Fed up with how you’re managing multiple currencies for your business?
If you’re using your standard business bank account to make cross-border payments or trying to juggle multiple foreign currency accounts, chances are, international payments feel like a huge thorn in your side. Hidden fees, scattered balances and cash flows, and zero clarity on where your money is during a transfer — it's frustrating, to say the least!
Here’s the good news: With over 10,000 SMBs trusting us as their cross-border payment provider, we know a thing or two about how to best manage multiple currencies.
In this guide, we'll break down what multi-currency accounts are and under what circumstances they’re the best choice compared to standard and foreign currency accounts. We’ll also help you figure out how to pick the right multi-currency account provider for your small-to-medium-sized business.
But first, let’s make sure we’re on the same page.
What is a multi-currency business account?
A multi-currency account lets you hold, send and receive different currencies, all from one centralised account. It’s like having a wallet containing every currency you need for your business — euros, dollars, yen. So how does this compare to using your standard bank account or foreign currency accounts to manage international payments?
Multi-currency accounts vs standard bank accounts
Your standard bank account works in one currency — say, euros. Great if your suppliers and customers are also based in Europe and trade in euros. But the moment you start working with international partners, suppliers or customers that don’t do business in euros, things get tricky. You’re stuck paying whatever exchange rate your bank offers when you need to make a payment. You face additional fees and have near-zero visibility into how long your payments will take to arrive or how many intermediary banks they go through along the way.
Instead of managing everything in your home currency, multi-currency accounts allow you to control when you convert between currencies, when you make a payment, and usually offer more transparency into the progress of your payments.
Multi-currency accounts vs foreign currency accounts
A foreign currency account is similar to a standard bank account in that it contains a single currency — just a different one from your functional currency (e.g. a USD foreign currency account for your Europe-based business). Opening a foreign currency account can work if your cross-border business needs are simple. But if your business is growing and you start trading in several currencies, you’ll need to open and juggle new accounts for each one.
With a multi-currency account, you can open currency accounts in just a few clicks instead of going through the arduous process of opening a new foreign account each time you enter a new market or begin working with a new partner or supplier overseas.
Key benefits of multi-currency accounts for international businesses
Now that we have a clearer picture of how multi-currency accounts differ from standard and foreign currency accounts, let’s delve deeper into some of the key benefits of choosing a multi-currency account for your business.
Take control of conversions and payments
A multi-currency account gives you the freedom to open currency accounts for each currency you trade in — a process that takes minutes, not days. When exchange rates are favourable, you can convert your money between accounts and make payments in your suppliers’ and customers’ preferred currencies. This puts you in control of your currency strategy.
Potential cost savings on international transactions
You've probably noticed how fees start to add up when using your bank account to make international payments. Chances are, you wind up paying some combination of:
- Exchange rate markups when you convert currencies
- Fixed or percentage-based transfer fees
- Extra charges from the beneficiary's bank and intermediary banks along the way
- Additional hidden fees
Depending on the provider you work with, a multi-currency account has the potential to significantly reduce these costs when you’re moving money internationally. You gain clearer visibility of the costs involved in sending money overseas and greater control of when and how you use your funds.
Better cash flow visibility across multiple currencies
If you’re trying to manage multiple foreign currency accounts — potentially with different banks — getting a clear picture of your business's cash position can become a nightmare. To get a consolidated view of your cash flow across every account, you’ll likely need to pull data from multiple sources into a spreadsheet, which brings its own set of challenges.
A multi-currency account transforms this experience completely. Depending on the provider you choose, you could have one dashboard showing you:
- A consolidated balance across all accounts
- Balances for each currency
- A picture of upcoming and historical payments
- Exchange rate trends that may affect your bottom line
You can see your entire international financial position in real time from one hub. This helps you make smarter cash flow decisions and better business decisions overall. Rather than basing your strategy on estimated numbers that could be way off, you’re able to work with more accurate figures and plan accordingly.
How to choose the right multi-currency account provider
We’ve established that multi-currency accounts are often the better path to take than standard accounts and foreign currency accounts. But what should you be looking for in a multi-currency account provider?
We can group multi-currency account providers into two main buckets:
1. Traditional banks
Many traditional banks offer foreign currency accounts as well as standard bank accounts. Some even offer multi-currency accounts, although it isn’t their primary focus, just one type of account among many.
2. Cross-border payment providers
Alternatively, you can open a multi-currency account with a dedicated cross-border payment provider. For businesses looking for more control over their international payments, transparent pricing and cutting-edge technology, a cross-border payment provider is the better choice over a traditional bank. Check out our recent breakdown of cross-border payment providers vs traditional banks for a more detailed comparison.
There’s no shortage of cross-border payment providers out there to choose from. So, when you’re evaluating your options, here are the key areas to hone in on.
Cost: Fee structures and conversion rates
When researching potential providers, there are four cost areas to consider:
- Monthly account and setup fees
- Exchange rate margins
- Transfer fees (whether fixed or percentage-based)
- Any minimum balance requirements
Remember that while there may be no monthly subscription or setup fees, what can really impact your bottom line is the total cost of moving and managing money internationally.
When evaluating transfer fees and exchange rate margins, keep in mind that the lowest advertised rates aren't always the best. Look at the complete picture — including how fees change based on payment volume and currency pairs, as the ones you use most often may cost more. Consider asking providers for example figures using your typical transaction amounts and currency pairs. This will give you real costs to compare.
A truly transparent provider shows you their costs upfront, so you know exactly how much you'll pay when opening an account, converting currencies and making international payments.
Number of currencies available
Does the provider support all of the currencies your business needs? Not just today, but also where you plan to be trading in the future. It’s best to think ahead. Whether you're planning to enter new markets or discussing new partnerships overseas, your multi-currency account should support those ambitions from day one.
Flexible currency conversion
As we’ve touched on, multi-currency accounts allow you to hold funds in currencies other than your functional currency. Beyond this, look for a provider that lets you:
- Make spot conversions at competitive rates
- Schedule conversions for specific dates
- Set target exchange rates
- Receive alerts when these targets are reached
Exchange rates move constantly, and slight swings one way or the other can make a big difference to your bottom line. Having access to live exchange rates and the ability to set alerts for target rates gives you the freedom to exchange funds when you want at the rates that suit your strategy.
International payment tracking
With the right multi-currency account provider, you should not only be able to make payments directly from the platform but also track those payments across borders. How granular this tracking gets will depend on the multi-currency provider you work with.
For example, with iBanFirst you’re able to track international payments every step of the way, with timestamped updates and tracking links you can share with your partners or suppliers.
Integrations with your existing financial tools
Your financial operations don't exist in a vacuum. You need your multi-currency account to work smoothly with your other business tools. So, make sure your chosen provider can integrate with accounting software solutions and sync with your bank accounts to pull data automatically. This will potentially save you hours of manual data entry and help prevent costly errors that can stem from it.
Dedicated support (not just a chatbot)
Some multi-currency providers rely on chatbots and self-serve help docs as their primary methods for client support. And while this might work for certain tasks, the last thing you want is to get stuck in a support ticket queue for complex, time-sensitive problems that take 3-5 business days to resolve. If having real humans available to support you is appealing, make sure the provider you choose offers exactly that.
5 best multi-currency account providers for international businesses (what you get with each)
Now that you know what to look for in a multi-currency account provider, let's look at five strong options for international businesses.
Each of these cross-border payment providers also has more to offer than just multi-currency accounts. Some also have tools for FX management, payment tracking and more. We'll break down what you get with each provider, the potential trade-offs, how their pricing structures work and who each is best for.
1. iBanFirst
First up, iBanFirst. Founded in 2016, iBanFirst is a cross-border payment provider built specifically for growing SMBs. Combining a simple yet powerful platform with support from our in-house FX experts, iBanFirst is transforming the cross-border payment experience for small and medium-sized enterprises.
What do you get with iBanFirst?
- With an iBanFirst multi-currency account, you can hold, send and receive funds in 25+ currencies.
- The iBanFirst platform is purpose-built for small and medium-sized businesses with significant international payment needs.
- You and your beneficiaries can track your payments across borders — just like a parcel — with time-stamped updates at every step.
- Our dedicated account managers are FX experts who know your business. They can help you build custom FX strategies and make use of our fixed, flexible and dynamic forward payment contracts to protect your business against currency fluctuations.
- iBanFirst offers a host of integrations, so you can connect it to your existing stack, thus eliminating fragmented systems and unlocking automation across your financial processes. You can also use the iBanFirst API to integrate iBanFirst with third-party tools in your tech stack.
What are the trade-offs?
- iBanFirst is less suited to businesses with low international transfer volumes.
- We don't offer debit cards like some of the other alternatives listed.
How does iBanFirst pricing work?
With iBanFirst, there's no setup fee, no monthly subscription costs and no hidden fees — what you see is exactly what you pay.
Our transparent pricing structure is designed with scaling international businesses in mind. iBanFirst gives you a standard exchange rate spread that applies across all your transactions. This means you can predict your costs even as your payment volumes increase, rather than watching percentage-based fees eat away your profits.
Who is iBanFirst best for?
- iBanFirst is great for established SMBs that are outgrowing entry-level payment providers and need advanced tools for things like FX risk management.
- Importers/exporters with international supply chains seeking the tools and expertise to manage complex payments and don't want fees eating into their margins.
- Wholesalers who rely on FX risk management tools and crave detailed payment tracking and hands-on, responsive support.
The Bottom line
If you want to avoid tiered pricing models that never quite fit your business needs perfectly, manage foreign currency risks and receive hands-on support from FX experts who understand your business, iBanFirst is a great fit. What's more, you're able to track international payments every step of the way, with detailed, timestamped updates and tracking links you can share with your partners and suppliers.*
2. Revolut
Revolut has established itself as a mobile-first financial solution for both personal and business users. They've expanded beyond multi-currency accounts to include payment processing, expense management tools, debit cards, and various integrations, positioning themselves as a comprehensive solution for freelancers and enterprise-level businesses.
What do you get with Revolut?
- Revolut supports 25+ currencies and offers local account details in GBP, USD and EUR. For all other currency accounts, you use SWIFT account details for international transfers.
- It offers a broader range of features than some others on this list, including tools for team spending and expense management.
- Revolut’s fixed and flexible forward payment contracts mean you can manage currency risk.
- You can use physical and virtual cards with spend controls for team members, expense categorisation, and real-time notifications.
- Revolut also integrates with accounting, expense management and HR tools.
What are the trade-offs?
- Revolut’s aim of appealing to all business sizes — from freelancers to enterprise businesses — comes at the expense of SMB-specific solutions.
- Its pricing structure means key features are locked behind more expensive plans and weekend exchanges can come with additional markups.
- Revolut’s more personalised support only comes at the 'Enterprise' tier, leaving SMBs to face the complexities of FX alone.
How does Revolut's pricing work?
Here’s how Revolut’s tiered monthly subscription model works:
- Basic: €10 per month, limited features
- Grow: From €30 per month, exchange up to €15,000 monthly at the interbank rate
- Scale: From €90 per month, exchange up to €60,000 monthly at the interbank rate
- Enterprise: Custom pricing with specialised account management
Each plan comes with a monthly allowance for currency exchanges at the interbank rate. Once you hit your limit — or if you decide to make a transfer during weekends or outside market hours — the extra fees kick in (typically 0.6% to 1%).
Who is Revolut best for?
- Freelancers, smaller businesses and enterprises looking for a solution with a broader range of features and don’t mind the tiered pricing structure.
- Businesses that need to accept payments through online gateways, e-commerce integrations, and contactless QR codes.
- CFOs and finance teams that want to manage expenses, issue company cards to their teams, set spending limits and control where the cards can be used.
The bottom line
Revolut offers extensive functionality across multiple financial areas. However, their approach of serving vastly different business sizes means you may end up paying for features that don't match your needs or find yourself limited by your current tier. Additionally, dedicated account management and personalised support are reserved for enterprise-level clients, so businesses seeking hands-on guidance through the complexities of the FX markets will need to rely on self-service resources only.
3. Wise
Founded in 2011, Wise has become one of the most recognisable names in international transfers. Originally built for personal users looking to pay less than traditional bank fees, it has since expanded into business accounts that lean on the same straightforward approach.
What do you get with Wise Business?
- Wise’s multi-currency accounts let you hold 40+ currencies with local account details in 9 of them (including GBP, USD and EUR). For all other currencies, you can send and receive payments using SWIFT account details.
- Wise keeps things simple both in terms of pricing and functionality.
- It targets both individual consumers and businesses, particularly those looking for a cost-effective solution.
- You can integrate Wise with accounting tools in your financial ecosystem, including Xero, QuickBooks and Sage. All of these integrations come standard with every account.
- Wise also offers physical and virtual debit cards for team spending, which link directly to the account balance in your chosen currency.
What are the trade-offs?
- Once you're regularly moving €100,000+ annually across borders, Wise's per-transaction fees start adding up quickly.
- If your business is growing, foreign currency risks are becoming more of a concern. Wise doesn't offer any FX risk management tools or dedicated support to help you protect your margins from exchange rate swings.
- When you're working with larger payment volumes, sometimes chatbots, help docs and support tickets alone simply won't cut it — you need support from an expert who understands both your business and the complexities of the FX market.
How does Wise's pricing work?
There are very few surprises when it comes to Wise's pricing. Wise charges a one-time opening fee of €50. After that, there are no recurring monthly subscription fees — you only pay for what you use. It offers currency conversions at the mid-market exchange rate with a percentage-based fee added. There are no hidden markups or fees.
For international payments, you'll pay a percentage-based transfer fee — typically between 0.33% and 1.0% of the payment amount, depending on the currency pair.
Who does Wise suit best?
- Digital nomads and self-employed business owners who work with international clients in multiple currencies.
- Smaller businesses starting to expand internationally and looking for an efficient and affordable solution for handling cross-border payments.
- E-commerce businesses selling products across borders with low transaction volumes.
The bottom line
With its simple features and competitive pricing, Wise is ideal for digital nomads, freelancers and micro-businesses. However, as transaction volumes increase and currency risk becomes more significant, businesses often start to notice Wise's limitations — particularly the lack of FX risk management tools and expert support for complex international payments.
4. Airwallex
Founded in 2015, Airwallex is a cross-border payment provider that offers multi-currency accounts, international transfers and payment acceptance tools. Airwallex positions itself as a comprehensive, all-in-one solution for payments, spending, and expense tracking with the goal of streamlining global financial management.
What do you get with Airwallex?
- With Airwallex's multi-currency account, you can send and receive payments in 23 currencies.
- Airwallex is a payment gateway which allows e-commerce businesses to collect online payments.
- Virtual and physical cards are available for expense management.
- Teams can track and control global spending.
- You can sync bank feeds with Xero, QuickBooks and NetSuite at the Explore, Grow and Accelerate plans and access custom API implementations with the Custom plan.
What are the trade-offs?
- The more complex platform features are plan-dependent and may require a steep learning curve for some users.
- Airwallex's pricing structure isn’t the most SMB-friendly.
- Dedicated account manager support only kicks in at the Accelerate plan.
How does Airwallex pricing work?
Airwallex offers a tiered pricing structure for EU businesses:
- Explore: €0 per month (if you deposit €10,000 monthly / maintain a €10,000 balance) or €19 per month.
- Grow: €49 per month, which adds expense management and bill pay features.
- Accelerate: €999 per month.
- Custom: Tailored pricing for high-volume businesses.
Airwallex also charges a 0.5% to 1% exchange rate markup on all conversions, depending on the currency.
Who is Airwallex best for?
- E-commerce businesses that want to create online checkout links and accept global payments.
- Freelancers and smaller businesses looking for a solution with a broader range of features and don’t mind the tiered pricing structure.
- Larger businesses that can afford the Accelerate or Custom plans and benefit from hands-on support.
The bottom line
Airwallex is a feature-rich provider with plenty going on under the hood. But this extra functionality means Airwallex is trying to be everything for everyone, the downside being a lack of SMB-specific tools. Plus, if you value having an account manager who understands and supports your business, you'll need to look at their Accelerate or Custom plans, which come with hefty monthly fees.
5. Payoneer
Payoneer is a payment provider that specialises in facilitating payments to and from freelancers, contractors and online sellers who use marketplaces like Amazon, eBay, Fiverr and Upwork and these marketplaces themselves.
What do you get with Payoneer?
- With Payoneer, you can hold and send funds in 70+ currencies.
- Global receiving accounts are available in multiple currencies to collect payments from customers.
- Payoneer partners and integrates with many e-commerce and freelancer platforms as well as major online marketplaces.
- Payoneer has a focus on mass payout capabilities for paying suppliers, contractors and marketplace sellers.
- Cards are available in USD, GBP, EUR and CAD so you can access earnings and spend online or out in the world.
What are the trade-offs?
- With a split focus across multiple audiences — freelancers, businesses and marketplaces — Payoneer isn’t focused on developing solutions that meet the specific needs of SMBs.
- The limited FX risk management capabilities may work against Payoneer as an attractive option for SMBs compared to others on this list.
- The high percentage-based fees for most international payments can be off-putting for businesses looking to make cross-border payments but not mass payments to freelancers and contractors.
How does Payoneer's pricing work?
Payoneer's pricing structure is transaction-based with varying fees depending on how you send and receive money:
- Account opening and maintenance: Free
- Currency conversion: 0.5% markup on top of mid-market rate
- Making payments: Up to 3% fee if the recipient doesn’t have a Payoneer account
- Card transactions that involve conversion: 3.5% fee
Who does Payoneer suit best?
- Freelancers and contractors working across different platforms like Fiverr and Upwork and want to integrate Payoneer as their payment method.
- Marketplaces that need to make mass payouts in multiple countries and currencies.
- Businesses that want to pay overseas employees and contractors and get paid by their customers.
The bottom line
Payoneer extends beyond basic payments and currency conversion with additional functionality, but this broader scope adds operational complexity. This makes it less suitable for SMBs seeking a focused, comprehensive solution for international payments and FX risk management without the marketplace-oriented features.
Why 10,000+ international businesses use iBanFirst
Numbers tell a story. Over 10,000 companies trust us with their international payments and FX risk management needs. Let's peek behind the curtain and see what makes iBanFirst stand out from traditional banks and other cross-border payment providers.
Seamless multi-currency management with no hidden fees
With iBanFirst, you can open accounts and hold funds in 26 currencies. You can receive payments from international customers in their local currencies and make payments to suppliers and partners in theirs.
Plus, when you open a multi-currency account with us, you see the complete cost structure upfront — no opening fees, monthly subscription costs or surprise fees appearing after transfers.
We've built our platform specifically for SMBs that trade internationally and our clients appreciate how it simplifies their day-to-day operations. Instead of juggling multiple accounts, they have one clear view of their accounts from the iBanFirst dashboard.
Detailed international payment tracking
Every payment takes the fastest, most cost-effective route, and you can track your payments in detail every step of the way. No more wondering if a payment has arrived or why it's been delayed. You can see when the money leaves your account, how many intermediary banks are involved, and when it arrives with your beneficiary.
You can even share tracking links with your beneficiaries so they can follow payments as well. The result? No more invoice chasing, fewer questions and back and forths, and happier business relationships.
Dedicated support from human FX experts
With iBanFirst, you don’t have to deal with a chatbot or join a seemingly never-ending support ticket queue to solve a problem. Instead, you have a dedicated account manager to help you make the most of our tools, establish an FX strategy that works for your business and set up fixed, dynamic, and flexible forward payment contracts.
Open your multi-currency account today
Managing your business across borders shouldn't be complicated. With an iBanFirst multi-currency account, you can:
- Send, receive and track cross-border payments
- Protect your profits from currency market swings with FX forward payments
- Talk to actual human FX experts anytime you need some support
Ready to simplify your cross-border payments experience? Request an account today and join thousands of companies that've already transformed their approach to international trade.
