Best Multi-Currency Accounts: Top Personal & Business Accounts for 2024

Let’s drill down into how the inner workings of a multi-currency account differ from other accounts.

Multi-currency account providers have links with local banks around the world. This means you can have foreign currency accounts that work just like if you lived there. So you could have a EUR account with your own IBAN code, or a GBP account with the necessary details to receive Faster Payments.

Imagine you have a friend or customer in France who sends you €100. With a regular bank account, this would be converted to USD at the current exchange rate, plus a markup and a conversion fee.

That might not be a huge deal if you never use euros. But what if you’re planning to take a trip to France? Or maybe you need to pay a German supplier? In that case, it would be better to keep the €100 in EUR so that when you later need to spend EUR, you don’t waste time and money on unnecessary currency conversions.

A multi-currency account is a place to hold your EUR and other foreign currencies until you need them. You’ll have separate balances for different currencies that you can easily view and manage from your app or computer.

As well as holding foreign currencies, a multi-currency account will typically enable you to do other things, such as:

• Make international payments: You’ll be able to send your currencies worldwide much cheaper than with a regular bank account. Business multi-currency accounts will even let you make batch payments.

• Receive international payments: Having your own foreign currency account details means you can get paid like a local. Business multi-currency accounts can also integrate with payment methods like PayPal or platforms like eBay.

• Deposit and withdraw: Just like any other bank account, you’ll be able to add money to it and withdraw it through accepted payment methods. The difference is that you can deposit and withdraw multiple currencies.

• Spend with a multi-currency debit card: Many multi-currency accounts (OFX and HSBC excluded) come with a debit card to withdraw and spend foreign currencies like a local when abroad.

• Convert currencies: Multi-currency accounts enable you to convert between currencies whenever you want. They typically offer better exchange rates and fees than regular banks.

Multi-currency accounts may offer some useful features, but there are other functionalities that they typically lack. For example:

• Interest: Most multi-currency accounts won’t pay you interest, meaning they’re not great for savers. However, Wise and Revolut are exceptions that will pay users interest on GBP, USD, and EUR.

• Overdrafts: Most multi-currency accounts aren’t provided by banks, which means they’re not licensed to provide overdrafts. A notable exception is HSBC, which requires you to have a checking account or savings account as well as a multi-currency account, meaning you’ll have access to traditional banking services like an overdraft.

• Credit cards: Although most multi-currency accounts come with a debit card, most don’t have a banking license so can’t offer credit cards. However, HSBC users can apply for a credit card.

Pros and Cons of a Multi-currency Account

To open a foreign currency account online, you’ll usually need to be at least 18 years old and have a photo ID in order to verify your identity.

The exact eligibility criteria can vary by provider. For example, to be eligible for an HSBC Global Money Account, you’ll need to already have an HSBC Premier Checking account, Premier Savings, or Premier Relationship savings. These accounts, in turn, require a balance of $75,000, monthly deposits of $5,000, or a mortgage of $500,000.

As for business accounts, again, it depends on the provider. Payoneer serves freelancers as well as businesses, while the others are more aimed at businesses.

This is a fee that you pay at regular intervals simply for having a multi-currency account. Plenty of multi-currency accounts won’t charge you this fee—Wise, HSBC, and OFX, for example.

Other multi-currency accounts may charge you each month or each year. With Revolut, unless you opt for the free Standard plan you’ll pay a monthly fee with tiered pricing. Meanwhile, Payoneer will charge you an annual fee, but only if you have a card or are inactive for a year.

You’ll pay foreign transaction fees when you make a transfer between currencies. The form it takes varies from one account to another. For example, OFX charges a flat fee while Airwallex charges a percentage fee and other accounts may base the fee on volume.

Wise, on the other hand, charges both a flat and percentage fee, while HSBC doesn’t charge a fee at all. You should bear in mind that providers which don’t charge a currency conversion fee may not be the cheapest option as they may well add a markup to the exchange rate.

Most multi-currency accounts provide a debit card or multiple company cards, but they will likely charge you for this. An exception is Airwallex, which provides company and employee cards for free.

However, Wise charges $9 for card issuance, and Revolut doesn’t charge for the card itself but may charge you for posting it.

You may need to pay an additional charge to replace a lost or stolen card.

Withdrawing cash with your multi-currency debit card may be free up to a limit, but after that, you’re likely to incur a charge. Wise and Revolut Standard let you withdraw up to $100 and $400 a month for free, respectively. After that, they charge a 2% fee.

Other accounts may not offer free withdrawals at all. For example, Payoneer charges $3.15 per ATM withdrawal.

You should opt for a multi-currency account if you need to make significant and/or frequent transactions in foreign currencies. In this case, you’ll be able to save a lot of money by avoiding currency conversions or holding currencies until the exchange rate improves.

It could be a good choice for frequent travelers or global businesses as they’ll be dealing with large amounts of money and/or transacting regularly, so the potential savings are significant.

On the flip side, there’s no point in getting a multi-currency account if you don’t deal with foreign currencies. If you just want to make a one-off international transfer, it’s probably not worth it. If you’re planning a holiday abroad, a multi-currency account could save you money, but you should compare it with your bank account and decide whether the potential cost savings are worth the effort.

This one could be pretty key. If you’re opening a multi-currency account because, say, you want to transact with family in Mexico, then you’ll need to choose an account that supports pesos, which may rule out a few.

Or if you need a business account that will enable you to expand globally, you might opt for the one with the biggest range of currencies. However, if you only deal in major currencies, this consideration won’t be your top priority.

We’d all like to save money when we can. To work out which multi-currency account will save you the most on fees, you’ll need to compare the different types of fees. Some will charge you a fee for every transfer, while others might charge a monthly or annual fee. You could also be charged for other things like physical card issuance and ATM withdrawals.

Think about exactly what you’ll be doing with your multi-currency account and which fees might apply. Perhaps you just want to receive the occasional transfer. In this case, a monthly fee would be a waste of your money, but you wouldn’t be impacted by a card issuance or ATM fee.

On the other hand, if you’re going to be using lots of features on a regular basis, it would probably be cheaper to just pay a monthly or annual fee than to pay a fee for each individual action you take.

You’ll find that different multi-currency accounts offer different exchange rates. This is something you should check if you want to avoid losing money on currency conversions. Some providers will add a markup to the mid-market exchange rate.

You’ll need to take the currency conversion fee into account as well to work out which provider is the cheapest. Some may charge a fee but use mid-market rates, while others may offer fee-free conversions but add a markup to the exchange rate.

Another thing to look for is features that will help you get better exchange rates, such as rate alerts and forward contracts.

Your multi-currency account should be easy and enjoyable to use. If you’re not very tech-savvy, this might mean choosing a simple multi-currency account without all the bells and whistles. Or if you manage all your finances from your mobile, you’ll need to choose an account with a fully functional and smooth mobile app.

Think about what else you’d like to do with your multi-currency account. If you want to meet all your banking needs under one roof (savings, investments, borrowing), then you’ll need to opt for a traditional full-service bank account.

But maybe you already have a bank account and you want a separate multi-currency account to provide you with travel perks, in which case you should consider Revolut. Or if you’re a freelancer who wants to connect to eBay, pay seller’s fees, and invoice, schedule, and track payments, then Payoneer could provide the extra features you need.

The speed at which transfers are completed can vary from one multi-currency account to the next depending on the transfer methods they use and which payment networks they’re integrated with.

If you need to make transfers quickly, look for providers that offer instant or same-day transfers. One thing to bear in mind though: faster transfers could cost you more.

Naturally, where money is concerned, you want to be sure that it’s in safe hands. All the multi-currency accounts on this page are regulated by organizations such as FinCEN or FINRA, but the security features they offer may vary.

For example, banks are insured by the Federal Deposit Insurance Corporation, meaning your funds are protected up to $250,000. Fintechs often aren’t FDIC-insured but will take other steps to protect your money.

Other useful safety features to check for include 2-factor authentication, fraud monitoring, and spending notifications.