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Best Multi-Currency Accounts for Online Businesses

Byron Mühlberg, writer at Monito.com
Nov 7, 2022
Affiliate disclosure

In the internet era, it's more important than ever before for your business to be able to handle international transactions, especially if your customer base is in more than one country. Whether you need to settle local payments to a freelancer in Germany, make international transfers to a supplier in Indonesia, or receive payments from a client in Mexico, there's no escaping the reality that today's world is as interconnected as ever before!

That's where multi-currency accounts can be so useful for online businesses. As we'll see in this guide, choosing the right multi-currency account can help your business to accept payments using a variety of methods, handle international invoicing and reconciliation, get on top of global payroll, and make speedy international payments at industry-low FX rates.

Read on to see Monito's picks for the top three multi-currency business accounts on the market!

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Here are the top three contenders in summary:

  1. Revolut Business: Track team spending with cards, budget analytics and great FX | Read our full review.
  2. Wise Business: Make international payments at the real exchange rate | Read our full review.
  3. Payoneer: Tap into global markets and withdraw in 8 different currencies | Read our full review.

Wise: Best for Entrepreneurs

UK-based fintech Wise is a world-class option for international payments and frequently ranks as the cheapest cross-border payments provider on Monito. Next to its much-loved personal money transfer service, Wise also offers Wise Business, which integrates Wise's famous money transfer app and online account with a suite of business-focused solutions such as invoicing, reconciliation, and more.

Primary costs:

  • Account opening: $0 (US, Singapore, Japan, Australia, New Zealand), £45 (UK), €50 (EU), CHF 55 (Switzerland)
  • Sending international payments: 0.4% - 1%
  • Receiving international payments: Approx. $4.10
  • ATM withdrawals*: 2%

Available: European Union/European Economic Area, United Kingdom, United States, Singapore, Japan, Australia, and New Zealand.

Unique solutions:

  • Bank account details in 10 currencies: AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, and USD
  • Built-in bookkeeping workflow (integrated with Xero and QuickBooks)
  • Easy invoicing with templates
  • Batch payments (up to 1,000 recipients at once)

Max transfer limit: $3 million daily transfer limit and $15 million yearly transfer limit

Best for: Self-employed professionals, sole proprietors, entrepreneurs, and start-ups, because of its low barrier to entry and low costs to operate and manage international payments. We recommend Wise especially for sending smaller bank transfers up to $10,000 to international bank accounts, as the platform is particularly well-priced for these transfers.

More info: See our full Wise Business review or visit their website.

* Over USD 100 per month, otherwise free.

Revolut: Best for Growing Businesses

A a giant in online finances, Revolut is an online bank and fintech that serves over 12 million personal customers globally. Its business solution, Revolut Business, brings together all of the affordability and ease of use that characterises its personal offering for your business by combining excellent FX rates and a user-friendly interface with accounting and payroll solutions, FX risk management, rewards, a multi-currency account, spend management, and much more.

Primary costs:

  • Account opening: $0
  • Sending international payments: $5 (or currency equivalent) + FX margin (usually 0.4% to 1%)
  • Receiving international payments: 1% + $0.20

Available: European Union/European Economic Area, United Kingdom, United States, Singapore, Japan, and Australia.

Unique solutions:

  • Bank account details in 2 currencies: USD and GBP
  • Integrated with Xero, Slack, and QuickBooks)
  • Team collaboration and permissions
  • Business API integrations (on paid plans)
  • Supports multiple methods to receive payments
  • Forward contracts

Transaction limits: 2,000 payments per day and 5,000 payments per week

Best for: Established or growing businesses with a steady and consistent cash flow will benefit most from Revolut Business' broad array of solutions and features available on its paid plans, e.g. team management and forward contracts. Its free business plan (and Freelancer plans) are a good option for smaller businesses, although they're more limited than Wise Business' corresponding offering.

More info: See our full Revolut Business review or visit their website.

Payoneer: Best for E-Commerce

Payoneer is a US financial services company that provides customers with digital payment services, access to working capital, money transfers, and access to local bank details. Your three account numbers will support GBP, USD, EUR, and five others so that you can pay and get paid like a local in those currencies. Because it seamlessly integrates with some of the world’s leading marketplaces in so many currencies, we think Payoneer is the ideal choice for any small business, freelancer, or company working in the borderless e-commerce market.

Payoneer software interface business bank

Primary costs:

  • Account opening: $0
  • Withdrawing from a foreign currency to a US bank: Up to 2%
  • Accepting card payments: 3%
  • Debit card fee: $29.95 per year

Available: Globally

Unique solutions:

  • Request payments from clients in just a few clicks
  • Multi-currency account to handle transactions in 120 currencies
  • Choose three bank account details from an available 9 currencies
  • Pay VAT directly from your Payoneer account

Transaction limits: 30 withdrawals daily with a $5,000 limit and 30 POS transactions daily with a $2,500 limit

Best for: E-commerce businesses and other businesses that handle many transactions daily in many countries and currencies. For these businesses in particular, we think Payoneer's global infrastructure is especially good to help you do business in the world’s largest and most far-reaching online marketplaces. Its added bonus of low fees for international money transfers also makes Payoneer an ideal solution for those hoping to expand their reach into an international customer base.

More info: See our full Payoneer review or visit their website.

What's the Best Multi-Currency Business Accounts?

To get a better idea of how Wise, Revolut, and Payoneer compare side-to-side, take a look at the table below:

Provider

Wise Business

Revolut Business

Payoneer

Platform(s)

Website, mobile app

Mobile app

Website, mobile app

Account Opening Fee

$0

$0

$0

Monthly Fee

$0

$0 - $100

$0

Card Fee

$0

$0

$29.95

Outbound Transfer Cost

0.4% - 1%

$5

2%

Inbound Transfer Cost*

Approx. $4.14

1% + $0.20

0% - 1%

Request Payments

N/A

Yes

Yes

Currencies

57

30

120

Bank Details

10

2

9

Integrations

  • QuickBooks
  • Xero
  • QuickBooks
  • Xero
  • Dynamics 365
  • Sage Intacct
Try WiseTry RevolutTry Payoneer

Last updated: 25/10/2022
* Bank transfer via SWIFT

Finding the Best Multi-Currency Business Account

Unfortunately, there isn't any multi-currency account that's the best for every business in every instance. Overall, depending on your company's individual needs and preferences, many platforms could provide you with what you're looking for cheaply, quickly, and safely.

However, that being said, there is nothing wrong with opening more than one multi-currency account with multiple providers to take advantage of their respective strengths! For example, you could easily use Payoneer for local payments in different currencies and make international payments with Wise. In this way, you can use the individual advantages of both providers and save money in the long term.

If you're from the US or UK, take a look at our more comprehensive guides to business banking below:

If you're looking for the cheapest international money transfer provider for your business, run a search on our real time comparison engine below and save up to 95% in fees compared to using the bank:

Find the best business transfer now:

FAQ About Multi-Currency Business Accounts

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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