The Best Multi-Currency Business Accounts & Alternatives To Consider

Euan Robb
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Content Manager at Equals Money
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10
min read
Publish date
17/05/24

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Benefits of a multi-currency business account

A multi-currency business account offers numerous advantages for businesses and organisations that operate with a global footprint and conduct themselves in international business.

The main benefit of a multi-currency account is the ability to conduct business transactions in multiple currencies. This reduces (and often removes) the need for currency conversion, not only reducing potential associated costs, but also increasing both flexibility and convenience when dealing with international clients, suppliers, and more.

Secondly, a multi-currency account helps businesses minimise the risk associated with foreign exchange, allowing the management of funds across multiple different currencies at once. This can allow companies to take advantage of favourable currency exchange rates and better manage and navigate currency fluctuations. Additionally, multi-currency accounts often offer competitive exchange rates when compared to traditional banks, resulting in potential cost savings for businesses.

Lastly, a multi-currency account grants businesses better financial control and visibility, as they can track and manage their funds in various currencies from a single account and access detailed transaction records.

Simply put, these accounts simplify the process of receiving and making payments in different currencies, enhancing efficiency and facilitating seamless international transactions for companies - a necessity in today's globalised market.

Factors to consider when choosing a multi-currency business account

When choosing a multi-currency business account, several factors need to be considered to ensure business operations are smooth, financial management is effective, and international transactions are successful.

Currency availability

Firstly, the availability of multiple currencies is crucial. The account should offer a wide range of major currencies to accommodate global transactions, allowing businesses to receive and make payments in the currencies relevant to their operations. This will streamline transactions, save on currency conversion fees, and enhance efficiency.

Before selecting a multi-currency account, organisations must conduct research to ensure their account or provider of choice offers the specific currencies required for their business needs.

Exchange rates

Secondly, competitive currency exchange rates are essential. A multi-currency account should offer suitable rates to minimise foreign exchange costs when converting funds between currencies. This factor directly impacts financial management by reducing costs and improving profit margins.

Ease of use and available integrations

Thirdly, ease of use and integration with other financial systems is important. The account should have a user-friendly interface and provide integration options with accounting and payment systems. This will enhance business operations by automating processes and reducing manual efforts.

Account or platform fees

Furthermore, considering the fees associated with the account is crucial. It's important to evaluate charging structures, such as monthly or annual fees, transaction costs, and account maintenance charges.

Selecting an account with reasonable or business-appropriate fees will help manage costs effectively and ensure profitability.

Support and security

Lastly, customer support and security should not be overlooked. A reliable multi-currency account provider should offer responsive customer support to address any issues promptly. Additionally, robust security measures, such as encryption and two-factor authentication, are necessary to protect against financial fraud and maintain trust in international transactions.

Overall, considering factors such as currency availability, exchange rates, ease of use, fees, customer support, and security will significantly impact business operations, financial management, and the success of navigating international transactions when choosing a multi-currency business account.

 

Equals Money - Multi-Currency Business Account

At Equals Money, we're dedicated to providing our business customers with seamless, efficient, and reliable multi-currency solutions, tailored to meet the specific needs of organisations operating in international markets.

Our multi-currency business account is designed to simplify multi-currency payments and streamline global business. Equipped with a multi-currency IBAN, you won’t need to juggle multiple sets of account details or require separate accounts dedicated to a single currency such as USD or EUR. Simply send, receive, and manage funds in 38 different foreign currencies, without the need of conversion, from a single named account for efficient cross-border transactions.

With our easy-to-use platform, know exactly what your business is spending and where with real-time transaction data, allowing for complete control and full visibility,

Benefit from competitive currency exchange rates and expand your business into new global territories with fast, same-day and next-working-day transfers and access to payment networks such as SWIFT, UK Faster Payments, SEPA, and SEPA Instant.

Additionally, with the Equals Money platform, businesses can access international payment options and hedging tools such as forward contracts. Allowing companies to fix a current exchange rate for a payment or transaction up to 24 months in advance to help mitigate the risk of currency fluctuations. Equals Money can only offer forward contracts to facilitate payments for goods and services.

With an Equals Money account, you'll get access to in-house currency expertise and your own dedicated, personal account manager, who'll work to understand your specific business needs, arrange demos, and answer any questions your business may have.

Revolut - Revolut Business Basic

Revolut Business Basic is an account specifically designed for businesses, providing a range of features and benefits that cater to their financial needs.

One of the key advantages of the Revolut Business Basic account is its availability for international transfers, allowing businesses to easily receive, hold, and exchange money in more than 25 currencies worldwide. This feature eliminates the need for multiple accounts or complicated processes, making international transactions more convenient and efficient.

Additionally, Revolut Business allows companies to issue corporate cards to their employees, giving them the ability to make payments and manage expenses in a straightforward manner. Each team member can get up to 3 physical plastic cards and access to virtual cards, with the ability to set card limits, track, freeze and unfreeze cards, as well as decide where cards can be used.

In summary, the Revolut Business Basic account offers businesses the convenience of international transfers, holding multiple currencies, and a range of services tailored to their specific needs. With its user-friendly interface and various features, Revolut Business Basic simplifies financial management for businesses of all sizes.

MultiPass - MultiPass Business Account

The MultiPass Business Account is a multi-currency account great for small or medium-sized business with international banking requirements.This account provides numerous features and benefits that can greatly enhance business operations.

One of the key features of the MultiPass Business Account is its multi-currency capability. It allows businesses to hold and transact in multiple currencies, simplifying international payments and reducing the need for multiple bank accounts. This feature is especially beneficial for companies that have international clients or operate in global markets, as it eliminates the complexities associated with currency conversion.

Furthermore, the MultiPass Business Account provides dedicated account management to help with day-to-day business needs and requirements as well as 24/7 customer support. However it is important to note that account management comes with associated fees.

Overall, the MultiPass Business Account offers small or medium-sized business with international banking requirements a convenient solution to manage their finances efficiently and internationally.

Airwallex - Multi-Currency Business Account

The Airwallex Multi-Currency Business Account is a bank account that enables businesses to collect, hold, and send money in multiple currencies. It offers a range of features and benefits that make managing international payments seamless and efficient.

One of the key features of the Airwallex Multi-Currency Business Account is the ability to transfer funds in more than 34 currencies into over 130 countries at competitive exchange rates. Airwallex does this by allowing their customers to open local currency accounts with local bank details around the world in minutes. This allows businesses to receive and hold funds in different currencies, eliminating the need to source and open multiple local bank accounts themselves.

The account also comes with powerful tools and integrations that help businesses manage and automate their everyday activity. This includes options to connect your currency accounts with platforms like eBay, Shopify, PayPal, and Xero.

Overall, the Airwallex Multi-Currency Business Account provides businesses with a convenient solution to manage their cross-border transactions. By offering multiple local currency accounts and powerful tools, Airwallex allows businesses to expand globally and operate internationally with ease.

Juni - Juni Business Account

Made for e-commerce, the Juni Business Account allows businesses to streamline local and global payments with multi-currency accounts.

 With Juni, businesses can hold IBAN accounts in US dollars, euros, and sterling. Account holders can monitor all their company’s financials on a single platform, consolidating their bank accounts and payment gateways, including PayPal, Stripe, and Wise, into one dashboard.

Additional benefits of the account include Google Ads integration, the ability to assign different permissions and access levels to various team members, and the capability to sync with Xero for streamlined payment management.

Overall, the Juni Business Account allows e-commerce businesses to eliminate the hassle of operating in multiple markets by facilitating hassle-free local and global payments. However, it is worth noting that the Juni Business Account is only open to limited liability companies.

3S Money - 3S Money Account

The 3S Money Account is a comprehensive financial solution that offers a range of features, functionality, and benefits. It is designed to simplify global business and international payments.

One of the key features of the 3S Money Account is its multi-currency support. 3S Money enables businesses to connect with customers worldwide by providing local business accounts for global fund transfers. These digital accounts support transactions in 38 different currencies, facilitating the sending and receiving of high-value payments internationally. This allows for seamless cross-border transactions without the need for multiple bank accounts.

In terms of functionality, the 3S Money Account provides users with fast transactions (depending on the currency, some transfers can be completed on the same day) and a personal manager for dedicated business support and online access for up to 10 users.

 


 

Sources used for this article:

  1. Finder - Best multi-currency business accounts
  2. Revolut - Revolut Business Basic
  3. MultiPass - MultiPass Business Account
  4. Airwallex - Multi-Currency Business Account
  5. Juni - Juni Business Account
  6. 3S Money - 3S Money Account

Sources checked on 17/05/2024


This publication is intended for general information purposes only and should not be construed as legal, tax, or other professional advice from Equals Money PLC or its subsidiaries and affiliates.

It is recommended to seek advice from a financial advisor or other professional. We do not make any representations, warranties, or guarantees, whether expressed or implied, regarding the accuracy, or completeness of the content in the publication.

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Euan Robb
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Content Manager at Equals Money