Last reviewed: 09 Jun 2026 | Sources: CMA Open Data API, FCA Register, provider published rates
TL;DR: A multi-currency business account holds balances in multiple currencies simultaneously, enabling UK businesses to receive USD, EUR, and other currencies without immediate conversion. Wise Business offers the lowest FX margins (0.35 to 0.75%) with local account details in 10 currencies. HSBC and Barclays offer multi-currency via CMA9 banking with FSCS protection but higher FX margins of 2 to 3%.Key facts: multi-currency business accounts
- Wise Business holds balances in 50+ currencies with local account details in USD, EUR, AUD, CAD, SGD and more
- CMA9 banks including HSBC and Barclays offer foreign currency accounts alongside the sterling current account
- Wise charges 0.35 to 0.75% FX margin - CMA9 banks charge 2 to 3% plus a flat SWIFT fee of £15 to £40
- Wise is not a bank and not FSCS protected - funds are safeguarded in segregated accounts but recovery differs from FSCS
- UK companies holding foreign currency balances must account for exchange gains and losses in their corporation tax return
What is a multi-currency business account
A multi-currency business account enables a UK business to hold balances in multiple currencies simultaneously, send and receive international payments in local currencies, and convert between currencies at competitive rates. Unlike a standard sterling account where all foreign currency receipts are converted to GBP at the point of receipt, a multi-currency account allows the business to hold USD from US customers and pay USD to US suppliers without converting twice.
The UK exported approximately £855 billion in goods and services in 2023 according to ONS data. For UK businesses engaged in international trade, FX conversion costs on every cross-border transaction represent a significant operational expense. At a 2.5 percent CMA9 bank margin, a business converting £500,000 per year from USD receipts pays £12,500 in FX costs. The same conversions at a Wise margin of 0.5 percent cost £2,500.
Multi-currency business account options UK
| Provider | Monthly fee | Currencies | FX margin | FSCS | Strength |
|---|---|---|---|---|---|
| Wise Business | Free | 50+ | 0.35-0.75% | No | Lowest FX margin. Local IBANs in 10 currencies. |
| Revolut Business | Free | 25+ | 0.5-1% | No | Multi-currency wallets. Monthly limits on free plan. |
| Airwallex | Free | 50+ | 0.5-1% | No | Strong API. Global collection accounts. E-money. |
| HSBC Business (CMA9) | £8.00/mo | 60+ | 2-3% | Yes | Trade finance. Global network. FSCS. |
| Barclays Business (CMA9) | £8.50/mo | 120+ | 2-3% | Yes | 120+ currencies. SWIFT. Trade finance. FSCS. |
FX margins indicative. Source: provider published rates, 09 Jun 2026.
Wise Business versus HSBC for multi-currency
The two most common choices for UK businesses with significant multi-currency needs are Wise Business (lowest FX cost, no FSCS) and HSBC Business (higher FX cost, FSCS, trade finance). Wise provides local account details in 10 currencies - a US customer can pay a US bank account number in USD without triggering international wire fees. The same USD balance can be held in Wise and converted to GBP at 0.5 percent margin when needed, or used directly for USD supplier payments.
HSBC provides trade finance facilities - letters of credit, documentary collections, trade loans - alongside its multi-currency capability. For businesses importing goods from overseas requiring letters of credit, HSBC is the stronger choice. For businesses simply receiving and sending international payments without structured trade finance, Wise typically produces lower total transaction costs.
Multi-currency account: FSCS and safeguarding
Wise, Revolut, and Airwallex are FCA-authorised as electronic money institutions, not banks. Customer funds are safeguarded in segregated accounts at regulated banks but are not eligible for FSCS protection. HSBC and Barclays are FCA-authorised banks with full FSCS protection up to £85,000.
For businesses holding significant currency balances, the regulatory distinction matters. A business holding £200,000 in a Wise multi-currency account has no FSCS protection on any of that balance. Splitting the same balance between HSBC and Barclays provides FSCS protection on the full amount. The FX cost saving at Wise may justify the absence of FSCS for high-volume transaction businesses where balances cycle through quickly. For businesses holding large static balances, the FSCS argument favours CMA9 banks.
Foreign currency accounting for UK companies
UK limited companies holding foreign currency balances must follow HMRC foreign currency rules. When foreign currency is converted to sterling, or when the sterling value of a foreign currency balance changes at the accounting year end, a taxable exchange gain or deductible exchange loss arises. These must be reported in the corporation tax return.
Accounting software with multi-currency support - Xero, QuickBooks, and FreeAgent all include this - handles exchange gain and loss calculations automatically when connected to the multi-currency account via open banking. Manual tracking without accounting software support significantly increases the complexity of the corporation tax return for businesses with material foreign currency balances.
Multi-currency account for e-commerce businesses
UK e-commerce businesses selling to international customers benefit most from multi-currency accounts. A business selling on Amazon US, Amazon EU, and Amazon UK receives USD, EUR, and GBP settlements. With a Wise Business account, each currency is received and held in its native currency wallet without immediate conversion. The business converts to GBP when the exchange rate is favourable or when sterling expenses require payment.
Marketplace payment processors including PayPal, Stripe, and Amazon Payments all support settlement to Wise Business or Revolut Business local account details. This enables e-commerce businesses to receive USD directly into a US-format account and EUR into a European IBAN, reducing or eliminating conversion fees on the settlement side.
Multi-currency account for import businesses
UK businesses importing goods from overseas pay suppliers in USD, EUR, or CNY. A multi-currency account eliminates the need to convert GBP to the supplier currency at each payment. For businesses making monthly supplier payments above £10,000 equivalent, the FX saving versus a CMA9 bank sterling account with spot conversion is typically £200 to £500 per month.
China suppliers predominantly invoice in USD. Wise Business holds USD balances and makes USD payments at 0.5 percent margin. The same payment via a CMA9 bank SWIFT transfer incurs 2.5 percent FX margin plus £15 to £40 flat fee per transfer. For a business making 6 supplier payments of USD 20,000 per month, the annual saving at Wise versus HSBC is approximately £28,000 in FX margins plus £1,440 in flat fees.
Choosing between Wise and a CMA9 bank for multi-currency
The decision between Wise Business and a CMA9 bank for multi-currency banking depends on three factors: transaction volume, balance size, and whether trade finance is required. Wise is the stronger choice for high-volume low-balance businesses - those moving money through quickly at low margins. CMA9 banks are stronger for businesses holding large currency balances (where FSCS matters), needing trade finance (letters of credit, documentary collections), or requiring a relationship manager for complex international banking queries.
A practical approach for many businesses is to use both: a Wise Business account for day-to-day international payments at low FX margins, and a CMA9 account (HSBC or Barclays) for the banking relationship, lending access, and FSCS protection on larger static balances. Both accounts can be connected to accounting software via open banking simultaneously.
Frequently asked questions
What is the best multi-currency business account in the UK?
Wise Business offers the lowest FX margins (0.35 to 0.75%) with local account details in 10 currencies. It is not FSCS protected. For FSCS protection alongside multi-currency capability, HSBC Business provides the strongest combination with 60+ currencies and trade finance. The right choice depends on transaction volume, currency mix, and whether FSCS protection or FX cost is the priority.
Can a UK limited company hold a foreign currency account?
Yes. CMA9 banks including HSBC and Barclays offer foreign currency accounts for UK limited companies. Wise Business provides multi-currency wallets with local account details in 10 currencies. Exchange gains and losses on foreign currency balances must be reported in the corporation tax return.
Is Wise Business FSCS protected?
No. Wise is authorised by the FCA as an electronic money institution, not a bank. Funds are safeguarded in segregated accounts at regulated banks but are not FSCS protected. HSBC and Barclays are FSCS-protected banks that offer multi-currency accounts with higher FX margins.
How do I receive USD payments as a UK business?
Open a Wise Business account and use the USD local account details (routing number and account number) to receive USD payments from US customers without international wire fees. Alternatively, HSBC Business provides USD account facilities alongside its sterling business account. Both options allow USD to be held and converted to GBP at a time of your choosing.
Do multi-currency accounts affect UK tax?
Yes. Exchange gains and losses on foreign currency balances are taxable or deductible for UK corporation tax. When foreign currency is converted to sterling or revalued at year end, the gain or loss must be reported. Accounting software with multi-currency support calculates these automatically when connected to the account via open banking.
