank's?
Usually, since specialist providers charge a smaller margin above the mid-market rate than most high-street banks, but it's worth comparing the total cost for your typical transfer size.
Written by the Grow Your Business editorial team · Updated 26 July 2026