Multi-Currency Accounts Compared

Why multi-currency accounts matter

Most international businesses receive income in multiple currencies: a UK-based business invoicing US clients in USD and German clients in EUR, then paying staff in GBP, has at minimum three currencies to manage. Without a multi-currency account, each currency conversion involves exchange rate losses and transaction fees.

The cumulative cost of currency conversion at unfavourable rates can be significant. A company receiving €100,000 per year from European clients and converting to GBP at a bank's "retail" rate might lose £2,000–5,000 in exchange rate spread compared to a mid-market rate provider.

The key multi-currency account providers (business)

Wise Business

Best for: Most non-resident founders; multi-currency receipt; international payment

Wise holds balances in 40+ currencies and provides local account details in:

• UK: Sort code and account number (GBP)
• EU: IBAN (EUR, via Belgium or Germany)
• US: ACH routing and account number (USD)
• Australia: BSB and account number (AUD)
• Singapore: Account number (SGD)
• Canada: Transit and account number (CAD)
• New Zealand: Account number (NZD)
• Romania: IBAN (RON)
• Hungary: IBAN (HUF)
• Turkey: IBAN (TRY)
• And more

Conversion fees: Wise charges a fee for converting between currencies — typically 0.4–1% of the converted amount, using the mid-market exchange rate (no spread markup). This is significantly cheaper than bank conversions (which typically add 2–4% spread on top of any stated fee).

Receiving fees: Receiving into your Wise account in the local currency is free (for most currencies). The fee applies when you convert.

Sending fees: Varies by destination currency; typically 0.4–1% + a small fixed fee.

Limitations: No cash deposits. No cheques. No credit facilities. Not FSCS-protected (funds in segregated accounts).

Airwallex

Best for: Asia-Pacific focused businesses; e-commerce; companies needing multi-currency payout

Airwallex provides local receiving accounts in:

• USD (US), EUR (EU), GBP (UK), AUD (AU), SGD (SG), HKD (HK), CAD, NZD, and others

Conversion fees: Interbank rate + typically 0.2–0.5% margin (competitive; sometimes better than Wise for large volumes)

Key differentiator: Strong in Asia-Pacific — better HKD and SGD infrastructure than most competitors. Good for businesses with significant APAC customer base.

Payout to local bank accounts: In 130+ countries; useful for international payroll.

Revolut Business

Best for: European businesses; expense management; teams needing corporate cards

Multi-currency support: Hold and exchange 25+ currencies. Local GBP and EUR accounts.

Conversion fees: Free currency exchange up to a monthly limit (plan-dependent); 0.5% above the limit on basic plans. Exchange at interbank rate.

Key differentiator: Strong expense management and corporate card features. Good for companies with distributed teams incurring expenses in multiple currencies.

Limitations: Customer support has had mixed reviews. Account freezes during AML reviews can disrupt operations — always have a backup account.

Currency exchange specialists (for large conversions)

For businesses regularly converting £50,000+ equivalent, dedicated currency exchange brokers typically offer better rates than any account provider:

OFX: Transfers in 50+ currencies; used by SMEs for large regular payments (e.g., payroll in multiple countries). No transaction fee for amounts over a threshold; spread typically 0.4–1.5%.

Currencies Direct: Similar to OFX; strong for UK-based businesses with international payment needs.

Key point: For large, regular currency conversions (supplier payments, payroll), a currency specialist will provide better rates and service than Wise or Revolut. For day-to-day multi-currency banking, Wise remains the most practical.

Comparison table

Managing exchange rate risk

For businesses with predictable large foreign currency receipts or payments, exchange rate fluctuation can materially affect profitability.

Natural hedging: Match currency of income to currency of costs where possible. A UK company with EUR costs (EU suppliers, EU staff) should invoice EU clients in EUR, not GBP — reducing the need to convert.

Forward contracts: Lock in an exchange rate today for a conversion to occur on a specific future date. Available from currency specialists like OFX, Currencies Direct, and some banks. Protects against adverse rate movements. Not available from Wise or Revolut.

Currency accounts: Simply holding balances in the currency you'll need — waiting to convert when the rate is favourable — is a basic form of currency risk management. Available with any multi-currency account.

For most SMEs, natural hedging plus a multi-currency account (Wise or Airwallex) is sufficient. Forward contracts become relevant when foreign currency transactions exceed approximately £100,000 equivalent per year and represent a significant portion of profit.