If you have a business that does cross-border transactions, then it is best you consider a business multi-currency account. A multi-currency account allows you to deposit, receive, send, hold, and make payments in different currencies. It also helps you maintain the same account details like account name and account number. A multicurrency account is easy to use and saves lots of costs, especially in foreign exchange fees. In this article, we are going to focus on business multi currency account.
You will save currency conversion fees with a business multicurrency account if…
- You import and export goods to different countries.
- You are an ecommerce store selling in multiple currencies.
- You have employees living in different countries around the world.
What is a Multicurrency Account?
A multi currency account is an account or a bank that allows you to hold, receive, send, pay or spend in more than one currency. However, the account details of the beneficiary remain the same, that is the account name and number. Therefore, a multicurrency account for business allows your business to transact in multiple currencies.
How Does a Multicurrency Account Work?
A multi currency account works the same as a standard bank account. However, you can deposit and withdraw money in different currencies. You can also transact in different currencies. People who frequently travel open multi-currency accounts to help them access banking services using different currencies. For instance, they can make payments, deposits, or transfers in real-time.
Multi currency accounts lower transactional charges and exchange fees by far compared to what normal banks would have charged them. Multi currency accounts also help you transact from different countries.
Providers of Multicurrency Account for Business and Supported currencies
You can open multicurrency business account using any of these providers.
Wise Multicurrency Business Account
Wise multicurrency business account allows your business to receive, spend and hold over 55 currencies. It comes with features like the ability to make batch payments, cheap transfers, and invoice customers. You can spend anywhere without hidden fees. You can also set up to 10 local business accounts. You can set up multiple currency accounts for businesses like GBP, EUR, USD, RON, SGD, AUD, NZD, and HUF. You can pay up to 1,000 people in a single click by uploading the details of each transfer in a spreadsheet. You can integrate it with account software like QuickBooks and Xero. It does not charge monthly fees.
Wise multi-currency business account help online retailers to pay global suppliers and receive money from Stripe, eBay, Amazon and other platforms. You can connect your Wise Business Account to a number of online marketplaces to receive money without converting it.
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, FJD, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NPR, PHP, PKR, THB, UAH, UGX, UYU VND, ZAR, and ZMW.
- Business account opening EEA/UK – £45/ €50
- Hold more than €70,000 – 0.40% annually
- Get bank details to receive currencies – £16
Wise multicurrency business accoint is supported in the UK, US, Australia, New Zealand, Singapore, Malaysia, Japan, Switzerland, and EEA.
Find out more from our Wise Business Account Review
Monese Multi Currency Account
With Monese multi currency account that supports over 25 currencies. You can use the account to receive, send, spend and hold money in different currencies. It comes with Monese MasterCard debit card that you can use for online shopping, in-store and in ATMs worldwide.
Monese supports currencies like GBP, RON and EUR.
- Monthly fees: £9.95
- ATM withdrawals exceeding 6 – £1 per withdrawal
- Overseas ATM fees – £4
You can open a multicurrency account if you are in Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain and the UK.
Find out more from our Monese Business Account Review
N26 Multi Currency Account
You can easily open a corporate multicurrency account with N26. It is a great bank for self-employed and freelancers. You can use it to send, receive, make payments and hold money in different currencies through SEPA. You get free ATM withdrawals abroad and no foreign currency fees.
N26 supports major currencies like USD, AUD, MXN, EUR, BRL, GBP, and INR.
- Business standard account – Free
- N26 business smart – €4.90
- N26 business You – €9.90
- N26 business Metal – €16.90
N26 is supported in the following countries: Austria, Belgium, Denmark, Estonia, Norway, Poland, Portugal, Slovakia, Slovenia, Luxembourg, the Netherlands, Spain, Finland, France (not available for residents in the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Sweden and Switzerland.
Revolut Multi Currency Business Account
Revolut business multicurrency account allows you to hold, receive and exchange 28 currencies. You can also spend in over 150 currencies. It offers corporate and freelancers accounts. You can integrate Revolut with accounting software like QuickBooks and Sage. You can also make multiple payments to suppliers, employees and vendors.
Revolut supports the following currencies: AED, AUD, BGN, CAD, CHF, CZK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, THB, TRY, USD, ZAR.
Revolut corporate multicurrency account has the following charges:
- Grow Account – £25
- Scale Account – £100
- Enterprise Account – Custom pricing
- SWIFT transfers – £3 per transfer
- Cash withdrawal rate – 2%
- Online payments UK/EEA – 1.3%
You can open an account if you are in Austria, Belgium, Bulgaria, Croatia, Liechtenstein, Lithuania, Luxembourg, Malta*, Netherlands, Norway, Republic of Cyprus, France, Germany, Greece, Hungary, Iceland, Czech Republic, Denmark, Estonia, Finland, Ireland, Italy, Latvia, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Find out more from our Revolut Business Review
FairFx Multi Currency Account
FairFx is a UK-based multi-currency business account. It supports over 100 currencies. You can use it to send, receive, spend, hold and make payments in multiple currencies. Business can pay their bills using FairFX business multicurrency accounts. It is one of the best multicurrency business accounts UK.
FairFx multi-currency account supports the following currencies: GBP, EUR, USD, AUD, CAD, DKK, HKD, HUF, JPY, NZD, NOK, PLN, ZAR, SEK and CHF.
- Deliveries for orders on Saturdays – £3
- Orders between £500 and £750 – £5
- Orders below £500 – £7.7
- Purchasing new prepaid card – £9.95
FairFx supports over 190 countries. FairFx multicurrency account is available within the EEA, some African countries, some Asian countries, the UK and the U.S.
Payoneer Multi Currency Account
Payoneer allows you to send, receive and pay contractors and employees remotely. You can use Payoneer to transact in over 150 currencies. Payoneer helps business manage their finances and pay taxes. It comes with features like mobile app and a virtual debit card. You can also use it to buy crypto. You can use it to open multiple currency accounts for business like; USD, EUR, GBP, CNH, JPY, AUD, CAD, SGD and MXN.
Payoneer supports the following local multicurrency accounts: USD, AUD, GBP, EUR, JPY, HKD, CAD and SGD.
- Receiving credit card payments – 3%
- Receiving payments via ACH Bank debits – 1%
- Withdrawing to a bank account – 2%
- Manage currencies in your Payoneer balances – 0.5%
- Currency exchange – 3.5%
- ATM withdrawal – $2.75
Payoneer supports local accounts in the following countries: US, EU, UK, Japan, Australia, Mexico, and China. However, Payoneer supports over 150 countries worldwide.
Find out more from our Payoneer Review
MultiPass (Formerly DynaPay)
DynaPay, rebranded to MultiPass, also offers multi currency accounts for businesses. Your business can make payments in 38 currencies. The account supports IBAN, SWIFT and SEPA transfers. DynaPay is also a payment processor for low and medium risk merchants.
DynaPay supports the following multi-currency accounts: EUR, GBP, USD, CHF and ISL.
DynaPay fees vary depending on where the business is registered. Multinational business and those registered in the EEA are charged varying fees.
DynaPay is supported in countries within EU, EEA, and countries like Hong and Canada. DynaPay plans to move to many more other countries.
Advantages of Multi Currency Accounts
You get to enjoy the following benefits by owning a multi currency account.
- Hold multiple currencies like USD, GBP and EUR in your account
- You can trade currencies at the right time
- Save money on foreign exchange fees
- Communicate a single bank account number to your clients
- Allows you to manage your money when you are abroad
- Make instant transfers or payments abroad with your debit card
- Helps you easily convert money in your account and access your account faster from global branches
- You can easily access and operate your account online or through mobile banking
Cons of Multicurrency Account
- There are conversion fees when you send money to a different country
- Some multicurrency accounts chare annual maintenance fees
- Some banks have high minimum requirement to open a multicurrency account
- Some banks charge additional fees or transaction fees when opening a multicurrency account
Summary of How to Open a Multi Currency Account
Having a multicurrency business account for a multinational business can save you lots of costs, especially on currency conversion fees. You can also open local currency accounts that help you transact like a local. With a multicurrency account, you can receive, send, spend, make payments and hold money in different currencies.