Unlocking International Finance with a Multi-Currency Bank Account from the UK

A multi currency bank account in the UK is an account that allows you to send, hold, receive, and spend money in different currencies. You don’t need to open several foreign accounts to transact or receive money. As an account holder, you can make transactions between different currencies using a single account number. Multi-currency accounts make international transactions easy and cheap.

How Multicurrency Accounts Work

Multicurrency accounts work like any bank accounts where you can deposit money, make withdrawals, send and receive payments, but instead of having a single balance in your local currency, you have separate balances in each of the currencies that you hold. For some accounts, you can earn interest with your money in the bank account. When you receive money in a particular currency, you can hold it in the currency or convert it into other currencies, such as USD. A multi currency account helps you take advantage of exchange rates by avoiding fees that you would have otherwise been charged for currency conversion. To open a multicurrency account is like opening a regular bank account. You will need to provide personal identification details like your name, date of birth, address, and contact details. The following are some of the banks that can help you open a multi-currency account in the UK.

Best Multicurrency Bank Accounts in UK

There are a number of different multi-currency bank accounts available in the UK, so it’s important to compare them carefully before choosing one. Some of the factors you should consider include the fees, the exchange rates, and the features offered. Here are some of the top multi-currency bank accounts in the UK:

Revolut

Revolut is an e-money company in the UK that offers multicurrency accounts. Revolut was founded on 1st July 2015 in the UK, London. You can open a personal account, a business account or a joint account in the UK with Revolut. The fintech supports local accounts such as GBP accounts, USD accounts, and EUR accounts. To get local account details, you need to be a resident of the UK, the EU/EEA, the USA, Switzerland, Australia, Singapore, and Japan. You can also send and receive money through Revolut.

Local GBP account supports BACS and Faster Payments from GBP payments in the UK. Some of the currencies supported by Revolut include GBP, USD, EUR, ZAR, TRY, SGD, RON, SEK, NOK, PLN, NZD, MXN, JPY, ILS, CZK, CHF, CAD, AUD, BGN, QAR, AED and THB.

Revolut Fees

Revolut offers a variety of plans, each with its own set of features, benefits, and fees. The fees are as follows:

• Standard: Free
• Plus: £2.99 per month
• Premium: £6.99 per month
• Metal: £12.99 per month
• Ultra: £45 per month

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Wise

Wise is a UK-based digital bank that supports multicurrency bank accounts in the UK. Wise also offers other services such as money transfers and business tools. Wise offers access to local account details in over 10 different currencies. It supports the following multi-currency accounts; GBP, EUR, USD, AUD, NZD, SDG, RON, and CAD. If you are in the UK, you can consider opening a local GBP or EUR account. Wise allows you to exchange over 50 different currencies using real mid-market exchange rates. As such, you can spend money abroad with no hidden fees. You can create a personal account or a business account with Wise.

Wise Fees

• Sending money: from 0.43%
• ATM withdrawal fees over 200 GBP: 1.75%
• Account funding fees: 2%
• Currency conversion: From 0.43%
• Receiving USD wire payments: $4.14

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Monese

Monese is a digital bank operating in the UK and you can use it to create a multi-currency account using local bank account details like GBP, EUR, and RON. Monese is supported in the 30 EU countries and the UK. You can send money to over 30 countries using electronic money transfers to Europe and SEPA countries. You can open a personal, joint or business account. UK faster payments are instant, while BACS payments take 3 business days and CHAPS payments are completed the same day. You can create multi-currency account details in GBP, EUR, and RON.

Monese Fees

Monese’s Simple plan is a free multicurrency account in the UK. Its two other plans, Classic and Premium, have monthly fees.

• Simple plan: £0/month
• Classic plan: £5.95/month
• Premium plan: £14.95/month

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CurrencyFair

CurrencyFair is a financial technology and money transfer company based in Ireland. It supports multicurrency accounts that can hold and exchange 21 different currencies. When sending money, you can select your transfer speed at a cost. Its downside is that you can only fund CurrencyFair account using bank payments only. Some of the currencies supported by CurrencyFair include AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, NZD, ZAR, INR, DKK, TBH, PHP.

CurrencyFair Fees

• Account opening fee: £0
• Monthly fee: £0
• Transfer fees: €3.00
• Exchange rates: 0.35% margin

Payoneer

Payoneer is a financial services company that offers digital payments and money transfers. You can create local bank details in the following local bank details GBP, USD, EUR, and five others. Payoneer supports the following currency settlements; USD, EUR, GBP, CAD, AUD, JPY and CNH. It supports over 150 currencies in over 150 countries. Payoneer integrates with some leading marketplaces and freelancer platforms.

Payoneer Fees

• Account opening fee: £0
• Monthly fee: £0/month
• ATM withdrawal fee: £1.95
• Currency conversion fee: 0.5%
• Transfer fee: 1% to 3.5% of the transfer amount when you transfer funds to a bank account in the UK
• Payoneer card fee: £29.95
• Payoneer to Payoneer payments – £0

Go to Payoneer

Bunq

Bunq is a digital bank that can help you open a multi-currency account in the UK. You can open USD and GBP savings accounts and start earning a 3.71% interest. You can use Bunq in the UK without paying extra fees. Furthermore, you can open Easy Green, Easy Money, Easy Bank, and Easy Savings for both personal accounts and business accounts with Bunq.

The bank also offers Mastercard credit card. It’s possible to get up to 2 free Mastercards and 25 virtual Mastercards for safe online payments. For frequent travelers, the Bunq credit card can be used to rent a car without any foreign transaction fees.

Bunq Fees

Personal account

• Easy Green: €17.99/m
• Easy Money: €8.99/m

Business Account

• Easy Green: €22.99/m
• Easy Money: €12.99/m

Go to Bunq

Choose the Best Multi-Currency Bank Account in the UK

A multi-currency bank account can be a great way to manage your finances if you regularly travel or do business internationally. It can help you avoid foreign exchange fees and make it easier to transfer money between currencies.

Multi-currency accounts function like traditional bank accounts but with the added advantage of holding separate balances in various currencies. This eliminates the need to open multiple foreign accounts, simplifying financial management and reducing administrative overhead. Imagine having a single platform to send, receive, and hold funds in numerous currencies, all with clear transaction histories and transparent fees.

Providers like Wise, Revolut, and Monese offer diverse multi-currency account options. Wise, for instance, provides local account details in over 10 currencies, facilitates exchanges across 50+ with competitive mid-market rates, and minimizes fees for international transfers. Revolut, a popular UK fintech, offers multi-currency accounts in major currencies like GBP, USD, and EUR, along with local account details for specific regions. Monese provides their “Simple” plan, a completely free multi-currency account with local details in GBP, EUR, and RON.

When choosing one in the UK, consider fees, features, supported currencies, and reliable customer support for informed decision-making and fast global financial transactions.