An international account makes it much easier to deal with international customers or suppliers, or if you travel abroad on business. A business account with the right services lets you deal with different currencies and international payments while keeping costs down.
Most ordinary business bank accounts offer at least some international features, but specialist providers can provide a wider range of services at lower cost. As well as multi-currency bank accounts from licensed banks, there are also similar international accounts offered by other financial services providers.
Here’s our guide to some of the best international accounts and what to look for.
Airwallex
Airwallex is another leading international account, with an emphasis on businesses that operate in more than one country.
- Free account opening.
- 0.5-1.0% fee for foreign exchange.
- Free transfers using local payment methods, £10-£20 for SWIFT payments.
- Payment acceptance for huge range of payment methods and major cards.
- Accounts in over 20 currencies.
- Physical and virtual cards available, alongside free expenses management tools.
- Integrations including common accounting software and custom integrations.
Revolut Business
Revolut Business offers a strong, all-round multicurrency banking service:
- Monthly fees from £0 for a basic account to £79 or more. Higher monthly fees give larger allowances for low cost foreign exchange and payments.
- Foreign exchange at interbank rate up to monthly account limit, 0.6% extra thereafter.
- International transfers above monthly limit £5
- Payment acceptance from 0.8% +£0.02.
- Option to set up accounts and hold funds in more than 25 currencies.
- Online and plastic/metal payment cards available.
- Extensive range of easy app integrations including accounting software, custom integrations.
A separate Revolut Pro account is also available for freelancers and sole traders, offering similar services. Different fees apply.
Wise
Wise has grown from a focus on international money transfer (originally called TransferWise) to a fuller multicurrency account. Wise can still be particularly cost-effective if your business makes a lot of international payments:
- One-off account opening fee, no monthly fee.
- Foreign exchange at mid-market exchange rate.
- International payments for over 70 countries from 0.33%.
- Hold over 40 currencies, local account details and free local payment receipt available in 8 currencies (and UK pounds).
- Cash back debit cards available.
- Integrations including common accounting software packages, custom integrations.
Payoneer
Payoneer also offers a multicurrency account, but with an emphasis on helping freelances and smaller businesses get paid. Payoneer’s integrations with leading marketplaces like Amazon and eBay can be particularly useful for ecommerce businesses.
- Free account opening.
- 0-0.5% fee for foreign exchange.
- Direct payments from leading marketplaces or send payment request links to clients.
- Supports UK pounds, Euros, US dollars and several other leading currencies.
- Physical or virtual card available.
- QuickBooks and Xero accounting software integrations.
- Fees depend on several factors (eg currency) but tend to be higher than equivalent fees from other providers.
Other less well-known companies offering multicurrency accounts and international payment services include Multipass, OneMoneyWay, Equals Money, 3S Money and many others. If they match your requirements, these can offer very good value.
Other international business account options
Popular UK business accounts that offer international account features include:
- Tide offers fast low cost payments in Euros across the 36 countries of the ‘Single European Payments Area (SEPA)’ which includes all the EU countries. 0.5% fee for Euro to UK pound foreign exchange.
- Starling has offered Euro and US Dollar accounts before temporarily closing to new applicants. Starling plans to launch accounts across 21 more currencies.
- Anna Money allows you to receive or make payments in several major currencies, with a 0.5-1.0% foreign exchange fee.
Another option may be to work with a bank based in the country (or countries) that you trade with. For example, if you are exporting to or importing from the United States, you might consider opening an account with one of the major American banks. However, banks like this tend to focus on dealing with larger businesses.
Choosing the best international account
The right international account for your business depends on what you are looking for – and which provider offers the most cost-effective solution.
Factors to consider include:
- which currencies and countries you do business with
- the different payment methods used by suppliers and customers in those countries, how quickly payments are processed and the fees
- whether any transactions might be larger than some providers transaction limits
- whether you (or your colleagues) travel abroad and want to be able to make payments or withdraw cash while overseas
- whether you want to be able to hold balances in different currencies (for example, if you both receive and make payments, or want to avoid multiple small, costly foreign exchange transactions)
- what additional tools and features will make your life easier, such as invoicing, accounting software integrations, expenses management and so on
- whether your business meets the requirements for different providers (eg being a limited company), how quickly and easily a provider can onboard you as a customer
- how much support or account management you might need, and how good a reputation for customer service a provider has
Any legitimate bank or financial services provider should offer high-grade security, protecting both your money and your financial data. Balances up to £85,000 held with a licensed UK bank (such as Revolut and Starling) are protected under the Financial Services Compensation Scheme. Other authorised providers are legally required to ‘safeguard’ your balance by holding it in a separate account, or to have insurance against potential losses.
The cheapest international account
The best value international account depends on your particular circumstances. Costs you need to consider include:
- any initial fees for opening an account
- any initial costs – for example, setting up integrations with your own systems
- ongoing fees for account maintenance, payments, foreign exchange etc
- the hidden costs of the time spent dealing with payments, and the cost savings from time saved by using helpful tools
One business might find Revolut a convenient way to handle all their UK and international banking, while another might be attracted by the flexibility and cost savings of Wise for international payments. Airwallex can be particularly appealing to businesses growing a significant international business, while Payoneer might be more attractive for a smaller business that only sells through marketplaces.
