TL;DR Summary: Multi-currency business accounts allow companies to hold, send, and receive funds in multiple currencies without the high FX margins and fixed fees of traditional banks. Airwallex is the top-rated option for globally active businesses needing local currency accounts in 22 currencies, unlimited virtual cards, and accounting integrations. Wise Business is the strongest choice for SMEs and freelancers prioritising cost transparency and low-volume international transfers. Revolut Business suits startups needing integrated expense management alongside multi-currency functionality. The right choice depends on transaction volume, growth stage, and the currencies your business operates in.
Introduction: Why Multi-Currency Accounts Matter for Business
Any business that invoices international clients, pays overseas suppliers, employs remote workers in multiple countries, or sells through global e-commerce platforms faces the same structural problem: traditional bank accounts were not designed for multi-currency operations. Receiving a USD payment into a GBP account triggers an automatic currency conversion at the bank's retail exchange rate, which typically includes a 3% to 5% markup above the mid-market rate. The same markup applies in reverse on outgoing supplier payments. For a business processing USD 500,000 annually through international channels, a 3% combined FX margin represents USD 15,000 in unnecessary annual cost.
Multi-currency business accounts solve this by allowing the business to hold balances in foreign currencies, receive international payments with local account details in the recipient's currency, and convert funds only when needed at rates far closer to the interbank benchmark than traditional banks offer.
The Cost Problem with Traditional Business Banking
Traditional business bank accounts charge FX markups of 3% to 5% on international transactions, fixed wire transfer fees of GBP 20 to GBP 40 per outgoing payment, and in many cases monthly account fees irrespective of transaction volume. These cost structures make frequent small international payments prohibitively expensive and create cash flow friction for businesses waiting three to five business days for SWIFT transfers to settle.
Specialist multi-currency platforms operate on fundamentally different cost structures. They hold balances in local currencies, process transfers through local payment rails where available, and charge exchange rate margins typically between 0% and 1.5% rather than 3% to 5%. For businesses with consistent international transaction volumes, switching to a specialist multi-currency platform can generate annual savings of thousands of pounds or dollars relative to equivalent volumes processed through a traditional bank.
The Best Multi-Currency Business Accounts
Airwallex is the top-rated multi-currency business account across independent comparisons, offering local currency accounts in over 20 currencies, transfers to over 200 countries, and a suite of business tools including corporate virtual cards with 1.5% cashback on eligible spend, batch payment functionality for up to 1,000 invoices, bill pay, expense management, and integrations with QuickBooks, Xero, NetSuite, and major e-commerce platforms. Airwallex applies interbank FX rates on currency conversions, significantly better than the retail rates charged by banks. Its free Explore tier requires either AUD 5,000 in monthly deposits or a maintained minimum balance; otherwise a modest monthly fee applies. Its Grow and Accelerate tiers unlock advanced spend controls, higher transfer limits, and priority support for businesses operating at greater scale.
Wise Business offers local account details in 9 currencies, the ability to hold and convert funds in over 40 currencies at the mid-market exchange rate, and a per-transaction fee structure starting from 0.33% with no monthly subscription for US-based businesses. The platform supports batch transfers of up to 1,000 invoices simultaneously, auto-conversions that execute when a specified target rate is reached, and a free invoicing tool. Wise Business is particularly well suited to freelancers, sole traders, and SMEs that value cost transparency and a pay-as-you-go model without monthly fee commitments. Wise Business paused new corporate card issuance in the US market in 2025 pending regulatory restructuring, which is a relevant consideration for US businesses that need card spend management alongside transfer capability.
Revolut Business provides a unified platform for multi-currency accounts, corporate cards, team expense management, and international transfers in a single subscription-based product. Basic plan pricing starts at USD 10 per month, with Grow at USD 40 per month and Scale at USD 140 per month. FX conversion at interbank rates is available up to plan-defined monthly caps, with a 0.6% fee on conversions exceeding the cap and a 1% weekend surcharge on some plans. Revolut is best suited to startups and SMEs that need physical and virtual corporate cards alongside multi-currency accounts, and that value a single integrated platform over the most competitive possible FX rates.
OFX provides multi-currency business accounts with access to over 50 currencies, no transfer fees on most corridors, and exchange rate margins typically between 0.5% and 1.5%. OFX is particularly suited to businesses processing high-value individual transactions or requiring forward contracts and limit orders for FX risk management. There are no maximum transfer limits, making OFX the preferred choice for businesses handling large single-transaction FX requirements such as property purchases or major supplier payments. Dedicated account managers are available for businesses with regular or complex FX needs.
Payoneer serves freelancers and marketplace sellers across 190 countries, supporting local receiving accounts in multiple currencies and fast payments between Payoneer account holders. It integrates directly with marketplaces including Fiverr, Upwork, Amazon, and Etsy. Payoneer charges a 3.99% fee for credit card-funded payments and a 1% fee for ACH bank debit payments, with lower rates for marketplace-originated receipts. It is best suited to digital service providers and marketplace sellers rather than businesses requiring full multi-currency treasury management.
Fee Structure Comparison
Wise Business uses a pay-as-you-go model with no monthly fee and conversion fees from 0.33%. Airwallex offers a free tier for qualifying volumes with per-transaction costs comparable to Wise on most currency pairs. Revolut Business charges monthly subscription fees from USD 10 to USD 140, with FX costs dependent on plan limits. OFX charges no transfer fees but earns through exchange rate margins of 0.5% to 1.5%. Payoneer charges percentage-based fees per transaction type ranging from 1% for ACH to 3.99% for credit card-funded payments.
For cost-conscious businesses with moderate international transaction volumes, Wise Business and Airwallex's free tier are the most economical options. For businesses that value integrated expense management and team controls over marginal FX cost savings, Revolut's subscription model provides a more complete product suite. For large-value single transactions, OFX's rate quality and no-maximum-limit policy consistently produce the best outcome.
Which Account Is Right for Your Business
Freelancers and sole traders with straightforward multi-currency invoicing needs are best served by Wise Business, which provides local account details in 9 currencies, mid-market rates, and no monthly fees. Growing businesses with consistent international supplier payments and team expense requirements benefit most from Airwallex, which provides a broader feature set including virtual cards, batch payments, and accounting integrations at a competitive per-transaction cost. Startups that want a unified app combining cards, spending analytics, and currency exchange will find Revolut Business the most convenient option. Businesses processing large individual FX transactions regularly should evaluate OFX and Currencies Direct, both of which provide rate certainty tools and dedicated account management.
Accounting Integrations and Workflow Automation
Accounting integrations are a critical feature for any business account used for international payments at volume. Airwallex provides native connections to QuickBooks, Xero, and NetSuite with real-time transaction synchronisation, eliminating manual reconciliation of multi-currency entries. Wise Business integrates with Xero and supports CSV export for other accounting platforms. Revolut Business offers API-based integrations and supports connections to Xero and Slack for expense workflow management. Payoneer's integrations focus on marketplace environments rather than conventional accounting software, which limits its applicability for businesses using standard ERP or accounting systems.
Frequently Asked Questions
What is a multi-currency business account?
A multi-currency business account allows a business to hold, send, and receive funds in multiple foreign currencies from a single account, without mandatory conversion at the point of receipt. This enables businesses to pay overseas suppliers from a matching foreign currency balance, receive international client payments with local account details, and convert currencies only when the rate is favourable, avoiding the automatic FX charges applied by traditional bank accounts.
Is Wise Business or Airwallex better?
Wise Business is better for freelancers and small businesses that prioritise transparent, pay-as-you-go pricing and do not need advanced expense management tools. Airwallex is better for growing businesses that need local currency accounts in more currencies, virtual corporate cards, batch payment functionality, and accounting software integrations. Both apply rates close to the interbank benchmark; the decision is primarily one of feature set and business complexity rather than cost.
Do multi-currency business accounts charge monthly fees?
It depends on the platform. Wise Business charges no monthly fee for US-based businesses. Airwallex offers a free tier for businesses meeting minimum monthly deposit or balance thresholds. Revolut Business charges monthly subscription fees from USD 10 to USD 140, with features tiered by plan. OFX charges no monthly fee. Most platforms apply per-transaction costs rather than mandatory monthly charges at the entry level.
Are multi-currency business accounts safe?
Regulated multi-currency business accounts are subject to the same regulatory frameworks as other payment institutions. Wise is regulated by the FCA in the UK, FinCEN in the US, and equivalent authorities in over 65 jurisdictions. Airwallex holds licences in the UK, EU, US, Australia, Hong Kong, and Singapore. Client funds are held in safeguarded accounts not used for operational purposes. Most multi-currency business account providers are not banks and are not covered by FSCS or equivalent deposit protection schemes, which is an important distinction for large balance holders.
Can a multi-currency account help manage currency risk?
Yes. Holding a foreign currency balance and converting only when the exchange rate is favourable is a basic form of natural hedging that reduces exposure to adverse rate movements. More sophisticated FX risk management tools, including forward contracts that lock a current rate for a future transaction and limit orders that execute automatically when a target rate is reached, are available through OFX and Currencies Direct. These instruments are most relevant for businesses with significant and predictable foreign currency cash flows.
