4 Best Multi-Currency Accounts for Online Businesses in 2023

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 four multi-currency business accounts on the market!

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.

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.

Payset — Best Virtual IBAN Account Provider

Payset, established in 2018, is a fully licensed e-money institution in the UK. Payset provides a multi-currency account designed for businesses to hold up to 34 currencies within a dedicated IBAN account. You can also convert 38 currency pairs 24/7. Overall, Payset is an ideal choice for startups that handle monthly balances to pay and receive funds in multiple currencies around the world. Stay secure with advanced fraud prevention tools, generate invoices, and track payments with robust reporting features.

Primary costs:

• Opening an account: From £95
• Monthly fee: From £49
• Receive worldwide: Free
• Send locally in Europe (SEPA): From 0.45% min £8
• Send locally in UK (Chaps, Bacs): From 0.55% min £35
• Send locally in US (ACH): From 0.55% min £35
• Send internationally via SWIFT): From 0.55% min £35
• Send another Payset account: Free (Instant transaction)

Available: the UK, Denmark, Luxembourg, Germany, the US.

Unique solutions:

• Multi-currency account of a sizeable 34 currencies;
• Resolve issues with your dedicated account manager;
• Make instant, free transactions with fellow Payset account holders;
• Transparent exchange rate fees updated live on their website;
• Advanced fraud prevention tools help safeguard your business against scams and fraud;
• Book a demo prior to registering.

Best for: We recommend Payset for startups that are generating consistently monthly sales, since Payset charges a £49 monthly fee. While its exchange rates are transparently shown on their website and updated live, they do apply a small exchange rate margin. Their rates are generally much better than high-street banks. However, its generally worth using Payset when moving larger balances because they charge a fixed fee when making local transfers by SEPA and when making local transfers in the UK.

Overall, we think Payset presents an appealing choice for established startups seeking affordable alternatives to high street banks for their international financial needs. With dedicated account managers to navigate complex money flows, Payset streamlines multi-currency transactions and can offer cost savings. You can easily schedule a demo through Payset's website to get a full grasp of the scope of the platform's capabilities.

More info: Visit the Payset website.

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:

• UK's best online business bank accounts
• UK's best accounts for sole traders
• US's best small business checking accounts

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: