Best Multi-Currency Account UK limits and features compared

OFX Account

Multi-currency accounts from OFX are mainly aimed at businesses and online sellers looking to get paid in a range of 30 major currencies. Cards are available for convenient business spending.

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.

Plans which have ongoing costs come with extra features and higher numbers of no fee transactions, but even the standard accounts can hold and exchange 30 currencies, spend with a linked debit card, and send and receive global payments.

Barclays Currency Current Account

Barclays multi-currency accounts for personal customers let you hold 12 currencies in the same place. 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.

Santander Global Currency Account

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.

Lloyds and Halifax International Current Account

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.

Natwest Cash Management Account

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, for which you also need an active International Select account offered through the Natwest International arm.

Eligibility criteria apply on all account types.

What is a multi-currency bank account?

A multi-currency account is an account from a bank or 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.

How to open a multi-currency bank 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 bank, or a digital 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 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

Account verification documents

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 this information:

• 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 bank account be opened in the UK?

UK residents can open a multi-currency account with a 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 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

• Hold a balance in select foreign currencies

• Send payments to others overseas

• Spend abroad without incurring additional currency conversion costs

• Get paid in foreign currencies with no need to convert to GBP immediately

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.

How does a multi-currency account work?

• Hold multiple currencies in one place: specialist services commonly offer dozens of different currencies for holding and exchange

• Get paid in foreign currencies: accounts may offer ways to receive multiple currencies with local or SWIFT account details

• Spend easily overseas: some multi-currency accounts come with linked debit cards for easy payments and withdrawals around the world

• Send money to others: use your account to send global payments for bank deposit

Are foreign currency accounts safe to keep money in?

Account providers and banks have their own security measures for when you’re transacting online including 2-factor authentication, and secure encrypted data storage. Providers and banks have high level security including manual and automatic checks to keep customers and their accounts safe, with easy ways to contact service teams if you’re ever worried about your account.

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 can be 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 broad range of banks and specialist providers out there.

FAQs

Can I open a multi-currency account in the UK?

Open a UK multi-currency account with a bank, or a specialist online service. Accounts can often be opened and managed online and via a provider app for convenience.

How much does it cost to open a multi-currency account?

The cost of using a multi-currency account will vary between providers and account types. Some can be opened for free, with no monthly or ongoing charges. Others have monthly fees, and almost all will have some transaction fees based on how you use your account.

Find the best match for your needs by checking out a range of different options before you get started.