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The business account from Revolut enables you to create, send, manage and reconcile invoices, all within its Basic service. Revolut is known for its multicurrency approach, and its business account is no different. You can receive, hold and exchange money in more than 25 currencies worldwide with no hidden fees. You can set up as many sub-accounts in each currency as you need. In addition, you can get fixed foreign exchange rates for a set amount and date in the future, and you can spend like a local worldwide with your company debit card in 150 currencies. Each team member can get up to 200 virtual cards and 3 physical plastic cards. You can set card limits, track, freeze and unfreeze cards, as well as decide where cards can be used. If you’re looking for something a little more impressive, choose the Revolut Metal card, exclusive to Revolut’s paid plans. If you're a sole trader or a freelancer, you can't get this account but you can apply for Revolut Pro.
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
Equals Money’s multicurrency business account provides you with dedicated account management and the ability to be flexible with your business currency needs. You can exchange currencies and transfer money between balances, as well as have multiple balances with their own settlement details in multiple currencies. In addition to this, you can split funds based on how they’re used in your business. The account doesn’t have any transfer or monthly fees, but it does have an annual charge. It lets you use up to 100 physical cards, although there is a fee for card issuance. If you don’t want to shell out for a physical card, there are also virtual cards available.
The MultiPass business account has all you would need if you’re a small or medium-sized business with international banking requirements. The online platform offers a multicurrency account, international transfers and local currency accounts for GBP, EUR and USD. Everything is done online and you’ll have a dedicated account manager to help with your day-to-day needs as well as 24/7 customer support. MultiPass also offers a free consultation before you sign up. Just something to keep in mind, there are account opening fees, monthly maintenance fees and payment fees to contend with.
Earn 10% cashback on your first $1,000 of international transactions with Airwallex (T&Cs apply).
This bank account enables businesses to collect, hold and send money in multiple currencies. There are no monthly fees and accounts can be opened in a matter of minutes. Users will be able to transfer funds in more than 34 currencies into over 130 countries at competitive exchange rates. What’s more, you’ll be able to create virtual employee and expense cards for your business which will enable you to track spending and set spend limits. You can also use your multi-currency debit card to pay for expenses online or in person in different currencies with no transaction fees, provided you have the right currencies in your account. Further benefits include the option to connect your currency accounts with platforms like eBay, Shopify and PayPal, and the ability to sync your account with Xero to ensure your Xero transaction records are up to date for your accountant or bookkeeper.
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
With Juni, businesses can hold IBAN accounts in US dollars, Euros and Sterling. Account holders can track all of their company’s financials on the one platform and bring together their bank accounts and payment gateways such as PayPal, Stripe and Wise on the one dashboard. Further benefits of the account include Google Ads integration, the option to assign different permissions and access to different team members, plus the ability to sync your account with Xero to manage payments. The account is free to sign up to and there is no fee for your physical and/or virtual Visa or Mastercard cards. Juni does not charge for foreign card transactions, but if the currencies do not match, Mastercard or Visa may charge a fee. ATM withdrawals on the Visa card are free, but a fee may apply for the Mastercard card.
Pros
Hold IBAN accounts in 3 different currencies
All-in-one platform, allowing you to track finances with ease
Free to open an account
No fees for foreign card transactions from Juni
Cons
Not covered by the Financial Services Compensation Scheme
3S Money connects businesses to their customers around the world by offering local business accounts to send and receive funds globally. Its digital accounts can handle transactions in 38 different currencies and are designed to help your business send and receive high-value payments across the globe. Depending on the currency, some transfers can be completed the same day. Accounts also come with a personal manager to help support your business, as well as online account access for up to 10 users. Opening an account can be completed online and you’ll be able to speak to a member of the 3S Money team who will guide you through the onboarding process. Each application is processed on a case-by-case basis, which means you may be able to open an account even if you’re a non-resident. Your account will be opened within 15 days. Note that a monthly charge of €250 applies.
Pros
Send and receive high-value business payments around the world
The era of banking in its traditional form is being surpassed. Digital banking is on the rise, offering customers 24/7 access to their bank accounts via apps and other types of online accounts. Starling stands out for its user experience and its intuitive app. If you are just starting out, you can manage your money anytime you want and anywhere you are. What’s more, you can get instant notifications about the payments you’ve made or received and sort your invoices quickly and easily. If you’re looking for high service quality and features to help you manage your business costs, Starling may be the best option for you.
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
A multi-currency business account is an account that allows you to hold balances in multiple currencies. There are multi-currency bank accounts that allow you to have separate balances for pounds, US dollars and euros, for example.
This stops you having to pay foreign exchange fees when making a payment in a different currency, provided your balance is high enough. It also lessens the odds of your customers having to pay foreign exchange fees when you are able to accept multiple currencies.
How does a multi-currency business account work?
A multi-currency business account usually has one account number, IBAN and SWIFT code. This way, payments can be made and received using a single account. This means that, as well as cutting down on the admin involved in opening and maintaining business account in several currencies, you’ll usually save on foreign exchange fees.
How to get a multi-currency business account
You’ll apply the same way you would apply for any other business account. In most cases, you’ll be able to apply online, over the phone or in-branch.
It’s suitable for any businesses that deal internationally, and therefore receive and make payments in multiple currencies. If you only trade in pound sterling, this isn’t a feature you need to look for in your business current account.
If you travel overseas to make in-person business payments, a multi-currency card will also prove useful, as most multi-currency business accounts offer low fees and great rates on all overseas transactions.
Pros and cons
Pros
Avoids foreign exchange fees. These types of accounts enable you to hold balances in multiple currencies, reducing the need for your bank to charge you for converting payments into different currencies.
Competitive exchange rates. Most of these accounts pride themselves on offering the best foreign exchange rates on other currencies.
Reduces admin time. These types of accounts reduce the amount of time you’ll need to spend tracking payments from overseas customers or checking payments to international suppliers are made from a particular account.
Cons
Extra fees. Some banks will charge an extra monthly fee for you to add multiple currencies to your account.
Some business accounts already offer strong exchange rates. A few business current accounts, particularly the likes of Starling, already offer decent exchange rates when converting payments made to you from overseas.
Limited choice. There aren’t that many multi-currency business accounts available to small and medium-sized businesses.
Bottom line
If your business is consistently making overseas transactions, a multi-currency business account can be a good idea. In the long run, this can save you a great deal of money in foreign exchange fees.
To get the best value from a multi-currency business account, make sure you find an account that can meet your needs, while charging as little as possible in extra account maintenance fees. Currently it’s difficult to find a multi-currency business account that doesn’t charge any maintenance or transaction fees, so keep this in mind when shopping around.
The more overseas business your company does, the more benefit you’re likely to get from using a multi-currency business account.
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To make sure you get accurate and helpful information, this guide has been reviewed by Rachel Wait, a member of Finder's Editorial Review Board.
Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Comparing bank accounts and highlighting useful features
By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools.
Considering a Revolut Business account? We take a closer look at the features and price plans available with these digital-only accounts.
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