Best International Business Accounts 2024

Having a separate business account is essential to keep your personal and company finances apart - and may even be mandatory depending on the type of business entity you have. If you transact internationally - taking customer payments from overseas, or sending money to suppliers and contractors abroad for example - you might be interested in international business banking solutions to help you manage your business finances across currencies more easily.

This guide walks through your options for a couple of the best international business banks in the UK, and because the best global business banking for you may not come from a bank at all, we’ll also look at some non-bank alternatives like Wise Business and Revolut Business.

Quick summary: Best accounts for international businesses

Wise Business Account: Hold and exchange 40+ currencies, with the mid-market exchange rate

Revolut Business Account: Choose the account tier to suit your business needs, to support holding a balance in 25 currencies

Airwallex Business Account: Get paid by local transfer from 13 countries - plus easy ways to take customer card payments globally

Barclays Business Account: No monthly fee for the first year - add on international tools with the Barclays Business Abroad service

HSBC Kinetic Account: Good option for businesses which mainly transact online, with only occasional international use

Best business accounts for international use

You can open a global business bank account with a local UK or global bank, or you can choose an international business account from a non-bank provider. This guide will explore both options, including a look at Wise, Revolut and Airwallex as non-bank options, and 2 major UK banks - Barclays and HSBC. First, an overview of the international business account options from each:

*All features and fees correct at time of writing - 11th July 2024

As you can see, the features and fees associated with different international business accounts can vary a lot.

• Business accounts from UK banks usually allow a balance in GBP only, but you can still receive and send international payments and spend overseas with a linked debit card in most cases.

• Online specialist alternatives like Wise and Revolut may be more flexible with multi-currency holding options, linked cards, instant overseas payments and some free ATM withdrawals, for example.

Read on for more on each of the providers and banks we’ve selected above, to see if any suit your needs.

Wise Business accounts can be opened online or in the Wise app and support 40+ currencies for holding and exchange. There’s a one time fee of 60 GBP to get full account access, then no ongoing fees to worry about. Accounts offer ways to send money to 160+ countries, often instantly, with mid-market exchange rates and low fees from 0.33%, and local account details to get paid in 18 currencies conveniently by clients, PSPs and marketplaces.

Accounts offer: linked debit and expense cards for easy spending and withdrawals - plus batch payment solutions, multi-user access, cloud accounting integrations and a powerful API to streamline workflow and cut admin.

Eligibility: Available for freelancers and registered business owners in the UK - if you’re not based in the UK you may still be able to register a Wise Business account using your local documents wherever your business is based

Read a full Wise business review here

Best features of Wise Business account

• 40+ supported currencies

• Mid-market exchange rates and low fees

• No ongoing costs or minimum balance requirements

  Advantages of Wise Business account	Disadvantages of Wise Business account
  ✅ Powerful international features ✅ Mid-market exchange rates ✅ Transparent fees ✅ Time saving solutions like batch payments and cloud accounting integrations	❌ No branch network ❌ Variable currency exchange costs

Supported currencies: Hold and exchange 40+ currencies, get paid in 18 currencies internationally

Hold and exchange: 🇦🇪 UAE dirham (AED), 🇦🇺 Australian dollar (AUD), 🇧🇩 Bangladeshi taka (BDT), 🇧🇬 Bulgarian lev (BGN), 🇨🇦 Canadian dollar (CAD), 🇨🇭 Swiss franc (CHF), 🇨🇱 Chilean peso (CLP), 🇨🇳 Chinese yuan (CNY), 🇨🇷 Costa Rican colón (CRC), 🇨🇿 Czech koruna (CZK), 🇩🇰 Danish krone (DKK), 🇪🇬 Egyptian pound (EGP), 🇪🇺 Euro (EUR), 🇬🇧 British pound (GBP), 🇬🇪 Georgian lari (GEL), 🇭🇰 Hong Kong dollar (HKD), 🇭🇺 Hungarian forint (HUF), 🇮🇩 Indonesian rupiah (IDR), 🇮🇱 Israeli shekel (ILS), 🇮🇳 Indian rupee (INR), 🇯🇵 Japanese yen (JPY), 🇰🇪 Kenyan shilling (KES), 🇰🇷 South Korean won (KRW), 🇱🇰 Sri Lankan rupee (LKR), 🇲🇦 Moroccan dirham (MAD), 🇲🇽 Mexican peso (MXN), 🇲🇾 Malaysian ringgit (MYR), 🇳🇬 Nigerian naira (NGN), 🇳🇴 Norwegian krone (NOK), 🇳🇵 Nepalese rupee (NPR), 🇳🇿 New Zealand dollar (NZD), 🇵🇭 Philippine peso (PHP), 🇵🇰 Pakistani rupee (PKR), 🇵🇱 Polish złoty (PLN), 🇷🇴 Romanian lei (RON), 🇸🇪 Swedish krona (SEK), 🇸🇬 Singapore dollar (SGD), 🇹🇭 Thai baht (THB), 🇹🇷 Turkish lira (TRY), 🇹🇿 Tanzanian shilling (TZS), 🇺🇦 Ukrainian hryvnia (UAH), 🇺🇬 Ugandan shilling (UGX), 🇺🇸 US dollar (USD), 🇺🇾 Uruguayan peso (UYU), 🇻🇳 Vietnamese dong (VND), 🌍 West African franc (CFA), 🇿🇦 South African rand (ZAR)

Receive with local account details: Australian dollars (AUD) 🇦🇺, Bulgarian lev (BGN) 🇧🇬, Canadian dollars (CAD) 🇨🇦, Swiss francs (CHF) 🇨🇭, Czech koruna (CZK) 🇨🇿, Danish krone (DKK) 🇩🇰, Euros (EUR) 🇪🇺, British pounds (GBP) 🇬🇧, Hong Kong dollars (HKD) 🇭🇰, Hungarian forint (HUF) 🇭🇺, Japanese yen (JPY) 🇯🇵, Norwegian krone (NOK) 🇳🇴, New Zealand dollars (NZD) 🇳🇿, Polish złoty (PLN) 🇵🇱, Romanian lei (RON) 🇷🇴, Swedish krona (SEK) 🇸🇪, Singapore dollars (SGD) 🇸🇬, Turkish lira (TRY) 🇹🇷, and US dollars (USD) 🇺🇸.

Revolut Business accounts let you hold 25 currencies, and all account tiers offer a linked card for easy spending and withdrawals. There are 4 different account tiers for UK businesses, from the Basic account with no ongoing charges, or the Grow account which has monthly fees set at 19 GBP, to tailor made account packages which might best suit enterprise level customers. This means you can choose the tier that suits your business needs today and trade up in future if you want to.

All Revolut accounts have some no fee weekday currency conversion, although the amount you can exchange before fair usage fees varies depending on the account tier you select.

Eligibility: Available for freelancers and registered business owners in the UK - if you’re not based in the UK you may still be able to register a Revolut Business account using your local documents wherever your business is based

Best features of Revolut Business account

• Different account tiers available, to suit the needs of different business types

• All accounts have linked payment cards and support 25 currencies

• Some no-fee weekday currency conversion available for all accounts

Supported currencies: Hold and exchange 25 currencies

Hold and exchange: 🇦🇪 UAE dirham (AED), 🇦🇺 Australian dollar (AUD), 🇧🇬 Bulgarian lev (BGN), 🇨🇦 Canadian dollar (CAD), 🇨🇭 Swiss franc (CHF), 🇨🇱 Chilean peso (CLP), 🇨🇴 Colombian peso (COP), 🇨🇿 Czech koruna (CZK), 🇩🇰 Danish krone (DKK), 🇪🇬 Egyptian pound (EGP), 🇪🇺 Euro (EUR), 🇬🇧 British pound (GBP), 🇭🇰 Hong Kong dollar (HKD), 🇭🇺 Hungarian forint (HUF), 🇮🇱 Israeli shekel (ILS), 🇮🇳 Indian rupee (INR), 🇯🇵 Japanese yen (JPY), 🇰🇷 South Korean won (KRW), 🇰🇿 Kazakhstani tenge (KZT), 🇲🇽 Mexican peso (MXN), 🇳🇴 Norwegian krone (NOK), 🇳🇿 New Zealand dollar (NZD), 🇵🇭 Philippine peso (PHP), 🇵🇱 Polish złoty (PLN), 🇶🇦 Qatari riyal (QAR), 🇷🇴 Romanian lei (RON), 🇸🇪 Swedish krona (SEK), 🇸🇬 Singapore dollar (SGD), 🇹🇭 Thai baht (THB), 🇹🇷 Turkish lira (TRY), 🇺🇸 US dollar (USD), 🇿🇦 South African rand (ZAR)

Receive with local bank details: Accounts come with local details for GBP, and SWIFT details for other currencies

Airwallex Business account

🏅 Great for: ECommerce businesses needing to accept customer card payments globally, and hold a balance in any of the 22 supported currencies

Airwallex has global accounts, which have features that suit ecommerce businesses and others taking customer card payments online, as well as invoicing. Local and domestic card payments are available, as well as 160+ other local payment methods. You can hold 22 currencies and send money globally - if you need currency conversion you’ll pay an FX fee of 0.5% or 1% depending on the currency you need.

Airwallex accounts offer a pay as you go service - but you can also get a tailor made package if your business has more complex needs or you’d benefit from bulk discounts.

Eligibility: Available for businesses in the UK - if you’re not based in the UK you may still be able to register an Airwallex account using your local documents wherever your business is based

Best features of Airwallex Business account

• Hold 22 currencies

• Get paid by local transfer and SWIFT from overseas

• Take customer card payments conveniently online

Supported currencies: 22 supported currencies for holding and exchange, including 🇺🇸 USD, 🇬🇧 GBP, 🇪🇺 EUR, 🇦🇺 AUD, 🇨🇳 CNY, 🇭🇰 HKD, 🇨🇦 CAD.

Receive with local bank details: Receive local domestic payments from 13 countries, in a selection of currencies including 🇦🇺 Australian dollar (AUD), 🇨🇦 Canadian dollar (CAD), 🇩🇰 Danish krone (DKK), 🇪🇺 Euro (EUR), 🇭🇰 Hong Kong dollar (HKD), 🇮🇩 Indonesian rupiah (IDR), 🇯🇵 Japanese yen (JPY), 🇳🇿 New Zealand dollar (NZD), 🇵🇱 Polish złoty (PLN), 🇸🇬 Singapore dollar (SGD), 🇬🇧 British pound (GBP), 🇺🇸 US dollar (USD). Receive SWIFT payments from around 20 countries, in a selection of currencies.

Barclays Business Account

🏅 Great for: Businesses looking for an account from a bank, with add on international services available once you have your GBP account

Barclays  offers a selection of business accounts - we've selected the standard Business Bank Account, which offers GBP services, but once you have opened this, you can also access Barclays Business Abroad options. This can mean you’re able to open foreign currency accounts, get a discount on shipping costs, get local market insights and more. The basic business account has no monthly fee for the first year, but does then have a 8.5 GBP fee every month after that.

Eligibility: UK registered business owners

Best features of Barclays Business Account

• Branch network is available if you need in person help

• Get specific international services and foreign currency accounts as an add-on option

• Free accounting software

Supported currencies: Accounts hold GBP only

HSBC Kinetic Account

🏅 Great for: Startups and sole traders who mainly transact online, but may need to deposit cash

HSBC Kinetic is an account which is operated primarily in app but with the bonus that you can still deposit cash - including at UK post offices. You can send and receive payments to 200 countries, and apply for an overdraft within the app if you find you need one. Monthly fees are waived for the first year, but are then set at 6.5 GBP.

Eligibility: UK registered business owners with a sole director and shareholder,  and sole traders

Best features of HSBC Kinetic Account

• No monthly fee for 12 months, relatively low fees after that

• Send and receive international payments in the app

• Deposit cash at a branch or post office

Supported currencies: Accounts hold GBP only

Benefits of international business accounts

Having an international business account can help you connect more easily with customers based abroad, and can also help you cut the costs of transacting in foreign currencies. Here are some of the benefits you might get from an overseas business bank account:

• Cut down the fees for international payments to suppliers and contractors

• Hold and exchange multiple currencies with good exchange rates and low fees

• Let your customers pay in their preferred currencies, even from abroad

• Get debit and expense cards for overseas spending and withdrawal

How to choose the best international business account in the UK

There’s no single best international business account in the UK, so picking the best for you will depend on the features you need.

Some business owners would prefer to stick with a bank which has a full suite of financial services like loans and overdrafts on offer, as well as a branch network to transact in person and deposit cash. However, international bank accounts for businesses do tend to have drawbacks, including transaction fees and no multi-currency holding facility.

Other businesses benefit more from the flexibility available from non-bank alternatives, which let you hold and receive dozens of currencies and manage your account with just a phone. Here are a couple of the features most business owners and freelancers need to consider when selecting the best international business account for their needs.

Multi-currency holding and exchange

If you’ll get paid by others in foreign currencies, and need to then pay taxes, suppliers or contractors abroad, it makes sense to have an account which lets you hold a balance in foreign currencies to cut the costs of unnecessary currency conversion. Here’s a reminder of a couple of our selected non-bank options:

• Wise supports holding and exchange for 40+ currencies,

• Revolut has 25 supported currencies

No ongoing fees

If you’re not sure how often you’ll use your account it’s a good idea to pick one with no monthly charges - ongoing fees eat into your profits, after all. Wise accounts have no monthly fees, and the business accounts profiled from Barclays  and HSBC both also waive their monthly fee in the first year, so you have time to see if the account works well for you.

Easy ways to get paid from overseas

A final point for many business owners - looking for an account with ways to get paid in local currencies from customers, PSPs and marketplace sites can help you connect with new markets more easily. Let your customers pay in the currency they prefer, with accounts which offer local bank details in foreign currencies, such as Wise and Airwallex.

Fees for international business accounts

The costs of operating your international business account are very important when it comes to protecting your profits. Different account providers and banks take different approaches to fees so you’ll need to look carefully at the account terms and conditions before you sign up. Pay attention especially to the types of transactions you make frequently to see if fees apply.

Here’s an overview of some of the key costs of operating an international business account from the providers we featured earlier:

*All features and fees correct at time of writing - 11th July 2024

How to open an international business account

The exact process to open an international business account will vary a lot depending on the provider or bank you select. Some offer online account opening, but with some banks you may need to call into a branch in person - check ahead to make sure you know what’s expected.

Here’s an outline of the usual steps to open an international business account:

1. Choose the bank and account that you’d prefer

2. Double check if you’re eligible to apply online - this is often an option, but not always

3. Gather the documents needed, usually including ID and proof of address, and business documents

4. Complete the application process online or in person at a branch

5. Get verified and add money to your account

6. You may be able to get your debit card instantly or you may need to have it delivered to your home later

All banks and financial service providers need to ask customers for documents and information for verification purposes when processing an account application. Exactly what information and documents you need will depend on your business entity type and structure.

The documents and information needed to open an international business account can include:

• Business location, industry, social media and web presence

• Business registration document or details

• Documents showing who owns or controls the company

• The names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business.

Conclusion: What is the best bank for international business banking?

There’s not one single solution when it comes to the best international business banks out there - in fact, if you’re a UK freelancer or business owner, you might find that the best international business account for you isn’t from a bank at all.

UK banks do offer global business banking services, but generally you’ll only be able to hold a balance in GBP, and you might find there are ongoing account charges. You’ll get the advantage of accessing a full suite of financial services from one provider - but there are drawbacks too, particularly when it comes to fees.

Use this guide to weigh up how best to open an overseas business bank account, including looking at international business banking solutions from non-bank alternatives like Wise and Revolut. Both offer powerful international accounts you can use to hold foreign currency balances, linked debit and expense cards, ways to send and receive global payments and low fees.

International business banking FAQs

What is the best business account for international payments?

There’s no single best international business bank for overseas payments. Both HSBC and Barclays offer some payments which waive transfer fees for business customers - but be aware that fees may be included in the exchange rate in the form of a markup. Fees also often apply when you receive a payment from abroad. Compare bank solutions with non-bank alternatives like Wise and Revolut which offer overseas payments with great exchange rates and low costs.

How long does it take to open an international business account?

Opening an international business account with a digital provider can usually take just a few minutes, if you have the right documents to hand. Make sure you have your ID and proof of address, as well as your business paperwork with you, and you can usually apply with just your phone.

Can I open an international business account online?

Yes. Digital non-bank services offer international business accounts you can open online or in an app, and many banks also offer this service for select customers. Check out Wise and Revolut, or HSBC and Barclays as examples, depending on which account type you’d like.