Key takeaways
- The best multi-currency accounts in the UK let businesses hold, convert and pay in dozens of currencies from a single platform, cutting conversion costs and delays.
- Digital-first providers typically charge lower FX markups , compared with most traditional banks, and can process transfers same-day rather than in 1–4 working days via SWIFT.1
Between fluctuating exchange rates, hidden conversion fees and delays in international payments, the expenses add up quickly.
Multi-currency business accounts are designed to help businesses hold, send and receive payments in multiple currencies, without the need to convert everything back to pounds. By using a multi-currency account, you can reduce conversion fees, speed up international transfers, and take more control over how and when you exchange money.
Here are the best multi-currency account options available in the UK for 2026, broken down to show how they work and help you find the right fit for your business.
Summary:
• What are multi-currency accounts?
• What are the differences between bank-based multi-currency accounts and digital-first providers?
• Compare multi-currency accounts in the UK
• How do I compare multi-currency accounts in the UK?
• What fees do multi-currency accounts charge?
• Pros and cons of a multi-currency account
• How to open a multi-currency account
• Why OFX stands out for UK businesses
• Best multi-currency accounts FAQs.
What are multi-currency accounts?
A multi-currency account (also known as a foreign currency account) is a business account that allows you to hold, send, and receive money in currencies other than pounds sterling. Designed for individuals and businesses who operate internationally, these accounts can help you manage overseas payments more efficiently and avoid unnecessary currency conversion fees.
Some multi-currency accounts, such as those you can get access to with the OFX Global Business Account, let you hold multiple currencies under one roof with local bank details in GBP, EUR, USD and CAD, making it easier to manage international transactions without juggling several separate accounts. They can be paired with corporate debit cards for spending abroad or allow online transfers with competitive exchange rates and fees.
It’s worth noting that features vary between providers. Some accounts are app-based, others are tailored for business use, and not all offer a debit card like OFX. Comparing fees, available currencies, and transfer speeds before opening a business account is always a good idea.
OFX Global Business Account
Receive, hold, convert, and send funds across a wide range of currencies. Reduce costs and gain greater control over your international payments.
What are the differences between bank-based multi-currency accounts and digital-first providers?
Traditional UK banks offer multi-currency accounts, but they often come with limitations. These accounts typically support only one currency per account and may involve monthly maintenance fees or charges for certain transactions. In many cases, you’ll need to visit a branch or speak to a relationship manager to open or manage the account. Some also require a minimum deposit or balance to avoid extra fees. Bank FX markups typically sit around 2–4% above the mid-market rate, and international transfers sent via SWIFT can take 1–4 working days to arrive.1
Many traditional multi-currency accounts don’t include spending features like a debit card or app-based management. While they can be useful for holding funds in a single currency or making occasional transfers, they’re not the most flexible option for frequent international use. On the upside, deposits with fully licensed UK banks are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person2.
Multi-currency accounts from digital-first providers are designed for modern international needs. These accounts let you hold, spend, and convert multiple currencies from a single app or online platform without the need to open separate accounts for each currency. FX markups with fintech providers are typically lower than traditional banks, and many offer same-day transfers using local payment rails like Faster Payments, SEPA and ACH rather than relying on SWIFT.
| Traditional accounts. | Digital-first multi-currency accounts. |
|---|---|
| Traditional bank accounts usually support only one currency per account, charge FX markups of around 2–4%1, and may require manual or in-person setup. Deposits are FSCS-protected. | Digital-first multi-currency accounts support dozens of currencies under one login, offer lower markups, and let you manage everything from your phone. Fund protection varies by provider (FSCS for licensed banks, safeguarding for e-money firms). |
Digital-first accounts such as the OFX Global Business Account come with useful features like:
- Real-time exchange rate tools and currency conversion with no hidden markups: Allows you to monitor current exchange rates and convert currencies transparently without extra fees added on top of the market rate.
- Multi-currency debit cards so you can spend directly from your foreign balances: Enables you to make payments and withdraw cash abroad using a single card linked to multiple currency accounts.
- Local account details (such as IBANs or sort codes) in multiple currencies: Provides you with local accounting details in different countries, making it easier to receive payments.
- Fast or instant international transfers: Allows businesses to send money overseas quickly, reducing waiting times for cross-border payments.
- Simple in-app currency management: Lets you easily view, convert, and manage multiple currencies within a user-friendly mobile app.
Compare multi-currency accounts in the UK
Choosing the right multi-currency business account can make a real difference to your costs and operational efficiency. Here’s how some of the most popular options compare.
| Provider | International transfer capabilities | Multi-currency cards | Monthly | Other fees and setup |
|---|---|---|---|---|
| OFX | Payments to 170+ countries in 30+ currencies with local account details in GBP, EUR, USD and CAD; receiving free via FPS and SEPA; SWIFT transfers £5. | Yes. Corporate debit cards, with no international transaction fees on held balances. | No monthly fee (Standard); Full Suite £75/month, including 5 users. | No setup fees and no separate transfer fee; the cost is in the exchange rate, shown before you book. Competitive FX rates; no minimum balance. |
| Wise | 40+ currencies3; local account details for 22+ currencies4; GBP SWIFT receiving £2.16 per payment4. | Yes. Free card spending; ATM withdrawals free up to £250/month, then 2.69%4. | No recurring monthly fee; £50 one-off registration4. | FX conversion from 0.33%4, rising to around 2% for exotic currencies5; volume discount above £20,000 equivalent4. |
| Revolut | 25+ currencies6; a set number of local and international transfers free per plan, then £5 each7; guaranteed SWIFT (OUR) transfers £207. | Yes. Business cards, first card free7. | Basic £10/month, Grow £35/month, Scale £125/month, Enterprise custom; £0 setup6. | Mid-market rate free within a monthly FX allowance (£1,000 Basic, £15,000 Grow), then 0.6% over the allowance, plus a 1% surcharge on weekend and out-of-hours conversions; ATM withdrawals 2%7. |
| HSBC | 14 currencies8; online transfer limit up to £50,0008; outbound EUR within the EEA free, EUR outside the EEA plus USD and CHF £78, AUD, CAD, NZD and SGD £9–£138. | No debit card included. | No monthly fee. | Requires an active HSBC current account; no interest paid on balances. |
| Airwallex | 20+ currencies9; free local transfers to 120+ countries9; SWIFT transfers £10–£209. | Yes. 10 cards on Explore, 50 on Grow9. | Explore £0 or £19/month; Grow £49/month; Accelerate from £999/month9. | FX 0.5% above interbank for major currencies, 1% for others9; Explore free if depositing £10k+ monthly or holding a £10k+ balance9. |
OFX
Best for UK SMEs that want broad multi-currency coverage, built-in spend management and FX risk tools, and an all-in-one global payments platform.
The OFX Global Business Account lets you hold, receive, convert and pay in 30+ currencies from from a single account, with local bank details in GBP, EUR, USD and CAD so your clients can pay you as if you’re a local business and make payments to 170+ countries. Receiving is free via FPS and SEPA, and SWIFT fees may apply. There’s no separate transfer fee, and the cost sits in the exchange rate, shown before you book
You get competitive FX rates plus built-in tools to manage volatility. Forward Contracts lock in a rate for future payments, and Limit Orders target a favourable rate. Linked corporate debit cards with 1% cashback and carry no international transaction fees on held balances. Full-suite spend management features include AI powered expense management and AP automation, batch payments, plus two-way sync with Xero and QuickBooks Online keeps reconciliation tidy. OFX also provides 24/7 access to human currency specialists.
Wise
Best for freelancers and small businesses that want simple, pay-as-you-go currency conversion.
Wise offers local account details across many currencies and clear, per-transaction pricing. FX conversion starts from 0.33%4 to 2%5, so the cost depends on the currencies you move. There’s no recurring monthly fee, though a £50 one-off registration4 applies to business accounts. Wise is an electronic money institution, so client funds are safeguarded rather than covered by the Financial Services Compensation Scheme.
Revolut
Best for startups and scaling teams that want a plan-based growth account.
Revolut supports 25+ currencies across tiered plans: Basic £10/month, Grow £35/month and Scale £125/month6, with Enterprise priced on request. Conversions use the mid-market rate free within a monthly FX allowance (£1,000 on Basic, £15,000 on Grow); above that, Revolut charges 0.6% over the allowance, plus a 1% surcharge on weekend and out-of-hours conversions7. As of March 2026, Revolut Bank UK Ltd is a fully licensed UK bank and protected by the FSCS up to £120,000 per person. Plan details vary, so check the current terms when researching. Revolut also offers corporate cards and in-app expense management tools.
HSBC
Best for existing HSBC customers that want a bank-held foreign currency account.
HSBC’s currency account covers 14 currencies8 with an online transfer limit up to £50,0008. Outbound EUR within the EEA is free. EUR outside the EEA plus USD and CHF cost £78, while AUD, CAD, NZD and SGD cost £9–£138. There’s no debit card included, and you need an active HSBC current account to open one. As a fully licensed UK bank, HSBC offers FSCS protection up to £120,0002. Exchange rates include the bank’s standard markup, which tends to be higher than digital-first providers.
Airwallex
Best for e-commerce and tech businesses that need global collection and API access.
Airwallex supports 20+ currencies9 with free local transfers to 120+ countries9 and SWIFT transfers at £10–£209. FX runs at 0.5% above interbank for major currencies and 1% for others9. Plans run from Explore (£0 or £19/month) and Grow (£49/month) to Accelerate (from £999/month)9. Explore is free if you deposit £10k+ monthly or hold a £10k+ balance9. Airwallex is an electronic money institution, so client funds are safeguarded rather than covered by the Financial Services Compensation Scheme.
Other providers to consider
- Starling Bank: UK-licensed digital bank with FSCS protection up to £120,00010; multi-currency support covers GBP, EUR and USD; EUR £2/month, USD £5/month (currently closed to new applications)10; FX conversion 0.4%10– 2%11.
- Equals Money: multi-currency accounts with forward contract availability and a card 12.
- Barclays: traditional UK bank with FSCS protection13 and single-currency foreign currency accounts across a range of currencies; fees vary by package.
- NatWest: offers business foreign currency accounts for companies that trade internationally 14.
How do I compare multi-currency accounts in the UK?
When comparing multi-currency accounts in the UK, businesses should focus on features that enable smooth, cost-effective international transactions. Key considerations include supported currencies, transfer fees, exchange rates, and how easily the account integrates with existing financial systems.
Things to keep an eye out for:
- Number of supported currencies.
Having a single account that supports multiple currencies allows businesses to manage international payments and streamline currency handling easily. This reduces complexity and administrative effort, making global transactions more efficient.
- Monthly fees and eligibility.
Accounts without monthly fees or minimum balance requirements offer businesses greater cost savings and financial flexibility. In contrast, accounts with fees or strict eligibility criteria can increase costs and limit convenience, affecting cash flow and ease of use.
- International transaction costs and FX markups.
Accounts offering competitive exchange rates with no extra fees on transactions help businesses save money when handling multiple currencies. Conversely, markups and transaction fees can raise costs, so understanding these charges is key to managing expenses effectively.
- Account access and platform flexibility
Fully digital accounts with quick online onboarding and 24/7 access enable businesses to manage finances efficiently from anywhere. Accounts requiring phone or branch visits can slow down processes and add complexity, reducing overall convenience.
- Transfer speed and operational flow
Fast currency conversions and instant or low-cost international transfers help businesses manage cash flow and meet deadlines efficiently. Slower transfer times, especially for less common currencies, can disrupt operations, making it important to understand speed differences when choosing an account.
- Linked cards and spending convenience
A linked debit card with fee-free international spending and ATM access offers convenience and cost savings for global transactions. Without this feature — or dedicated spend management software — managing overseas expenses can be more difficult and costly, even with foreign currency balances.
What fees do multi-currency accounts charge?
Understanding the full cost of a multi-currency account means looking beyond the headline exchange rate. Here are the most common fees to compare:
- Currency conversion / FX markup fees: The difference between the mid-market rate and the rate you’re offered, and usually the largest cost. Traditional banks often add around 2–4%1, while digital-first providers publish their own conversion fees (see the comparison table above). OFX offers competitive FX rates, with the cost shown in the exchange rate before you book and no separate transfer fee.
- Monthly or annual account fees: Some providers charge a recurring fee. OFX and Wise charge no monthly fee on their standard plans, while Revolut and Equals Money use plan-based or annual pricing (check their websites for current fees).
- Transfer fees: Separate charges per international payment. OFX charges no transfer fees. Traditional banks may charge per-transfer fees. SWIFT-based transfers from any provider may also incur intermediary bank charges.
- ATM withdrawal fees: If your account includes a debit card, check whether ATM withdrawals abroad are free or capped. Some providers offer a monthly free allowance before charging a percentage fee.
- Weekend and out-of-hours surcharges: Revolut and some other providers add a markup on conversions made outside standard market hours. Check whether your provider applies these surcharges, especially if you process transactions across time zones.
Pros and cons of a multi-currency account
| Pros | Cons |
|---|---|
| Consolidate multiple currencies into a single account, reducing the need for separate bank accounts in each country. | Not all providers offer FSCS protection; e-money institutions safeguard funds differently from licensed banks |
| Save on FX costs compared to traditional bank conversion rates. | Some accounts charge monthly fees or require premium plans for full functionality |
| Convert currencies on your own schedule, allowing you to take advantage of favourable rates. | Multi-currency accounts generally don’t offer overdraft facilities or interest on balances |
| Speed up international payments using local payment rails rather than SWIFT. | Conversion fees still apply with most providers, even if they’re lower than bank rates |
| Simplify accounting and reconciliation with direct integrations to software like Xero and QuickBooks | Weekend or out-of-hours surcharges can increase costs on some platforms |
| Access tools like Forward Contracts and Limit Orders to manage FX risk proactively |
How to open a multi-currency account
Opening a multi-currency account in the UK is straightforward with most providers, especially digital-first platforms. Here’s a typical four-step process:
- Choose your provider and apply online. Compare features, fees and currency support using the criteria above. Most fintech providers offer fully online registration.
- Verify your identity. You’ll typically need to provide photo ID (passport or driving license) and proof of address. Business accounts may also require company registration documents and details of directors or shareholders.
- Fund your account. Once verified, deposit funds via bank transfer or another supported method. Most providers have no minimum deposit requirement.
- Start transacting. Hold, convert, send and receive currencies through the platform. Set up recurring payments, batch transfers or FX tools as needed.
Registration with OFX takes under 10 minutes, and you can be transacting the same day. Many fintech providers, including Revolut, also offer a fully online sign-up for straightforward applications.
Most providers require you to be 18 or older. Some traditional banks have additional eligibility criteria: HSBC requires an existing current account, and NatWest applies additional eligibility conditions. Most fintech providers, including OFX, have no UK residency requirement for business accounts.
Why OFX stands out for UK businesses
OFX’s Global Business Account offers a highly flexible, cost-effective solution tailored for UK businesses.
With access to multi-currency accounts within the Global Business Account, you can manage and hold balances in over 30 currencies, receive payments in local GBP, USD, CAD or EUR accounts, and send or receive funds across 30+ currencies in 170+ countries, all from a single digital dashboard with no monthly fees or hidden charges.
OFX offers a corporate card directly linked to your Global Business Account, helping you to keep track of purchases, capture receipts and manage your business finances online.
Ready to simplify your global payments? See our business pricing or request a demo today and start managing transactions with less admin, lower costs, and full control.
Best multi-currency accounts FAQs.
What is the best multi-currency account in the UK?
The best multi-currency account depends on your business needs. For UK SMEs that need broad currency support, FX risk tools and no monthly fees, the OFX Global Business Account is a strong option. Revolut offers FSCS-protected multi-currency banking since gaining its full UK banking license15. Wise is popular for transparent pricing, charging a transfer fee on top of mid-market rates. Compare fees, currency support and features to find the right fit.
Which banks allow multi-currency accounts in the UK?
Several UK banks offer multi-currency accounts, including HSBC, Barclays, NatWest, Lloyds and Santander. Fintech providers like OFX, Wise, Revolut and Airwallex also offer multi-currency business accounts with broader currency support and typically lower fees than traditional banks.
Can I have a euro account in the UK?
Yes, you can hold a euro account in the UK through both traditional banks and digital providers. OFX, Wise and Revolut all support EUR balances with local IBAN details, allowing you to send and receive euros without converting to GBP.
What currencies are usually available for UK multi-currency accounts?
Most providers support major currencies including USD, EUR, GBP, CAD, AUD, HKD, SGD and JPY. Fintech providers typically offer 20 or more currencies, while traditional banks may support fewer. OFX lets you hold and send payments in 30+ currencies to 170+ countries.
What’s the eligibility in the UK for a multi-currency account?
Most providers require you to be 18 or older. Fintech providers like OFX and Wise generally have no UK residency requirement for business accounts. Traditional banks may have stricter criteria.
How do I open a multi-currency account?
Choose your provider, apply online, verify your identity with photo ID and proof of address, fund your account, and start transacting. OFX registration takes under 10 minutes.
What fees do multi-currency accounts charge?
Common fees include currency conversion charges (FX markups), monthly or annual account fees, international transfer fees and ATM withdrawal charges. Costs vary significantly between providers. OFX charges no monthly fees on the Standard plan and no separate transfer fees; the cost is built into the exchange rate, which you see before you book.
Can I use a multi-currency account for business payments?
Yes, multi-currency business accounts like the OFX Global Business Account are designed for paying overseas suppliers, collecting international revenue, managing contractor payments and handling payroll in local currencies. Many providers also support batch payments and accounting software integrations for streamlined business operations.
Looking for an alternative to your bank?
References
- https://wise.com/gb/blog/best-uk-banks-for-sending-money-abroad
- https://www.fscs.org.uk/media/press/2025/nov/fscs-welcomes-higher-deposit-protection-limit-of-120000–giving-people-confidence-their-money-is-protected/
- https://wise.com/gb/blog/best-multi-currency-business-bank-account-uk
- https://wise.com/gb/pricing/business
- https://transferfees.io/guides/wise-fees-explained/
- https://www.revolut.com/business/business-account-plans/
- https://www.revolut.com/legal/business-fees-all-plans-current/
- https://www.hsbc.co.uk/international/currency-account/
- https://www.airwallex.com/uk/pricing
- https://www.starlingbank.com/business-account/multi-currency/
- https://help.starlingbank.com/business/topics/international-payments/what-are-the-different-starling-exchange-rates/
- https://equalsmoney.com/
- https://www.barclays.co.uk/business-banking
- https://www.natwest.com/business/bank-accounts/business-currency-current-account.html
- https://www.revolut.com/blog/post/is-revolut-a-fully-licensed-bank-in-the-uk/
In the UK, OFX is regulated by the Financial Conduct Authority as an electronic money institution. OFX is not a bank, and so you are not protected by the Financial Services Compensation Scheme when you send money with OFX. Backed by 25+ years of experience and oversight from 50+ regulators worldwide, OFX pairs advanced fraud monitoring with a risk-averse model.
Learn more about how OFX keeps your money and information secure.
IMPORTANT: This article was updated in July 2026. The information is based on our online research at time of publication. This publication is provided for general information purposes and a reader should consider the specific requirements of their business when evaluating providers. This information does not constitute legal, tax or other professional advice from UKForex Limited trading as OFX or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. If you would like to request updated inform
