April 15, 2023
9 mins read
Best Foreign Currency Account In The UK in 2023
Looking for the best multi-currency account? Our comprehensive review of the top multi-currency accounts in the market will help you find the right one for your needs.
Best Multi-Currency Account
In today’s global economy, a domestic account that supports only a single currency is often insufficient. To overcome this limitation, the best multi-currency accounts have emerged as a viable solution. These accounts allow you to hold and manage multiple currencies on a single platform, with the convenience of seamless conversion between them.
This guide highlights the importance of choosing the right financial services for your business. With the best foreign currency account, your company can efficiently process transfers across multiple channels, manage international invoicing and reconciliation, handle global payroll, and make fast payments at competitive rates. Keep reading to discover our top recommendations for the best foreign currency account in the UK today!
Is it Possible to Open a Multi-Currency Account in the UK?
UK residents can open a multi-currency account for sending and receiving international payments with financial institutions, digital services and online providers. It’s important to research the products available before making a decision. A true multi-currency account allows you to hold and exchange various currencies in a single platform. However, some financial institutions offer limited options that permit only one currency per account and may charge additional fees for each currency you wish to hold.
Whether you need to open, for example a new USD account, depends on your specific circumstances and financial needs. For instance, if you have a global business, the best multi-currency account can help you control international financial operations, pay employees in different currencies and reduce exchange risk. Consider your financial goals and international exposure to determine if this option could be a valuable tool for managing your funds.
Benefits of Having the Best Foreign Currency Account in the UK
People who receive payments from overseas and businesses that trade internationally can all benefit from this solution. Here are some of the benefits of having a multi-currency account in the UK:
- Currency diversification. You can keep your entire budget in one account, reducing the risks associated with holding all your funds in one currency.
- Cost savings. With the best multi-currency business account in the UK, you may avoid high fees and enjoy better rates when transferring funds.
- Convenience. You can organise all your operations in one place, making it easier to track your finances and avoid the hassle of maintaining multiple platforms.
- International financial operations. This solution makes it easier to make and receive payments in various currencies, saving you time and money.
- Traveling. It can be a useful tool for global travelers, allowing them to withdraw cash in local currency without incurring foreign fees.
- Business purposes. Companies that trade globally can benefit when making international payments.
So, the primary benefit of the best foreign currency account is convenience. If you’re a business owner, it saves time and eliminates confusion by having a single account for all your customers. You can also protect yourself from currency fluctuations. Even as an individual account holder, you can benefit significantly by avoiding conversion/exchange fees, which can add value to your overall financial position.
The Best Multi-Currency Business Account in the UK
In general, several platforms can provide a cost-effective, fast and secure solution, depending on your company’s specific needs and preferences. It’s also possible to find the most suitable option to meet the unique requirements of any business. Moreover, using services from different providers to take advantage of their specific strengths is quite acceptable.
To help you make the right choice for easier and more efficient management of your finances, we have selected the best multi-currency business account options.
Absolutely the best multi-currency business account. Transferra offers a range of financial services for entrepreneurs. The platform supports multiple payment methods in 10 currencies, giving business owners the flexibility they need to manage their finances effectively. Transferra can help you to open a multicurrency business account for non-UK residents.
There is a charge to open an account with this service. A monthly fee is required for a range of financial services for your business. Once your application has been pre-approved, a manager will contact you to provide a customised pricing plan.
It is possible to create and handle an account through the site or mobile application if you need to keep more than 50 different currencies. This is ideal for individuals and companies who need to make frequent international transfers and want to avoid costly foreign fees. Pricing is simple, with no monthly or annual fees and a small commission for transfers to certain countries.
There is no charge to open a personal account, while there is a one-off fee of GBP16 to open a business account. There are no monthly fees for multi-currency accounts, whether personal or business.
Revolut offers an easy-to-use and affordable platform for businesses that integrates accounting and payroll solutions, FX risk management, rewards and more. The account features competitive foreign exchange rates and a simple interface. With Revolut, companies can control their finances more efficiently while benefiting from the best multi-currency account in the UK and a rewards program.
Standard accounts are free. However, if you decide to upgrade to a paid option, you can choose a personal account, which costs up to GBP 12.99 per month, or a business — up to GBP 100 per month.
This is an ideal solution for cross-border businesses operating in multiple currencies. It simplifies the process of making and receiving payments for importers and exporters doing business on a marketplace, website or offline. A great advantage of Worldfirst is that it doesn’t require an overseas address, making it a hassle-free way to manage international transfers.
Opening an account is free and the pricing model is made up of two parts: a fixed FX fee and a small payment fee (from GBP 1.50 to GBP 15).
A leading fintech company specialising in global payments, helping customers navigate the complexities of the international marketplace. Moneycorp makes it easy to send money overseas to 190 countries, offering significant savings on foreign transfers and ensuring that your money reaches its destination. International transfers can be made over the phone or online with up to 33 different currencies supported.
Moneycorp offers a multi-currency account with no monthly fee for both personal and business accounts. However, fees may apply for certain transactions such as international financial operations.
These accounts offer the best services for people who receive transfers online. You’ll get local account details to receive payments, pay taxes, and contractors or withdraw funds. Additionally, this provider allows you to manage your funds between currencies, making it convenient for you.
Opening your account with Payoneer incurs no fees. However, fees are applicable when you receive direct payments from customers or marketplaces, and when you withdraw funds.
Airwallex meets the needs of businesses and e-commerce entrepreneurs by allowing them to receive and switch between payments in different currencies. With linked cards and useful options such as batch payments, business administration time can be reduced.
There are no opening or monthly fees associated with Airwallex. Transfers made via the Airwallex network are free of charge, while there is a GBP 10 fee for payments made via the SWIFT network.
With this provider, you can conveniently store up to 12 currencies in one account. For business owners, there is also a more versatile solution that supports over 20 different options. Provider offers a unique service among multi-currency account operators by allowing customers to deposit and withdraw cash in foreign currencies at its branch.
There are no opening or monthly fees for personal accounts with this service. Business account fees may vary depending on the type of account and the turnover of your company.
To qualify for this provider, customers may need to maintain a high minimum balance or deposit a significant amount. Despite these eligibility requirements, you get benefits such as private broker and free conversion between sterling, euro and US dollar.
To be eligible for Santander Private Banking, clients must have either savings exceeding GBP 500,000 or an annual income of at least GBP 250,000.
The company offers a range of options for all customers and supports several major currencies. Cash Management or the International Select are some of the accounts to consider. One platform can hold up to 25 currencies, including the dollar, sterling and euro.
The International Select charges a monthly fee of 8 GBP, whereas there is no fee associated with the Cash Management account.
It is important to note that even the best multi-currency accounts in the UK may have different requirements and fees than standard options. It’s always a good idea to do your research and compare different providers before choosing the best solution. You should also consult a financial advisor or accountant to ensure that you understand the potential tax implications and legal requirements.
Can I Hold a Foreign Currency Account in the UK?
Yes, it is possible to hold such an account in the UK. Many financial institutions in the UK offer this solution, allowing you to hold and manage funds in a currency other than sterling.
Which UK Bank Is Free for International Transfers?
It’s important to note that most UK banks charge a fee for international operations. However, some options offer free international transfers or lower fees. Barclays stands out among UK financial institutions for offering free international money transfers to its customers. Using their online banking platform or mobile application, you can send money overseas with ease.
One more option is Transferra, which allows you to send and receive money internationally very quickly with low fees. This provider offers an account that lets you hold and manage funds in different currencies.
How Do I Open a Foreign Currency Account?
The process can vary depending on the financial institution you choose. For instance, with Transferra you can do it in just 3 days, completely digitally. The registration process is quick and easy, allowing you to simply onboard. Once approved, you’ll be connected to a dedicated account manager who will guide you through the process and answer any questions you may have. It’s that easy!