- Worth it mainly for regular, not occasional, overseas payments
- Compare the FX margin, not just the monthly account fee
- Holding a balance avoids conversion but adds exchange-rate risk
- Check how easily funds move to your main current account
Who actually benefits
Businesses regularly invoicing overseas clients or paying overseas suppliers save the most — occasional, one-off payments rarely justify the account's monthly cost.
The FX margin still applies
Multi-currency accounts remove repeated conversion, but converting balances back to sterling still carries a margin above the mid-market rate. Compare that margin, not just the account fee.
Holding vs converting
Holding a currency balance to pay a future supplier avoids conversion entirely, but exposes you to exchange-rate movement in the meantime — useful for planned payments, riskier for large uncertain sums.
Integration with your main account
Check how easily funds move between your multi-currency balances and your main business current account, since a clunky transfer process erodes the convenience.
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