Best Multi-Currency Account UK - 2024
A multi-currency bank account can make it easier if you have bills to pay abroad, love to travel, or receive payments in a foreign currency.
The best multi-currency accounts let you hold and manage dozens of currencies, receive or send payments in a range of currencies, and spend globally with a linked debit card. However, opening a multi-currency bank account can be cumbersome, slow, and, most of all, expensive. Specialist providers like Wise and Revolut can be good alternatives.
In this article, we'll cover what you need to know about opening a multi-currency account, including the best multi-currency account UK, the costs involved, and how to open one.
Top multi-currency account providers we look at in this guide:
Our pick of the best multi-currency accounts
The best multi-currency account for you will depend on your specific needs and the sort of transactions you’ll want to make. Let’s start with an overview of the availability, features and fees of some of the most popular multi-currency accounts available in the UK.
Provider | Fees | Debit card | Other features |
---|---|---|---|
| Available |
| |
Revolut |
| Available |
|
Payoneer |
| Not available |
|
Airwallex |
| Available |
|
Barclays |
| Not available |
|
Santander | Varied - accounts offered through Santander Private Banking | Available |
|
Lloyds/Halifax | 7.50 GBP/month | Available |
|
Natwest | Up to 8 GBP/month | Available | -Accounts available in 25 major currencies -Saving accounts also available |
OFX | No fee to open or operate account -Currency exchange rate markups will apply | Not available | -Accounts for business customers -Accounts available in 7 currencies -Currency risk management products also available |
Wise
Wise multi-currency accounts are opened and managed online or in-app and can hold and exchange 50+ currencies. You’ll get your own bank account details for 10 different currencies to receive global payments fee free to your account.
Send payments overseas in just a few clicks, or spend and make ATM withdrawals at home and abroad with your linked Wise international debit card. All currency conversion uses the mid-market exchange rate with low, transparent fees.
Fees: No fee to open a personal account, 16 GBP one-off fee to open a business account. No monthly fee for either personal or business multi-currency accounts
Currency conversion: Hold and convert 54 currencies with the mid-market exchange rate
Other notable features: Receive payments like a local from 30 countries, send money to 80+ countries, spend with your linked debit card in 200+ countries
Learn more about Wise fees, safety, business, or Wise's multi-currency account.
Revolut
Revolut multi-currency accounts for personal and business customers come with a range of price options from a free standard plan to paid plans which can cost up to 12.99/month for personal customers. Paid plans come with extra features and higher numbers of free transactions, but even the free standard accounts can hold and exchange 30 currencies, spend with a linked debit card, and send and receive global payments.
Fees: Standard accounts are free. Upgrade to a fee paid personal account for up to 12.99 GBP/month or a fee paid business account for up to 100 GBP/month
Currency conversion: 30 fiat currencies available
Other notable features: Broad range of account services including budgeting tools, savings and investments
Go To Revolut
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
Go to OFX
Payoneer
Payoneer multi-currency accounts are aimed at people getting paid online - freelancers, online sellers, digital marketers and vacation rental hosts for example. You’ll get local receiving account details to get paid in a range of currencies and can use your balance to pay contractors or taxes, or withdraw to your local UK account. You can also manage your money between currencies within the account, with instant currency conversion options.
Fees: No fee to open your account. Free to send to other Payoneer accounts, and to receive using your local account details. Fees apply when being paid directly by clients or from marketplaces, and when withdrawing funds to a bank account
Currency conversion: 0.5% fee to convert between currencies in your account
Other notable features: Receive payments like a local with your own bank details for GBP, USD, EUR and more
Airwallex
Business owners and ecommerce entrepreneurs might be interested in Airwallex global accounts which allow you to get paid in several foreign currencies and switch between them with a small markup on the mid-market rate. Get linked debit cards, and handy perks like batch payments to cut down business admin time, too.
Fees: No opening or monthly fees. Transfers using the Airwallex network are free, 10 GBP fee applies if payments use the SWIFT network
Currency conversion: Get global account details for GBP, USD, EUR and HKD - 0.5% or 1% conversion fee when you switch between currencies
Other notable features: Batch transfers available, linked debit cards offered
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
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:
Choose the best provider for your needs
Check you meet any eligibility criteria
Register for your account online, through the provider app, or in a branch location
Give your personal and contact information
Complete the required verification steps
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
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
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.
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.
Pros | Cons |
---|---|
Helpful for holding and exchanging foreign currencies, as an individual or business owner | Account features may be limited, depending on the provider you pick |
Multi-currency accounts often offer preferential exchange rates for conversion | Accounts may come with ongoing or transaction fees |
Get a linked debit card to spend and withdraw overseas and when shopping online | Currency exchange may include a markup - a fee |
Send payments to others with good exchange rates and low fees | |
Many accounts can be opened and managed with a smartphone for ease when you travel | |
Accounts with no monthly fees are available |
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.
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.
FAQs
Open a UK multi-currency account with a traditional bank, a digital bank or a specialist online service. Accounts can often be opened and managed online and via a provider app for convenience.
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.