OneMoneyWay business account review

If you run your own business, opening a dedicated business account can make it much easier to manage your company finances. What’s more, if you regularly carry out business overseas, you’ll need to look for an account that lets you manage multiple currencies.

What is OneMoneyWay?

OneMoneyWay is a payment and financial management platform that offers a multi-currency business account. Through the account, you can manage salaries, taxes and expenses, and you’ll also be able to make international payments. Rather than opening different accounts for different overseas transactions, you can use the one account to manage all your global payments in more than 24 currencies.

OneMoneyWay gives you three different price plans to choose from, depending on the size of your business. You can upgrade as your business grows and each plan gives you access to a set number of business accounts and physical and virtual Mastercards.

As well as opening a UK account, you can open accounts in Denmark, Luxembourg, Sweden and Germany with no residency requirements.

What are the features of OneMoneyWay?

If you open an account with OneMoneyWay, your business will have access to the following features:

• At least one business bank account with a local IBAN (or sort code and account number in the UK)
• At least one physical Mastercard
• At least one virtual Mastercard
• Ability to send, receive or exchange payments in more than 24 different currencies, with no hidden fees
• Invoicing module to streamline your invoicing process
• Dedicated account manager to provide tailored support

How do I open a OneMoneyWay account?

OneMoneyWay says it serves businesses of all sizes and types and you don’t need to be a UK resident to apply.

The application process is completed online, and to get started you’ll need to fill in a short form, providing some personal details. You’ll then need to pass an online onboarding process. You can expect your account to be up and running within two to four weeks, once you’ve submitted all the necessary documentation.

Pros and cons of OneMoney Way

Is OneMoneyWay safe?

OneMoneyWay is not a bank and doesn’t have a UK banking licence, which means your funds won’t be protected under the Financial Services Compensation Scheme (FSCS).

However, it is registered with the Financial Conduct Authority (FCA) as an electronic money institution. This means your funds will be held in a segregated account which is protected by safeguarding requirements under the Electronic Money Regulations 2011.

Our verdict: Is an account with OneMoneyWay worth it?

You might want to consider the multi-currency business account from OneMoneyWay if you’re looking to better manage your business finances, while also dealing with overseas clients and international payments.

However, the main drawback is that the account fees are high (no matter which plan you choose). For this reason, it’s important to compare the account with other business accounts to be sure it’s the right choice for your company.