First though, let's remind ourselves who multi-currency accounts are well suited to.
It's quite likely! They come in very handy in the following situations:
Receiving international transfers - incoming overseas transfers can be received in the origin currency, then converted at a low cost when you need to
Travel & expat living - flexibly manage a multi-currency lifestyle while on the move or living abroad
Sending money home - transfer funds back home to friends and family for low cost, while also paying for expenses in your country of work
Businesses with overseas customers or suppliers - freelancers and small businesses can pay & get paid without leaking money to poor currency conversions offered by banks
Investors in global markets - enter and exit trades without having to convert funds back to a single base currency, reducing losses to fees
List of the UK's best multi-currency accounts
For personal use
There are only a handful of multi-currency accounts for individuals at the moment. The good news is, many of them are actually very impressive. Let's get into the detail:
Company | Currencies | Exchange rate margin |
|---|---|---|
48 | None | |
20+ | None | |
Revolut | 37 | Starting at 0.5% |
Currencyfair | 20+ | Typically 0.53% |
Currencies Direct | 10 | Starting at 2% |
HSBC | 19 | Starting at 2.75% |
For business use
Surprisingly, business have more options to choose from than consumers in this space.
Airwallex
Payoneer
OFX
Sokin
Wise Business
Revolut Business
Multipass
3S Money
Take a look at our international business transfer guide if you're more interested in one-off or ad-hoc business payments.
Benefits
The central benefit of a multi-currency account is the ability to avoid currency conversion costs.
Multi-currency accounts let you keep funds in a specific currency, and have money flow in and out, without having to convert back to a single base currency.
On the contrary, a normal bank account in the UK would only let you hold GBP.
This means if you want to send or receive money in another currency, say euros, you need to convert it. These conversions come at a cost, so are best avoided.
Summary of benefits:
Avoid currency conversion costs
Send and receive funds like a local, without needing to convert back to GBP
Earn rewards
Conveniently spend internationally using a linked multi-currency card (either physical or digital with Apple Pay / Google Pay)
