Multi-Currency Accounts Explained: Complete Guide for 2025

Last Updated: December 2025 | Reading Time: 9 minutes

Multi-currency accounts are revolutionizing how businesses handle international payments. Instead of converting currencies every time you receive or send money abroad, you can hold balances in multiple currencies and convert only when rates are favorable.

This guide explains everything you need to know about multi-currency accounts—how they work, their benefits, and which provider is best for your needs.

What is a Multi-Currency Account?

A multi-currency account (also called a borderless account or global account) allows you to hold, receive, and send money in multiple currencies from a single account.

Key features:

• Hold balances in 10-50+ currencies simultaneously
• Local account details (like a local bank account in each country)
• Convert between currencies at your convenience
• Receive payments in foreign currencies without automatic conversion
• Send payments in the recipient's currency

How Multi-Currency Accounts Work

Traditional Banking

Problem: Automatic forced conversion.

Example: You're a US business receiving €10,000 from a German client.

What happens:

1. Client sends €10,000
2. Bank automatically converts to USD at their rate (3-4% markup)
3. You receive ~$10,600 (should be $10,800 at mid-market rate)
4. Lost: $200 in conversion fees

Next week: You need to pay a French supplier €5,000.

What happens:

1. Bank converts $5,400 USD to EUR at their rate
2. Supplier receives €5,000
3. Lost: Another $200 in conversion fees

Total lost: $400 on unnecessary conversions

Multi-Currency Account

Solution: Hold EUR balance, avoid conversions.

Example: Same scenario with Wise or Airwallex.

What happens:

1. Client sends €10,000 to your EUR account
2. You hold €10,000 (no conversion)
3. You pay supplier €5,000 from your EUR balance
4. You still have €5,000 remaining
5. Lost: $0 in conversion fees

When you need USD: Convert €5,000 → USD at 0.4-0.6% fee (vs 3-4% at bank)

Savings: $380-$390 per cycle

Benefits of Multi-Currency Accounts

1. Avoid Unnecessary Conversions

Benefit: Only convert when you actually need a different currency.

Example: UK business with US clients and suppliers

• Receive USD from clients → Hold in USD
• Pay USD to suppliers → Use USD balance
• Only convert to GBP for local expenses

Savings: 2-3% per transaction avoided

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2. Time Your Conversions

Benefit: Convert when exchange rates are favorable.

Example: EUR/USD rate fluctuates between 1.05-1.15

• Hold EUR balance when rate is 1.05
• Convert to USD when rate improves to 1.12
• Gain: 6.7% better rate

Strategy: Set rate alerts, convert strategically

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3. Receive Like a Local

Benefit: Get local account details in multiple countries.

Example: Wise gives you:

• US account: Routing number + account number
• UK account: Sort code + account number
• EU account: IBAN
• AU account: BSB + account number

Advantage: Clients pay you like a local (faster, cheaper for them)

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4. Simplify Accounting

Benefit: See all currencies in one dashboard.

Example: Instead of 5 different bank accounts:

• US bank for USD
• UK bank for GBP
• EU bank for EUR
• AU bank for AUD
• SG bank for SGD

Solution: One multi-currency account with all 5 currencies

Savings: Reduced banking fees, easier reconciliation

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5. Hedge Against Currency Risk

Benefit: Hold balances in multiple currencies to spread risk.

Example: If USD weakens, your EUR/GBP balances maintain value.

Strategy: Keep operating expenses in multiple currencies

Top Multi-Currency Account Providers

1. Wise Business: Best Overall

Currencies supported: 50+

Local account details: 10+ currencies

• USD, EUR, GBP, AUD, NZD, CAD, SGD, HUF, RON, TRY

Fees:

• Account: Free
• Holding balances: Free
• Conversion: 0.41-0.69%
• Receiving payments: Free (most currencies)

Best for:

• Freelancers and small businesses
• Frequent international payments
• Cost-conscious users

Limitations:

• Limited virtual cards
• No payment collection

Rating: ⭐⭐⭐⭐⭐ (5/5)

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2. Airwallex: Best for Startups

Currencies supported: 50+

Local account details: 10+ currencies

• USD, EUR, GBP, AUD, SGD, CNY, HKD, CAD, NZD, JPY

Fees:

• Account: Free
• Holding balances: Free
• Conversion: 0.5-0.6%
• Receiving payments: Free
• Payment collection: 2.5% + $0.30

Best for:

• Funded startups
• High card usage (unlimited virtual cards)
• Businesses needing payment collection

Limitations:

• Slightly higher FX fees than Wise
• 2-7 day approval

Rating: ⭐⭐⭐⭐½ (4.5/5)

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3. Revolut Business: Best for Europe

Currencies supported: 30+

Local account details: EUR, GBP, USD, PLN, RON

Fees:

• Free plan: Limited features
• Grow plan: £25/month
• Conversion: 0.5-1%
• Weekend markup: +0.5-1%

Best for:

• European businesses
• Teams needing expense management
• Cryptocurrency users

Limitations:

• Monthly fees for full features
• Weekend markups
• Account freeze complaints

Rating: ⭐⭐⭐⭐ (4/5)

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4. Payoneer: Best for Marketplaces

Currencies supported: 150+

Local account details: USD, EUR, GBP, JPY, CNY, MXN

Fees:

• Account: Free
• Holding balances: Free
• Conversion: 2% above mid-market
• Marketplace payouts: 0-1%
• Withdrawal: $1.50 per withdrawal

Best for:

• Amazon/eBay sellers
• Upwork/Fiverr freelancers
• Marketplace sellers

Limitations:

• Higher FX fees (2% vs 0.4-0.6%)
• Withdrawal fees

Rating: ⭐⭐⭐⭐ (4/5) for marketplace sellers

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5. OFX: Best for Large Transfers

Currencies supported: 50+

Local account details: Limited

Fees:

• Account: Free
• Conversion: 0.5-1% (negotiable for large volumes)
• No transfer fees for $10,000+

Best for:

• Large transfers ($50,000+)
• Property purchases abroad
• High-volume businesses

Limitations:

• Not ideal for small transfers
• Limited virtual card options

Rating: ⭐⭐⭐⭐ (4/5) for large transfers

Feature Comparison

Feature	Wise	Airwallex	Revolut	Payoneer	OFX
Currencies	50+	50+	30+	150+	50+
Local Accounts	10+	10+	5	6	Limited
FX Fee	0.41-0.69%	0.5-0.6%	0.5-1%	2%	0.5-1%
Virtual Cards	Limited	Unlimited	Unlimited*	Yes	No
Payment Collection	No	Yes	No	No	No
Best For	All-around	Startups	Europe	Marketplaces	Large $

*Unlimited on paid plans

Real-World Use Cases

Use Case 1: Freelance Designer (US-based, Global Clients)

Situation:

• 5 US clients (pay in USD)
• 3 UK clients (pay in GBP)
• 2 EU clients (pay in EUR)

Without multi-currency account:

• All payments auto-convert to USD
• Lose 3-4% on each GBP/EUR payment
• Annual loss: $3,000-$4,000

With Wise multi-currency account:

• Hold USD, GBP, EUR balances
• Convert to USD only when needed
• Choose best exchange rates
• Annual savings: $2,500-$3,500

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Use Case 2: E-commerce Store (Selling Globally)

Situation:

• Sell in US, UK, EU, Australia
• Receive payments in USD, GBP, EUR, AUD
• Pay suppliers in USD and CNY

Without multi-currency account:

• All revenue converts to home currency
• Convert back to USD/CNY for suppliers
• Double conversion fees: 6-8%

With Airwallex:

• Receive payments in local currencies
• Hold balances in USD, GBP, EUR, AUD, CNY
• Pay suppliers directly from USD/CNY balance
• Savings: 5-7% on supplier payments

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Use Case 3: Digital Agency (UK-based, US Clients)

Situation:

• Receive $50,000/month from US clients
• Need £35,000/month for UK expenses
• Remaining $15,000 for US ad spend

Without multi-currency account:

• Convert all $50,000 to GBP (lose 3%)
• Convert $15,000 back to USD for ads (lose 3%)
• Monthly loss: $1,950

With Wise:

• Hold $50,000 in USD account
• Convert $35,000 to GBP (0.41% fee = $144)
• Keep $15,000 in USD for ads
• Monthly savings: $1,806
• Annual savings: $21,672

How to Set Up a Multi-Currency Account

Step 1: Choose a Provider

Consider:

• Which currencies you need
• Transaction volume
• Whether you need virtual cards
• Payment collection requirements

Recommended: Wise (most use cases) or Airwallex (if you need cards/payment collection)

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Step 2: Sign Up and Verify

Requirements:

• Business registration documents
• Proof of address
• Director/owner ID
• Business bank statement

Timeline:

• Wise: 1-3 business days
• Airwallex: 2-7 business days
• Revolut: 1-5 business days

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Step 3: Activate Currency Accounts

Process:

1. Log into account
2. Select "Add currency"
3. Choose currencies you need
4. Get local account details instantly

Currencies to add first:

• Currencies you receive payments in
• Currencies you make payments in
• Major currencies (USD, EUR, GBP) for flexibility

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Step 4: Share Account Details with Clients

What to share:

• US clients: ACH routing + account number
• UK clients: Sort code + account number
• EU clients: IBAN
• Other: SWIFT code + account number

Tip: Create invoice templates with correct account details per currency

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Step 5: Set Up Conversion Strategy

Options:

1. Manual: Convert when rates are favorable
2. Automatic: Set up auto-conversion rules
3. Scheduled: Convert on specific dates
4. Rate alerts: Get notified when rate hits target

Recommended: Manual for full control, rate alerts for timing

Best Practices

1. Keep Operating Expenses in Local Currency

Strategy: If you have regular EUR expenses, keep EUR balance.

Example: €5,000/month in EU subscriptions

• Keep €15,000 EUR balance (3 months)
• Replenish quarterly when rates are good

Benefit: Avoid monthly conversions, time your FX

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2. Use Rate Alerts

Strategy: Set target rates for conversions.

Example: Want to convert GBP to USD

• Current rate: 1 GBP = 1.25 USD
• Set alert for: 1 GBP = 1.28 USD
• Convert when alert triggers

Tools: Wise app, XE.com, Google Finance

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3. Batch Conversions

Strategy: Convert larger amounts less frequently.

Example: Instead of converting $1,000 weekly (52 times/year), convert $13,000 quarterly (4 times/year).

Benefit: Better rates on larger amounts, fewer transactions to track

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4. Maintain Buffer Balances

Strategy: Keep 1-3 months of expenses in each currency.

Example: Monthly expenses

• USD: $10,000 → Keep $20,000-$30,000
• EUR: €5,000 → Keep €10,000-€15,000
• GBP: £3,000 → Keep £6,000-£9,000

Benefit: Avoid forced conversions at bad rates

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5. Integrate with Accounting Software

Strategy: Connect multi-currency account to Xero/QuickBooks.

Benefit: Automatic transaction import, multi-currency reporting

Supported integrations:

• Wise → Xero, QuickBooks, FreeAgent
• Airwallex → Xero, QuickBooks, NetSuite
• Revolut → Xero, QuickBooks

Common Mistakes to Avoid

❌ Mistake 1: Converting Too Frequently

Problem: Converting small amounts often incurs more fees.

Solution: Batch conversions, maintain buffer balances.

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❌ Mistake 2: Ignoring Exchange Rate Trends

Problem: Converting at unfavorable rates.

Solution: Set rate alerts, monitor trends, time conversions.

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❌ Mistake 3: Not Using Local Account Details

Problem: Clients pay via expensive international wires.

Solution: Share local account details (ACH, SEPA, etc.) with clients.

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❌ Mistake 4: Keeping All Money in One Currency

Problem: Exposed to currency risk.

Solution: Diversify across currencies you use regularly.

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❌ Mistake 5: Forgetting Weekend Markups

Problem: Some providers (Revolut) charge extra on weekends.

Solution: Convert on weekdays, avoid weekend transactions.

Frequently Asked Questions

Is my money safe in a multi-currency account?

Yes, if you use regulated providers:

• Wise: FCA regulated (UK), holds funds in safeguarded accounts
• Airwallex: FCA, ASIC, MAS regulated
• Revolut: FCA regulated, FDIC insured (US)

Can I earn interest on multi-currency balances?

Some providers offer interest:

• Wise: No interest on balances
• Airwallex: No interest
• Revolut: Interest on some currencies (EUR, GBP)
• Mercury: 4.5% on USD (US only)

How long does it take to convert currencies?

Instant for most providers. Funds available immediately after conversion.

Are there limits on how much I can hold?

Generally no limits, but some providers require additional verification for large balances ($100,000+).

Can I use multi-currency accounts for personal use?

Yes, most providers offer personal accounts:

• Wise: Personal and business accounts
• Revolut: Personal and business
• Airwallex: Business only

What happens if the provider goes bankrupt?

Your funds are safeguarded (held separately from company funds) and protected up to regulatory limits (e.g., £85,000 in UK).

Conclusion

Multi-currency accounts are essential for any business operating internationally. They save money, provide flexibility, and simplify financial management.

Quick Recommendations

Best Overall: Wise (lowest fees, most currencies, best UX)

Best for Startups: Airwallex (unlimited cards, payment collection)

Best for Europe: Revolut Business (EUR/GBP focus, team features)

Best for Marketplaces: Payoneer (direct integrations)

Best for Large Transfers: OFX (negotiable rates)

Action Plan

Week 1: Calculate potential savings

1. Review 3 months of international transactions
2. Calculate current conversion costs
3. Estimate savings with multi-currency account

Week 2: Choose and set up account

1. Compare providers based on your needs
2. Sign up and complete verification
3. Activate needed currencies

Week 3: Transition clients

1. Update invoices with new account details
2. Notify clients of new payment information
3. Receive first payments in foreign currencies

Week 4: Optimize strategy

1. Set up rate alerts
2. Establish buffer balances
3. Integrate with accounting software

Expected savings: 2-4% of international payment volume
Time to implement: 2-4 weeks
Typical ROI: 20-100x first year

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Disclosure: This guide is based on independent research. We may earn a commission if you sign up through our links, but this does not influence our recommendations.