Put simply, multi-currency accounts offer access to local or IBAN account details around the world. This reduces the cost of sending and receiving money and allows you to spend locally in different countries.
Accounts come with local or IBAN account access across many different currencies. Accounts often have perks like interest on EUR, USD and GBP balances or reward point schemes.
Who should use a multi-currency account?
The chances are, you would benefit from using a multi-currency account if you are:
Receiving international transfers: Incoming transfers can be received in the origin country using a multi-currency account. This money can be converted (or spent!) when you want to . This reduces the cost of incoming transfers.
People travelling or living abroad: People moving between countries are able to move between currencies just as easily. This also allows customers to spend and earn interest in multiple currencies at once.
Sending money to family: Those living abroad transferring regular payments home will benefit an account. Using an account reduces the cost of regular transfers.
Businesses with multi-national needs: Managing expenses, paying staff and invoicing are all possible with a multi-currency account. This centralises international payments into one workflow.
Depending on where you’re located there’s a couple of options:
For US, UAE, Australia and Canada, we recommend Wise. The account comes with local access to a lot of markets and overall conversion costs of 0.35%.
For UK customers, we recommend Zing. It’s very similar to Wise, you just get a better overall cost of conversion at 0.2%.
For businesses, the best option is Airwallex. Conversion costs start from 0.5% and the account gives access to virtual cards for expenses. There's also software integration and an API for custom products.
Best multi-currency accounts listed
Personal use
Company | Features | Rating | Pricing |
|---|---|---|---|
Wise | 10 local accounts, Interest on EUR, USD and GBP balances, Hold a further 48 currencies, Multi-currency card for spending | ⭐⭐⭐⭐⭐ | No markup and fees from 0.35% - open an account |
Zing | 1 local GBP account and 20+ currencies, Multi-currency card support across major countries, Best for UK users, Part of HSBC group | ⭐⭐⭐⭐⭐ | No markup and fees from 0.2% - open an account |
Revolut | 2 local accounts and over 30 IBAN accounts, Excellent P2P services, Earn interest on USD, EUR and GBP balances | ⭐⭐⭐⭐ | Markup from 0.4% (+1% at weekends) and no fees - open an account |
Currencies Direct | 10 IBAN accounts, Physical cards for European users, Support for Nordic countries | ⭐⭐⭐ | Markup from 2% and no fees - open an account |
HSBC | 19 currencies can be held, Supports regular payments in for exats | ⭐⭐⭐ | Markup from 2.75% and no fees - open an account |
Business use
Company | Features | Rating | Pricing |
|---|---|---|---|
Airwallex | 12 local accounts, Expense management, Payment gateway, Accounting integrations | ⭐⭐⭐⭐⭐ | 0.5% markup and no fees - open an account |
Wise Business | 10 local accounts, Virtual and physical cards, Wide range of accounting integrations | ⭐⭐⭐⭐⭐ | No markup and fees from 0.33% - open an account |
OFX | 7 local accounts, Forward contracts and risk management, 24/7 customer service | ⭐⭐⭐⭐ | 1.3% markup and no fees - open an account |
3S Money | 3 IBAN accounts, 24/7 customer support and account manager, API support for custom build | ⭐⭐⭐⭐ | Pricing based on spend - get a quote |
Equals Money | 38 IBAN accounts, Currency experts for risk management, Card spending in over 30 locations | ⭐⭐⭐⭐ | Pricing based on spend + $50 yearly fee - get a quote |
Sokin | 4 local accounts and support for 75 currencies, Balance boost interest on EUR, GBP and USD available (3%) | ⭐⭐⭐⭐ | From 0.3% markup with no fees - open an account |
Payoneer | 9 local accounts, 2,000+ marketplace integrations, supports P2P business payments | ⭐⭐⭐ | 2% exchange rate and up to 3% fees for international payments - open an account |
Sending money for business?
If you need to make a one-off, or regular, international business transfers, check out our business transfers page.
Other benefits
Multi-currency accounts reduce costs for money transfers. There’s a few other benefits to note as well.
Spending
Personal use:
Spending options will allow you to spend from one card in multiple currencies. This is beneficial for online transactions when buying from abroad also. Of course, beware of any customs charges on incoming transactions!
Business use:
Spending can be tracked and expense managed at a company, team, card or individual level. Multi-currency cards can be issued and have custom workflows.
P2P options
Both personal and business accounts can be used for P2P services in some cases. This makes transfers faster, although the recipient will need to be using the same app. Revolut has one of the best P2P options on the market at the moment for personal use. For businesses, including freelancers, Payoneer is best.
Earn rewards and interest
Personal use:
Accounts with Wise and Revolut can acquire interest on GBP, EUR and USD balances. This is the same as a ‘traditional’ banking option might offer.
Business use:
For interest on business accounts, Sokin also offer a 60-day balance boost. This is will lock a balance into the account and earn upwards of 3% interest. You just need to be sure you won’t need to access it in that timeframe.
Easy sign up
For both personal and business accounts, onboarding is pretty swift.
Personal multi-currency accounts are usually a sign up, ID upload and verification.
For business, you may need to supply a few more details on accounts and registration. KYC from there is pretty simple and straightforward.
Costs associated with multi-currency accounts
When using a multi-currency account, there’s some ongoing costs to be aware of.
These are the biggest costs associated with using a multi-currency account.
Ensure you manage funds to be sent and received into the right local or IBAN location.
Alternatives
Good options are:
For transfers opt for any money transfer company. For local sending to one location, a local account might be beneficial.
Not so good options:
Avoid defaulting to a traditional account or app like PayPal. For regular payments, and spending in another country, they are not cost effective.
