Multi currency business account
A multi-currency business account is one account with separate balances in several currencies, often with local details to receive some of them, so a company can get paid, pay suppliers and convert only when it chooses. Most are offered by payment or e-money firms that hold customer money at partner banks, which changes how the money is protected. This guide explains the account details and payment rails behind each currency, how conversion is priced, how balances are protected and how to open one.
- A multi-currency business account holds money in the currency it arrived in, while a standard single-currency account converts foreign receipts on arrival at the bank's rate.
- Local account details let customers pay by domestic transfer: a US routing and account number for ACH, a euro IBAN for SEPA and a UK sort code for Faster Payments.
- Under the EU Instant Payments Regulation, instant euro transfers must arrive within 10 seconds, and payers in the euro area have had a free name check on the IBAN since 9 October 2025.
- Providers publish currency counts that mix currencies held, exchanged and received locally, so the useful test is which currencies have local details in your company's name.
- Conversion pricing can change with timing: Revolut Business in the US charges 0.6% beyond the monthly allowance and 1% outside market hours.
- Balances with UK payment and e-money firms are safeguarded rather than covered by the FSCS, and stricter FCA safeguarding rules have applied since 7 May 2026.
What a multi-currency business account is
A multi-currency business account is one account with separate balances in several currencies. Money stays in the currency it arrived in until the company decides to convert it, and payments can be sent from whichever balance matches the invoice.
The contrast is with a standard single-currency business account. When a payment in a foreign currency reaches an ordinary US dollar account, the bank converts it into dollars on arrival at the bank's own rate, whether or not the timing suits the company. The same happens in reverse when the company pays a supplier in euros from a dollar account.
| Feature | Single-currency business account | Multi-currency business account |
|---|---|---|
| Incoming foreign currency | Converted on arrival at the bank's rate | Held in its own balance until you choose to convert |
| Paying a supplier in another currency | Converted from the home balance at the time of payment | Paid from a matching balance, or converted at a rate you see first |
| Account details | One set, in one currency | Often local details in several currencies, such as a US routing number, a euro IBAN and a UK sort code |
| Typical provider | A bank | Usually a payment or e-money firm working with partner banks; some banks offer it too |
| Protection | Deposit insurance where the bank and account qualify | Depends on whether the balance is a bank deposit or safeguarded client money |
Source: Helm Editorial Team. As published on 29 October 2026.
The account does five jobs: hold, receive, convert, pay and spend. Providers differ on each, which is why two accounts that both claim "30+ currencies" can work very differently in practice.
How it works: local account details and payment rails
The most useful feature of a multi-currency account is local account details: account numbers that work on a country's own payment network. A customer paying local details makes a domestic payment, which is usually faster and cheaper than an international wire. Each currency has its own format and rail.
| Currency | Local details | Local rail | What the rail does |
|---|---|---|---|
| USD | Routing number and account number | ACH and Fedwire | ACH for batch transfers; Fedwire for same-day wires on US business days |
| EUR | IBAN (and the provider's BIC) | SEPA Credit Transfer and SEPA Instant | Under the EU Instant Payments Regulation, instant euro transfers must reach the payee within 10 seconds of initiation |
| GBP | Sort code and account number | Faster Payments | Operates 24 hours a day, seven days a week, with a scheme limit of £1 million per payment; each bank sets its own lower limit |
| Other currencies | Local details where the provider has them; otherwise SWIFT details | Local rail, or SWIFT | SWIFT payments pass through correspondent banks and can arrive with fees deducted |
Sources: Deutsche Bundesbank, The technical standard in SEPA; Taylor Wessing, Instant Payments Regulation; Griffin, A guide to Faster Payments. As published on 29 October 2026.
The formats in plain terms
- IBAN. The International Bank Account Number is the standard account format across Europe. It can run to 34 characters, with only the first four fixed: a two-letter country code and two check digits. A German IBAN, for example, has 22 characters.
- BIC. The Bank Identifier Code, often called the SWIFT code, identifies a bank and has at most 11 characters. In SEPA, payers and payees are identified by IBAN and BIC instead of domestic sort codes.
- Verification of payee. Since 9 October 2025, payment providers in the euro area must offer payers a free check that the IBAN matches the payee's name. In the UK, Pay.UK introduced Confirmation of Payee in 2020 to do the same.
Name checks matter for a multi-currency account. If your euro or sterling details are in your company's own name, a payer's name check returns a match. If they are pooled details in the provider's name, the payer may see a warning, so ask how the provider handles name checks before you give the details to customers.
Holding a currency is not the same as receiving it locally
Providers publish currency counts, but the number can mean currencies you can hold, currencies you can exchange online, currencies you can send, or currencies with local receiving details. These are rarely the same list.
| Provider | What its page states |
|---|---|
| Revolut Business (US) | Hold up to 25 currencies; unlimited incoming transfers in GBP, EUR, USD and CHF; a local account requires a registered business entity in that region |
| Moneycorp (international) | Access to more than 130 currencies; over 120 can be held; 30+ exchanged online; payments to 190 countries; every business client receives a multi-currency account |
Sources: Revolut Business, Multi-currency accounts (US); Moneycorp, Foreign and multi-currency account. As published on 29 October 2026.
Two tests cut through the counts:
- Receiving. List the currencies your customers pay in. For each, check whether the provider issues local details in your company's name or only a balance. A currency you can hold but not receive locally still arrives by SWIFT.
- Paying. List the currencies your suppliers invoice in. For each, check whether the provider pays on the local rail or only by SWIFT, and what the supplier receives after fees.
A small set of currencies that you both receive and pay locally is worth more than a long list you can only hold. For a trading company, the core is often USD plus one or two others. Our guide to the USD account for international business covers the dollar side in depth.
How currency conversion is priced
Conversion is where most of the cost sits. Providers start from a reference rate, usually the mid-market or interbank rate (the midpoint between the prices at which banks buy and sell a currency), and add a margin. Some add the margin only above an allowance, and some charge more at certain times.
| Pricing feature | How it works | Published example |
|---|---|---|
| Margin above a reference rate | A percentage added to the mid-market or interbank rate on each conversion | Revolut Business US: 0.6% on exchanges beyond the plan's allowance |
| Monthly allowance | Conversions up to a set amount each month at the reference rate | Revolut Business US Grow plan: $20,000 a month |
| Out-of-hours fee | A higher charge when currency markets are closed | Revolut Business US: 1% outside market hours, such as weekends and public holidays |
| Rate alerts and targets | You set a rate and are notified, or the trade executes, when it is reached | Moneycorp: alerts by email or SMS when a target rate is reached |
| Forward contracts | Fix a rate today for a payment due later | Moneycorp: forward contracts may require a deposit, depending on the facility agreement |
Sources: Revolut Business, Multi-currency accounts (US); Moneycorp, Foreign and multi-currency account. As published on 29 October 2026.
A worked example
A US distributor receives the equivalent of $50,000 from a European customer on a Friday evening. If it converts straight away, outside market hours at 1%, it pays $500 in margin. If it holds the euros in a euro balance and converts on Monday at 0.6%, it pays $300. If it pays a $50,000 euro supplier invoice from the euro balance instead, it converts nothing at all. The account only saves money if the company uses the balances to time and match conversions.
To compare providers, convert the same amount at the same moment and compare the amount received, not the fee line. A ranked comparison of published margins is in our guide to the best multi-currency business account.
How balances are protected
Most multi-currency accounts are offered by payment or e-money firms, not banks. A balance with such a firm is not a deposit, so deposit insurance does not apply to it. Instead, the firm must protect customer money under the rules of the country that licenses it, usually by keeping it separate from its own money.
| Where the money is | Protection | Key figures |
|---|---|---|
| Deposit at a US bank insured by the FDIC | Federal deposit insurance | $250,000 per depositor, per insured bank, for each account ownership category; corporation accounts covered up to $250,000 per corporation |
| Deposit at a UK bank or building society | Financial Services Compensation Scheme (FSCS) | £120,000 per eligible person, per authorized firm, since 1 December 2025 |
| Balance with a UK payment or e-money institution | Safeguarding: customer funds kept separate and protected under FCA rules | From 7 May 2026: reconciliation each reconciliation day, a monthly safeguarding return, an annual safeguarding audit for firms above £100,000, and a resolution pack |
| Balance with a provider licensed elsewhere | The rules of that country's regulator | Ask the provider for its own statement |
Sources: FDIC, Deposit Insurance at a Glance; FSCS, Deposit limit increase; CMS, FCA strengthens safeguarding regime for payments and e-money firms (PS25/12). As published on 29 October 2026.
The UK changes come from the FCA's policy statement PS25/12, published on 7 August 2025. The FCA deferred its proposed move to a statutory trust for customer funds, saying it would review the new rules first and consult again if needed. A statutory trust would have held customer money on trust by law.
Safeguarding protects customers if the firm fails, but it is not insurance with a fixed limit, and getting money back from an insolvent firm can take time. Ask every provider four questions: which entity holds your account, which license it holds, at which banks it keeps customer funds, and whether any balance counts as a deposit.
Who uses one, and for what
The case for a multi-currency account is strongest when money arrives and leaves in the same foreign currency, because each match removes two conversions.
| Business | Money in | Money out | How the account helps |
|---|---|---|---|
| US importer buying from Europe | USD from US customers | EUR to suppliers | Buy euros when the rate suits and pay suppliers from the euro balance on the due date |
| Exporter selling to Europe and the UK | EUR and GBP from customers | Home-currency costs | Customers pay local details; convert in planned amounts instead of on arrival |
| Trading company between Latin America and Asia | USD from buyers | USD and other currencies to suppliers | Hold USD as the working currency and convert only the part needed |
| Distributor with a European subsidiary | EUR from the subsidiary | USD to the parent's suppliers | Settle intercompany balances without a bank's on-arrival conversion |
Source: Helm Editorial Team. As published on 29 October 2026.
Holding currency also creates exposure: a euro balance falls in dollar terms if the euro weakens. Keep foreign balances close to what the business will spend in that currency, and convert surpluses on a schedule. Our page for trading companies covers how firms with flows in several currencies organize their accounts.
Multi-currency account or separate bank accounts abroad?
The alternative to one multi-currency account is a set of local bank accounts: a euro account at a bank in the euro area, a sterling account in the UK, and so on. Some larger companies run both.
| Point | One multi-currency account | Separate local bank accounts |
|---|---|---|
| Opening | One application, usually online | One application per bank, often needing a local entity or presence |
| Moving money between currencies | Conversion between balances inside the account | An international transfer between banks, with conversion at one end |
| Visibility | All balances in one view and one statement set | Separate logins, statements and reconciliations |
| Protection | Depends on the provider's license; often safeguarding rather than deposit insurance | Each country's deposit insurance, where the account qualifies |
| Credit and trade finance | Varies by provider | Local banks may lend once a relationship exists |
Source: Helm Editorial Team. As published on 29 October 2026.
For a company that trades across several currencies without staff or entities in each country, one account with local details is usually simpler to run. Companies with subsidiaries abroad often keep local bank accounts for payroll, taxes and borrowing in each country, and use a multi-currency account for collections and supplier payments between them.
How to open a multi-currency business account
- Map your flows. List each currency you receive and pay, with monthly amounts and the countries of your customers and suppliers.
- Check eligibility. Find the provider's published list of accepted countries of registration and restricted industries. Some local accounts are only for companies registered in that region; Revolut, for example, states that a local account requires a registered business entity there.
- Check local details currency by currency. Confirm which currencies come with local details in your company's name.
- Ask for pricing in writing. Get the margin for your main currency pairs, the reference rate, any allowance and any out-of-hours charge.
- Prepare the documents. Expect a certificate of incorporation, articles, a list of directors, an ownership chart to individuals, identity documents and proof of address for owners, and evidence of the trade, such as invoices and contracts.
- Test, then switch. Receive one small payment in each currency and send one, then update invoices and tell customers in writing.
| Question to ask | Why it matters |
|---|---|
| Are the local details in our company's name? | Name checks and payment matching depend on it |
| Which currencies can we receive locally, not just hold? | Currencies without local details arrive by SWIFT |
| What is the margin for our main currency pair, against which reference rate? | The margin is usually the largest cost |
| Does pricing change at weekends or above a monthly allowance? | Timing can change the cost of the same conversion |
| Which entity holds our account, and how are funds protected? | Deposit insurance and safeguarding work differently |
Source: Helm Editorial Team. As published on 29 October 2026.
Where Helm fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm is built for importers, exporters and trading companies that work mainly in USD, EUR and GBP:
- Local details in the company's own name. USD details with a routing and account number that receives ACH, Fedwire and SWIFT; EUR details with an IBAN for SEPA and SWIFT; GBP details with a sort code for Faster Payments and SWIFT.
- Conversion between balances. Convert when you choose, between the currencies you hold.
- Supplier payments. International payments by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
- Stablecoins. USDC and USDT can be received, sent and converted to USD inside the account.
- Trade finance. Supplier finance, receivables finance and working capital are arranged case by case.
Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What is a multi-currency business account?
It is a single business account with separate balances in several currencies. The company can receive, hold, convert, pay and often spend in each currency, and converts only when it chooses rather than on arrival.
How does a multi-currency account work?
The provider gives the company balances in several currencies and, for some of them, local account details such as a US routing number, a euro IBAN or a UK sort code. Customers pay those details by domestic transfer, and the company pays suppliers from the matching balance or converts at a quoted rate.
Is a multi-currency account a bank account?
Not always. Many are offered by payment or e-money firms that hold customer money at partner banks and protect it by safeguarding rather than deposit insurance. Some banks also offer accounts with balances in several currencies.
Is money in a multi-currency account protected?
It depends on who holds it. Deposits at an FDIC-insured US bank are covered up to $250,000 per depositor, per bank, per ownership category, and UK bank deposits up to £120,000 under the FSCS. Balances with UK payment and e-money firms are safeguarded under FCA rules, which were strengthened from 7 May 2026.
Can I get local account details in every currency I hold?
Usually not. Providers can often hold many more currencies than they issue local details for. Revolut Business in the US, for example, lets companies hold up to 25 currencies and lists unlimited incoming transfers in GBP, EUR, USD and CHF.
What is the difference between an IBAN and a US account number?
An IBAN is the European standard account format, up to 34 characters, starting with a country code and two check digits. US accounts do not use IBANs; they are identified by a routing number and an account number.
How fast do payments into a multi-currency account arrive?
It depends on the rail. Instant euro transfers under the EU Instant Payments Regulation must arrive within 10 seconds, UK Faster Payments run 24 hours a day, and SWIFT payments from abroad pass through correspondent banks and take longer.
How much does currency conversion cost in a multi-currency account?
Providers add a margin to a reference rate. Revolut Business in the US, for example, charges 0.6% on exchanges beyond the plan's monthly allowance and 1% outside market hours.
Do I need a multi-currency account if I only trade in US dollars?
Not necessarily. A company that receives and pays only in USD needs good USD details and payment rails more than extra currencies. A multi-currency account helps when customers or suppliers use other currencies.
Can a foreign company open a multi-currency account?
Yes, where the provider accepts its country of registration. Each provider publishes its own list, and some local accounts require a company registered in that region.
References
- Revolut Business: Multi-currency accounts (US)
- Moneycorp: Foreign and multi-currency account
- Deutsche Bundesbank: The technical standard in SEPA (IBAN and BIC)
- Taylor Wessing: Instant Payments Regulation
- Griffin: A guide to Faster Payments
- FSCS: Deposit limit increase
- CMS: FCA strengthens safeguarding regime for payments and e-money firms (PS25/12)
- FDIC: Deposit Insurance at a Glance
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.