Best Multi-Currency Account UK - 2024

• Fees: 0 GBP to 45 GBP/month for personal customers, or business accounts for up to 79 GBP/month

• Currency conversion: 30 currencies available

• Other notable features: Broad range of account services including budgeting tools, transfers, and perks for travel

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Read our fully Revolut review here.

OFX

Multi-currency accounts from OFX are mainly aimed at online sellers looking to get paid in a range of 7 major currencies. One benefit with OFX which is not available from many other multi-currency account providers is that you can also get currency risk management solutions. These include forward exchange contracts which let you lock in a future exchange rate to minimise the risk of losing out if the rates change before a big bill is due.

• Fees: No fees to open or operate account

• Currency conversion: 7 currencies offered

• Other notable features: OFX transfers and currency conversion has no upfront fees but there will be a markup on the exchange rate used. Currency risk management products also available, with support of personal brokers

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Barclays

Barclays multi-currency accounts for personal customers let you hold 12 currencies in the same place. Business customers can access a more flexible account which can handle over 20 currencies. While the costs of operating a multi-currency account from a highstreet provider can be higher than using a digital specialist, Barclays do offer the option to pay in and pay out foreign currency cash via their branch network. This is not typically available from online providers, and can prove a useful feature for some customers.

• Fees: No opening or monthly fees for personal accounts. Charges apply when sending and receiving international payments. Business account fees may vary based on company turnover and account type

• Currency conversion: Personal accounts can hold 12 currencies; business accounts offer 20+ currencies

• Other notable features: You must first open a GBP account to get a Barclays multi-currency account

Related: Barclays USD Account Review

Santander

Santander UK provides multi-currency account services which are targeted at wealthy individuals using the Santander Private Banking service and International Banking service. There are eligibility requirements to access these services which typically mean you have to hold a high minimum balance or deposit a significant salary. However, the accounts come with benefits like banking through a private broker.

• Fees: Available to high wealth individuals through the private or international banking service

• Currency conversion: USD, GBP and EUR available

• Other notable features: Get debit cards for each of the 3 available currencies and services through a private banker

Lloyds and Halifax

Lloyds and Halifax customers can open a Lloyds foreign account to hold GBP, EUR and USD. Although technically it’s hard to describe this as a multi-currency account, as you’ll have to open a new account for each currency, we’ve included it as you don’t need to pay any additional fee to hold more than one currency. There’s no Lloyds fee when you want to make a transfer out of your multi-currency account, but correspondent bank fees will apply - these can be up to 20 GBP and vary depending on the destination country.

• Fees: 7.50 GBP/month

• Currency conversion: USD, GBP and EUR available

• Other notable features: Correspondent bank fees for international payments will apply and can be up to 20 GBP/transfer

Natwest

Natwest has a few different multi-currency account options for both personal and business customers which offer a range of major currencies. If you’re thinking of using a Natwest multi-currency account you might want to look at the Cash Management account for both individuals and businesses, or the products available through the Natwest International arm like the International Select account. Eligibility criteria apply on all account types.

• Fees: 8 GBP/month for international select account, no fee for cash management account

• Currency conversion: 25 major currencies covered

• Other notable features: Cash management accounts offer interest and both easy access and fixed term deposit options

What is a multi-currency account?

A multi-currency account is an account from a bank or non-bank alternative provider which allows you to hold and manage multiple currencies side by side. Some multi-currency accounts come with linked debit cards for easy spending and withdrawals and some also have local bank details for different countries and regions so you can get paid easily from abroad by others.

Multi-currency accounts are useful for individuals and business owners who need to send, receive or hold foreign currencies. As an individual you might use your multi-currency account to hold a balance in foreign currencies for travelling, so you can spend and make cash withdrawals overseas easily. Accounts can also be good for sending and receiving overseas payments, managing your money from your phone, and to access fair exchange rates and low international transaction fees.

As a business owner you may need a multi-currency account so you can offer customers the option to pay you in their home currencies from around the world - this is usually cheaper for the customer, and can help you grow your business. You can also use your account to pay suppliers and staff abroad, and to issue expense or debit cards to team members for international spending.

Read also best multi currency cards UK

How to open a multi-currency account in the UK

Exactly what you need to do to open a multi-currency account in the UK will depend on whether you choose a traditional, digital or specialist provider. Many accounts can be opened online or through a provider app - but in some cases you’ll need to pop into a branch to get an account through a traditional bank.

The steps you’ll usually need to take to open a multi-currency account include:

1. Choose the best provider for your needs

2. Check you meet any eligibility criteria

3. Register for your account online, through the provider app, or in a branch location

4. Give your personal and contact information

5. Complete the required verification steps

6. Fund your account - and you’re ready to go

UK legislation means that all banks and account providers must complete verification steps to make sure that customers don’t use their products fraudulently or illegally. That means you’ll usually have to provide some paperwork in person or by uploading an image when you choose a digital account provider. Usually you’ll be asked for:

• Government issued photo ID to prove your identity

• Proof of address - a utility bill or bank statement in your name for example

• Business registration documents if you’re opening a business account

  Can a multi-currency account be opened in the UK?

UK residents can open a multi-currency account with a traditional highstreet bank, a digital bank or a specialist online provider.

It’s important to look carefully at the products available to you before you get started. True multi-currency accounts let you hold and exchange a range of currencies in the same account. However, the international accounts available from many traditional banks are pretty restricted, allowing only one currency per account, and may come with extra fees for each currency you want to hold.

Reasons to have a foreign currency account

A multi-currency account can be helpful for lots of reasons. You’ll have the option to hold a balance in select foreign currencies, which can make it easy to send payments to others overseas. It’s also convenient when you travel if you have a linked debit card as you can spend without incurring additional currency conversion costs if you hold the currency you need in your account.

Multi-currency accounts often also offer ways to get paid in foreign currencies, which avoids the need to convert back to GBP every time someone abroad sends you money. Just hold your balance in the foreign currency until the next time you travel or need to pay an overseas bill.

Advantages of a multi-currency account in the UK

A multi-currency account can be useful for individuals who live an international lifestyle, freelancers and online sellers getting paid from abroad, and businesses who trade around the world.

Being able to get paid in foreign currencies, hold multi-currency balances, and send money overseas without needing to convert the currency can cut your costs.

Related: Best USD accounts in the UK

How does a multi-currency account work?

Multi-currency accounts let you hold multiple currencies in one place. Some multi-currency accounts from banks are designed to hold a handful of major currencies like GBP, EUR and USD. Non-bank specialist services commonly offer dozens of different currencies for holding and exchange - Wise multi-currency accounts can support 40 currencies, with easy ways to get paid in 10 currencies, for example.

Depending on the account you pick you may be able to add money yourself in pounds and convert to the currency or currencies you need - or have others pay you directly with local bank details. Some multi-currency accounts come with linked debit cards for easy payments and withdrawals around the world, and you can usually use your account to send global payments for bank deposit too.

Are foreign currency accounts safe?

You’ll need to make sure that the multi-currency account you choose is properly licensed and regulated. Account providers and banks also have their own security measures for when you’re transacting online including 2-factor authentication, and secure encrypted data storage.

All of the accounts we feature on Exiap are considered safe to use - but reading up about the specific security measures in place at any one you may select will give you peace of mind.

What multi-currency account fees should I be aware of?

When choosing the best multi-currency account for your needs, you’ll need to compare a few and read through the fees to pick out the one which is the best value for your needs. Multi-currency accounts from different banks and providers may have very varied fees - which are unlikely to be the same as the fees from your normal current account.

Look through the fee schedule of your preferred account, checking for:

Conversion fee: This is the cost of switching from one currency to another. There’s pretty much always a charge for this, but this may be split out for transparency, or you may find a fee added to the exchange rate instead. Providers which use the mid-market rate are usually the cheapest option, and allow you to see clearly what you’re paying for conversion

Annual fee: Annual or monthly fees can apply to international bank accounts in the UK, which may be quite different to your main current account. Double check the unavoidable costs, and pick an account with no ongoing fees if you’re unsure how often you’ll use your account

Fall below fee: Some foreign currency bank accounts have minimum balance requirements - if you don’t hit this required balance you pay a fall below fee, which can be very high. Some accounts also require you to have a high relationship balance - that’s the amount you’ve invested with the same bank, across one or more accounts

Transaction fee: All multi-currency accounts are likely to have some transaction fees, although these can vary a lot. Look out for ATM charges, international transfer fees, account dormant fees and any other costs you may end up paying, based on how you’ll use your account

There’s no single best multi-currency account (UK) when it comes to fees. All banks and providers have their own approach to fees and pricing which means you’ll need to shop around. A multi-currency account with no ongoing fee from a service like Wise or Revolut can be a low risk option, allowing you to test out a multi-currency account without fixed fees. Transaction costs are low and you’ll be able to get perks like a linked debit card and low cost currency conversion, too.

Conclusion

As more people travel, work and trade internationally, multi-currency accounts are becoming more popular and more easily available in the UK. Holding a range of currency balances can mean you spend less on unnecessary currency conversion, and can pay and get paid more easily in foreign currencies.

While there’s plenty of choice of multi-currency accounts in the UK, the features, flexibility and fees does vary significantly. Make sure you do a bit of research before you get started to find the best match for your needs from the traditional, online and specialist providers out there.

Looking for a multi-currency account in a particular currency? Read our best euro and US dollar account guides.