Having a business bank account has a number of benefits, including helping you to keep personal and business finances separate.
But if your business is planning to expand globally or you work with clients overseas, it’s important to pick an account that allows you to carry out international transactions at competitive rates.
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Open a business account with Revolut and you can send, hold and receive funds in more than 25 currencies. There are 4 plans to choose from, depending on whether you want to pay a monthly fee. Each plan has its own monthly limits for fee-free foreign currency exchange and all the paid-for plans offer no-fee international transfers - again, up to a monthly limit in most cases. Further benefits include the option to connect to accounting software such as Xero, QuickBooks and Sage, and the ability to create and track invoices. It’s quick and easy to sign up for an account via the Revolut app.
Pros
Flexible account options
Mobile app with lots of good features
Ability to issue cards to all employees
Easy to apply
Freeze card if lost or stolen
Safe and secure
Free purchases
Cons
Basic account does not include many free transactions
Earn 10% cashback on your first $1,000 of international transactions with Airwallex (T&Cs apply).
The Airwallex global account can be opened in minutes via the app on both Android and iOS. The account enables you to make payments in more than 60 currencies and most international transfers arrive the same day. You can open local currency accounts in more than 60 countries, plus create cards to spend in multiple currencies globally with no foreign transaction fees. There are no monthly account fees and you’ll have a dedicated account manager to support you with any queries. The account can be synced with your accounting system and it's easy to track expenses.
Pros
Send to 120+ countries
Competitive FX rates
No monthly account fees
Collect, hold & send money in several currencies
No transaction fees for card payments
Cons
Not covered by the Financial Services Compensation Scheme
Transfers can only be made to your Airwallex wallet or to a business bank account
Wise is a multi-currency account that lets you hold and send funds in more than 40 currencies. You can make international payments to more than 70 countries, with no hidden fees or exchange rate markups. What’s more, there’s the option to give your team debit cards to use overseas with no foreign exchange fees. Further benefits include the option to connect to accounting software such as Xero, QuickBooks and FreeAgent, and hold money in different Jars for different purposes. Plus the account offers advanced security measures to keep your money safe. Note that there is a one-off fee for registering with Wise.
Pros
No monthly fees.
FCA regulated.
Integration with accounting software, including Xero and Quickbooks.
Up to £50,000 subject to eligibility and application
Requires credit check
Open a free business bank account with Starling and you can transfer money to more than 34 countries with no hidden fees. In addition, you can choose to pay a small monthly fee to add a Euro or US business account to your main account, enabling you to exchange and hold euros or dollars (applications are currently on hold for these accounts). The Starling business account can also be integrated with QuickBooks, FreeAgent and Xero, and there are no fees for using your debit card abroad. Customer support is available 24/7 and you can set up savings spaces to help you set aside money for different purposes, such as tax.
Pros
Add the new Business Toolkit onto your free Starling account and get the first month free of charge (RRP £7pcm)
Completely free UK current account opened and ready to use in 20 minutes
Safe and secure
Fully licensed by the FCA and PRA
Free to use your card abroad including ATM withdrawals, splitting the bill made easy with "settle up" feature, competitive and comprehensible overdraft fees
Decent interest rate paid on current account balances
Efficient app offering a range of good features such as budgeting tools and saving features
Has a marketplace offering competitive pensions
Mortgages and insurance from other growing fintech companies
Teen account options
24/7 customer support (for all types of enquiries)
Cons
Relatively new so does not offer every feature, e.g. mortgages
No bank branches, all done via the web
Only available to UK residents
Accounting integrations
FreeAgent, QuickBooks, Xero
Account fee
Free
Arranged overdraft
Up to £50,000 subject to eligibility and application
Earn 1% cashback for paying with your ANNA card in selected categories.
You can open a business account with Anna Money in less than 10 minutes. There are 4 plans to choose from, one of which has no monthly fee. Depending on the account you choose, you’ll have a set number of free international payments per month, after which a fee applies. A small currency conversion fee also applies for transfers. A set number of expense cards are included, depending on your plan, and you can earn cashback on purchases. Integrated tax and bookkeeping tools are included for free for the first month, while you’ll also benefit from invoice support.
Pros
24/7 in-app support.
Invoice and expenses services in the app.
Pay-as-you-go option means you only pay for features that use.
How does an international account differ from a standard business account?
An international business bank account is an account that lets you hold, transfer and receive funds across the globe and in multiple currencies. It can help you quickly and easily process international payments and currency exchange.
Thanks to the rise of challenger banks, businesses now have an increasing number of international business accounts to choose from, with many offering competitive exchange rates and low fees.
By contrast, standard business bank accounts are primarily designed for everyday business banking in the UK. Many standard business bank accounts won’t permit foreign transactions and international transfers – or, if they do, you’ll be charged high fees and/or exchange rates.
Be aware that even if some standard accounts advertise no international transaction fees, they may instead apply a markup to the exchange rate used for conversion.
What features should you look for?
When comparing international business accounts, it’s worth looking for the following features:
Competitive exchange rates. Look for an account with competitive exchange rates to save your business money on international transfers.
Low account fees. Similarly, you want an account with low conversion fees – this could be a fixed fee or a percentage of the transfer amount. Also check for monthly account fees and any other transaction charges.
Low card fees. A good international business account will come with a debit card (and potentially a credit card) that lets you spend overseas fee-free.
Access to multiple currencies. If you’re dealing with lots of foreign currencies at one time, you’ll want a multi-currency account, rather than one that only deals in euros or US dollars. Some accounts let you hold and exchange more than 40 currencies, for instance.
Flexible account management and support. Look for an account that offers multiple ways to bank and contact customer support, such as online, through the app and over the phone. Also check whether support is available 24/7 or only during certain hours.
Advanced security features. Check whether the account offers advanced security measures such as two-factor authentication to protect your financial transactions.
FCA regulation. Check the provider is regulated by the Financial Conduct Authority (FCA). This means it must follow financial safety rules.
Pros and cons of international business accounts
Pros
Enables you to hold, exchange and receive funds in multiple currencies
You can send cross-border payments quickly and easily
Exchange rates are more competitive compared to most standard business accounts
Accounts often come with a card you can use overseas fee-free
Cons
Some international business accounts charge high monthly account fees
Some accounts might limit the amount of fee-free international transactions you can make each month, or you might be charged a small fee for all of them
Not all international business bank accounts are covered under the Financial Services Compensation Scheme (FSCS)
Bottom line
If your business regularly deals with companies or clients overseas or has an international branch, an international business bank account can enable you to send overseas payments at a much cheaper rate. What’s more, many providers let you hold multiple currencies in the one account which can often be managed via an app, saving you both time and money.
However, keep in mind that some accounts come with high monthly fees, while others will charge a transaction fee if you reach a specified monthly transfer limit. This makes it crucial to do your research and compare accounts to find the most suitable option for your business. Don’t forget to check eligibility criteria too as this can vary between providers.
Frequently asked questions
The key is to shop around and consider factors such as the number of currencies the account holds, monthly account fees, whether there are limits on fee-free foreign transactions, and eligibility criteria. Think about how your business operates and the volume of international transactions it carries out to help you find the right account.
When comparing accounts, check whether the provider is a UK-licensed bank as this means your money will be protected up to £85,000 under the FSCS. If it’s not, check whether the provider is regulated by the FCA as an institution that deals in electronic money. If it is, it must hold all client funds in a “segregated account” at a licensed UK bank.
If you’re a sole trader, you don’t legally need a business bank account. However, opening one can help you to keep your personal and business finances separate which can be beneficial when it comes to filing your tax return. If you’re a limited company, you must open a business bank account as your company is legally separate from you. If you regularly transact overseas, it’s worth looking for an international business bank account.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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