Why Your Business Needs a Multi-Currency Account
If your business deals with international clients or suppliers, a multi-currency account can save you thousands in conversion fees annually. Instead of converting every payment, you can hold, send, and receive in multiple currencies.
Top Business Account Options
Revolut Business
Revolut Business offers plans starting from free to £79/month for enterprises.
Highlights:
- Hold and exchange 25+ currencies
- Free local transfers in supported currencies
- Team expense management
- API for accounting integration
Wise Business
Wise Business provides transparent pricing with no monthly fees.
Highlights:
- Mid-market exchange rate always
- Local bank details in 10 currencies
- Batch payment processing
- QuickBooks and Xero integration
Traditional Bank Multi-Currency Account
Banks like HSBC and Citi offer multi-currency accounts for businesses.
Highlights:
- Established relationship banking
- Full suite of banking products
- Higher minimum balances required
- Better for trade finance needs
Feature Comparison
| Feature | Revolut Business | Wise Business | Traditional Bank | |---------|-----------------|---------------|-----------------| | Monthly Fee | £0-79 | Free | £25-100+ | | Currencies | 25+ | 40+ | 10-20 | | Exchange Rate | Competitive | Mid-market | 2-4% markup | | Transfer Fee | Free-£5 | 0.4-1.5% | £15-35 | | API Access | Yes | Yes | Limited | | Trade Finance | No | No | Yes |
How to Choose
Consider these factors when selecting a business account:
- Transfer volume: High-volume senders benefit from Wise's percentage-based pricing
- Currency needs: Check which currencies you need most frequently
- Integration requirements: Ensure compatibility with your accounting software
- Credit facilities: Traditional banks offer overdrafts and trade finance
- Regulatory compliance: Verify the provider is regulated in your jurisdiction
Conclusion
For most small to medium businesses, Wise Business or Revolut Business offers the best value. Traditional bank accounts remain relevant for larger businesses needing comprehensive banking services and trade finance facilities. Consider a hybrid approach: use a fintech for daily international payments and a traditional bank for lending and complex financial products.
