Multi-Currency Business Accounts in the UK: Who Offers Them, Fees and FSCS Cover

UK BUSINESS SOFTWARE · FX & PAYMENTS 3 OF 4

UK Business Software series: FX and payments. Four guides: currency management, international payments, multi-currency accounts and treasury software. Facts from vendor pages and regulators; no rankings, no recommendations.

What a multi-currency business account is and is not

A multi-currency business account allows a UK company to hold, receive and pay in multiple currencies without converting each transaction. It is not a hedging tool; it does not lock in exchange rates for future payments. For risk management, see the currency management page.

A multi-currency business account is a payment account that lets you maintain balances in several currencies at once. For example, a UK-based exporter might hold US dollars, euros and pounds in the same account, receiving payments from overseas customers directly into the relevant currency balance. This avoids the need to convert every incoming payment into sterling, which can reduce FX costs and simplify reconciliation. The account typically provides local payment details in each currency, such as a US routing number or a euro IBAN, so that customers can pay you as if you had a domestic account in that country.

However, such an account is not a foreign exchange hedging tool. It does not offer forward contracts, options or other derivatives that lock in an exchange rate for a future date. If you need to protect against currency fluctuations for a large upcoming invoice, you would use a separate currency risk management service. The account simply holds the currency and converts on demand when you make a payment or transfer. Some providers offer a linked FX service with spot conversions, but this is not hedging.

For a deeper understanding of currency risk and how to manage it, refer to the currency management page on this site, which explains the difference between transactional conversion and strategic hedging.

Who offers them in the UK

Fintech e-money accounts from Airwallex, Wise Business and OFX offer multi-currency accounts with 20 or more currencies. UK-licensed digital banks such as Revolut Business and high-street banks like HSBC and Barclays also provide currency accounts, but with different features and fees.

The UK market for multi-currency business accounts is split between three main types of provider. First, fintech e-money institutions, such as Airwallex, Wise Business and OFX, operate under e-money licences from the Financial Conduct Authority (FCA). They offer accounts that can hold dozens of currencies, often with local receiving details in major markets. These providers typically charge a monthly fee or per-transaction fees and make money on the FX spread, which is often lower than traditional banks.

Second, UK-licensed digital banks, such as Revolut Business, hold a full banking licence in some jurisdictions and offer multi-currency accounts with FSCS protection on eligible deposits. Revolut Business, for example, provides accounts in over 25 currencies with interbank exchange rates on weekdays and a small markup on weekends. These accounts may also offer local payment details for certain currencies.

Third, high-street banks, including HSBC, Barclays and NatWest, offer multi-currency business accounts, but these are often more limited in the number of currencies and may require a business relationship with the bank. For instance, HSBC's Global Money Account allows holding multiple currencies, but it is not a full current account and may have restrictions on receiving payments. Barclays offers a multi-currency account for businesses that trade internationally, but it typically requires a UK business current account with the bank.

The table below summarises the key differences among providers, including the number of currencies, licensing and typical fees. Note that features and fees are subject to change; check the provider's website for current details.

Fees: monthly plans, FX margins and hidden costs

Fees vary widely. Fintech accounts often have a free tier or low monthly fee, with FX margins from 0.5% above interbank. High-street banks may charge higher FX margins and monthly account fees. Hidden costs include receiving fees, card fees and dormancy charges.

When comparing multi-currency business accounts, you need to look beyond the headline monthly fee. Most providers offer tiered plans. For example, Airwallex has a free plan with no monthly fee, but you pay a small fee for each payment or conversion. Wise Business has a free plan, but charges a transparent fee per transaction, which is a percentage of the amount converted. OFX does not charge a monthly fee, but its FX margin is included in the exchange rate offered.

FX margins are a key cost. Wise Business charges from 0.5% above the interbank rate for conversions, while Airwallex offers margins from 0.5% as well, but this can vary by currency pair and volume. Revolut Business offers interbank rates on weekdays, but adds a markup of 0.5% on weekends. High-street banks, such as HSBC, may have FX margins of 2% or more for small transactions, but they often negotiate better rates for larger volumes.

Hidden costs can catch you out. Some providers charge a fee for receiving payments in certain currencies. For example, Wise Business charges a small fee for receiving US dollars via ACH, but is free for receiving euros via SEPA. Card fees apply if you get a business debit card; these can be around £10 per card or a monthly fee. Dormancy fees are also common; if you do not use the account for a period, such as 12 months, you may be charged a monthly fee. Always read the fee schedule carefully.

For current rates and fees, refer to the provider's website, as these change frequently. The table in the previous section gives a snapshot, but you should verify the latest details before opening an account.

FSCS or safeguarding: what protects your balance

If your provider is a UK-licensed bank, your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person per bank. If your provider is an e-money institution, your funds are safeguarded in a separate account, but not covered by the FSCS.

The Financial Services Compensation Scheme (FSCS) is a UK government-backed scheme that protects deposits in authorised banks, building societies and credit unions. If a bank fails, the FSCS pays compensation up to £120,000 per depositor per bank. This limit applies to the total of all your deposits with that bank, not per account. For business accounts, the same limit applies, but it is per business, not per individual director.

However, many multi-currency business accounts are provided by e-money institutions, such as Airwallex, Wise Business and OFX. These firms are not banks; they are authorised as e-money institutions by the FCA. Under e-money regulations, they must safeguard customer funds by keeping them in a separate bank account or investing them in secure assets. This safeguarding means that if the e-money institution becomes insolvent, your funds are protected from being used to pay its creditors. However, safeguarding is not the same as FSCS protection. If the bank where the safeguarded funds are held fails, you may not be covered by the FSCS, because you are not a depositor of that bank.

The practical difference is significant. With a UK-licensed bank like HSBC or Barclays, your balance is covered by the FSCS up to £120,000. With an e-money provider, your funds are safeguarded, but there is no government-backed compensation scheme. If the e-money firm itself fails, you should get your money back from the safeguarding account, but there could be delays. If the safeguarding bank fails, you might lose some or all of your funds.

Always check the provider's regulatory status and whether they hold a banking licence or an e-money licence. The FCA register provides this information. For current FSCS limits, see the FSCS website.

Using one alongside your main business bank

Most small and medium-sized enterprises (SMEs) keep a main GBP business bank account for day-to-day operations and add a fintech multi-currency account for international transactions. This setup helps with reconciliation and accounting, as you can transfer funds between accounts as needed.

The typical approach is to maintain your primary business current account with a high-street bank or a digital bank for domestic payments, salaries and tax. Then, you open a separate multi-currency account with a fintech provider for receiving and paying in foreign currencies. This separation allows you to keep your main account simple and avoid the complexity of multiple currency balances in your core banking.

When you receive a payment in US dollars, it goes into your multi-currency account. You can then decide whether to hold the dollars or convert them to pounds and transfer the sterling to your main account. This gives you control over the timing of conversions, which can be beneficial if you want to manage exchange rate fluctuations. However, you need to be aware of the costs of transferring between accounts, which may include a conversion fee and a transfer fee.

Reconciliation is a key consideration. You need to ensure that your accounting software can integrate with both accounts. Many fintech providers offer direct integration with accounting platforms like Xero and QuickBooks, which automatically imports transactions and matches them to invoices. This reduces manual data entry and errors. High-street banks also offer integration, but it may be less seamless.

When using two accounts, you should set up a clear process for transferring funds. For example, you might transfer all foreign currency receipts to your main account at the end of each month, or you might keep a buffer in the multi-currency account for upcoming payments. This requires regular monitoring of balances and exchange rates. Some providers offer automatic conversion rules, but these are not common.

Overall, using a multi-currency account alongside your main bank is a practical solution for SMEs that trade internationally. It allows you to benefit from lower FX costs and better payment rails, while keeping your core banking stable.

Opening one: eligibility and documents

To open a multi-currency business account in the UK, you typically need to be a registered company with Companies House, provide directors' identification and proof of trading, and declare expected transaction volumes. Approval can take from a few hours to several days.

Eligibility criteria vary by provider, but most require your business to be a limited company, partnership or sole trader. For fintech providers like Airwallex and Wise Business, you must have a registered business address in the UK and a valid Companies House number. Some providers also accept unincorporated businesses, but they may require additional documentation.

The documents you need usually include: proof of identity for all directors and significant shareholders, such as a passport or driving licence; proof of address, such as a utility bill or bank statement; and proof of trading, such as recent bank statements or invoices. You may also need to provide details of your business's expected transaction volumes and the countries you trade with. This is part of the provider's anti-money laundering (AML) checks.

For high-street banks, you often need to have an existing business current account with them, and you may need to visit a branch. The application process can take longer, sometimes up to two weeks, as the bank conducts more extensive checks. Fintech providers typically have a faster online application process, with approval in a few hours or up to two days, depending on the complexity of your business.

Once approved, you can start using the account immediately. You will receive local payment details for each currency you want to receive, and you can set up payments to overseas suppliers. Some providers require a minimum initial deposit, but this is not common. Always check the provider's specific requirements before applying.

What is a multi-currency business account?

What is a multi-currency business account?

A multi-currency business account allows a UK company to hold, receive and pay in several currencies without converting each transaction. It provides local payment details in each currency, reducing FX costs. It is not a hedging tool; conversions are done on demand. Providers include fintech e-money firms and banks.

Which UK banks offer multi-currency business accounts?

Which UK banks offer multi-currency business accounts?

UK-licensed banks such as HSBC, Barclays and NatWest offer multi-currency accounts, but they often require an existing business relationship. Fintech e-money providers like Airwallex, Wise Business and OFX offer accounts with 20 or more currencies, while Revolut Business, a digital bank, offers over 25 currencies. Check each provider for current features.

Are multi-currency accounts covered by the FSCS?

Are multi-currency accounts covered by the FSCS?

If the provider is a UK-licensed bank, eligible deposits are protected by the FSCS up to £120,000 per business. If the provider is an e-money institution, funds are safeguarded in a separate account, but not covered by the FSCS. Always check the provider's regulatory status on the FCA register.

How much does a multi-currency business account cost?

How much does a multi-currency business account cost?

Costs vary. Fintech providers often have free plans or low monthly fees, with FX margins from 0.5% above interbank. High-street banks may charge higher margins and monthly fees. Hidden costs include receiving fees, card fees and dormancy charges. Check the provider's fee schedule for current rates.

Can I get a euro account for my UK business?

Can I get a euro account for my UK business?

Yes, most multi-currency business accounts include a euro balance with a SEPA IBAN. This allows you to receive and make euro payments within the SEPA area without conversion. Providers like Wise Business, Airwallex and Revolut Business offer euro accounts as part of their multi-currency services.

LAST REVIEWED 3 SEPTEMBER 2026