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Business foreign currency accounts: 4 options compared
Last update: 9 Sep 2025
If you’re researching business foreign currency accounts, it helps to ask the following questions to find the right option for you:
- Which currencies can you hold and pay in? Some multi-currency business accounts only support a few major currencies, while others let you pay in hundreds. The right choice will depend on where you’re active. If you’re just doing business in Europe, support for EUR might be sufficient.
- How much does it cost? No account provider is completely free, but some are more transparent than others. You may face costs for opening, maintaining or closing an account, as well as for sending or receiving payments. Just make sure you check the pricing before you commit.
- How does it let you manage spending across multiple currencies? One challenge of managing multiple currencies is having to open separate accounts in different regions. This is a complex setup with lots of moving pieces, and it makes reconciliation really difficult. To avoid this, it makes most sense to have a single account for all your currencies that you can manage online.
- How long do payments take to settle? International payments sent via SWIFT can take up to six days to settle, but using local payment rails often means transfers arrive on the same day. For fast (and affordable) transactions, it’s best to choose an account that gives you local account details in the currency you want to hold and pay in.
- Does it provide you with a card? Some accounts operate solely online, whereas others will offer physical cards, virtual cards or a combination of both. The right choice for you depends on how flexible you want to be, as well as whether you’ll be spending in-person or online.
To help you make the right choice, we compare four popular options for business foreign currency accounts.
We’ll start with WorldFirst, since our business multi-currency account is a popular option among businesses that operate globally.
In this article:
- Four business foreign currency accounts compared
- Why WorldFirst is a great fit for overseas sellers
- Three alternative options to consider:
- HSBC
- Wise
- Starling Bank
4 business foreign currency accounts compared
| Category | World Account by WorldFirst | HSBC Global Wallet1 | Multi-currency Business Account by Starling Bank2 | Wise International Business Account3 |
|---|---|---|---|---|
| How many currencies can you hold? | Hold funds in 20+ currencies, and make transactions in 150+ | Hold funds in 10 currencies, and make transactions in 50+1.1 | Only three currencies: GBP, USD, and EUR2 | Hold funds in 40+ currencies, and spend money in 20+3.1 |
| Does it provide local account details? | ✅ Yes, for 20+ currencies | ✅ Yes, for nine currencies1.1 | ✅ Yes, for three currencies2.1 | ✅ Yes, for 9+ currencies3.2 |
| Does it have virtual and physical cards? | ✅ Up to 25 virtual cards (physical cards coming soon) | ✅ One physical card and one virtual card per account1.2 | ✅ One physical card2.2 | ✅ One physical card and up to three virtual cards3.3 |
| Opening requirements | Supports businesses from most countries worldwide. You must be a registered business or sole trader and provide the necessary ID and business information during the application process. |
Eligibility criteria is not listed online, but it’s accessible via HSBC business banking representatives or Relationship Managers. | You must live in the UK as a legal resident.2.3 Your business must be registered as a Limited Company or LLP at Companies House in the UK. Sole traders, partnerships, and charities that aren't registered as limited companies are not currently supported.2.3 |
You must legally reside in a country where Wise operates and provide valid government-issued documents proving your residency or right to live there.3.4 |
*All information presented in this blog has been sourced from provider websites and is accurate to the best of our knowledge at the time of writing (August 2025). However, providers may update their offerings, and details can change over time.
Why the World Account is a great fit for cross-border businesses
If you’re a cross-border business, then the multi-currency World Account from WorldFirst might be the right fit for you.
You can hold over 20 different currencies, and manage them all from within your World Account – no need to juggle between bank accounts or convert currency when you aren’t ready to.
Since WorldFirst was founded in 2004, we’ve transacted over US$300 billion across the globe for over one million businesses who use our multi-currency accounts.
Here are four reasons why you should open a World Account today:
1. Hold 20+ currencies with local account details
WorldFirst’s World Account allows you to hold and manage funds in 20+ different currencies, all through a single account. For each of these currencies, WorldFirst provides local account details which you can include on your invoices.
Generally, it’s difficult to open a bank account (particularly a business bank account) in a foreign country without either being a resident or having a business address there. But with WorldFirst, you can send and receive payments as if you had a domestic bank account.
With local banking details (like local account numbers, IBANs, and routing info), it’s easier and faster for businesses to receive payments abroad. We use local payment rails whenever possible, avoiding lengthy (and costly) SWIFT transfers – 80% of payments settle same-day.
It simplifies the bureaucratic procedures as you don’t have to be there in-person, nor do you need an overseas address. Plus, by using local payment rails, your transactions will likely settle within 24 hours.
Read more: How to pick the best online business bank account (12 options)
2. Save on the costs of doing business internationally with competitive, transparent fees
At WorldFirst, we help keep the cost of business transactions low.
We add a small percentage (never exceeding 0.75%) onto the mid-market exchange rate so that you can benefit from low FX conversions, with no minimum transfer amounts or payment limits. Our fees are transparent, so you won’t ever be surprised by hidden costs.
Receiving money into your World Account is free, no matter the currency. Plus, there are no charges for holding balances, and no fees to open or maintain your account.
If you’re worried about FX fees, we also offer locked-in rates as a way to protect your business from volatility. With a forward contract, you can lock in a conversion rate for up to 24 months, which simplifies your budgeting and helps you plan for future payments.
Related: How to open a GBP account online: Your options as a cross-border business
3. Spend with a World Card wherever Mastercard is accepted
With a World Account, you also get a virtual World Card that lets you pay directly from any of your currency accounts.
Our multi-currency virtual card supports same-currency payments in 15 major currencies, with no FX fees when you hold a balance in the transaction currency. You can also make payments in 150+ currencies, wherever Mastercard is accepted.
With a World Card, you can download statements, benefit from strong fraud protection, and apply for up to 25 cards per business (with additional cards available on request). There are no fees for creating additional virtual cards.
New features are being added, including employee cards, Google/Apple Pay support and physical cards. To apply, you’ll need a verified WorldFirst account with completed onboarding.
4. Manage your global payments online
With WorldFirst, all of your funds can be managed online from your World Account. You can split expenses, easily view all of your funds and income and manage your virtual cards too.
You can get visibility on all your currencies and international payments in one screen. So, if you’re paying suppliers in CNH, receiving sales income in USD and paying staff in EUR, you can manage it all in one place.
What’s more, WorldFirst integrates directly with Xero and NetSuite, allowing you to view reports and prepare tax returns without having to transfer data or make calculations yourself.
The application process is also fully online, and most applicants are approved within 48 business hours or less. Anyone operating in one of our supported regions is eligible to open an account (subject to AML verification).
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
How WorldFirst helps Bantam Materials operate overseas
Bantam Materials is on a mission to support high-risk coastal communities by reducing ocean plastic pollution. Since 2005 they’ve paid for the recycling of over 10 billion bottles, and today they’re the largest single buyer of recycled PET from developing nations.
As their operations grew globally, Bantam faced a dual challenge:
- Firstly, they needed to send large, daily payments to communities in countries with weak banking infrastructure
- At the same time, they had to manage currency volatility across USD, EUR, GBP and other major currencies, which was a critical issue given the sheer amount of large transactions
That’s where WorldFirst came in. With the World Account, Bantam found a sustainable, long-term payment solution.
Using their World Account, they could lock in exchange rates with forward contracts, giving them predictable costs for future payments and protection against sudden currency swings. Every day, they send more than US$100,000 to suppliers and bottle collector communities quickly and securely, using local payment rails wherever possible for faster settlement and lower costs.
With lower FX costs, more money reaches the coastal communities that Bantam is committed to supporting. Today, 80% of their payments are made through WorldFirst, and every payment arrives on time.
Interested in how WorldFirst can help your business operate overseas like a local? Open a World Account for free today.
3 alternative business foreign currency accounts to consider
If you’re looking for other features, or just want to see what other options are available, then this section is for you. Here’s a snapshot of the features offered by three alternatives: HSBC, Wise and Starling Bank.
1. HSBC International business account + Global Wallet
HSBC is a major international bank that’s popular with expats and business owners across the world.
The HSBC Global Wallet is a multi-currency account that allows users to hold funds in nine currencies and make transactions in 50+, including major currencies such as USD, EUR, GBP, JPY, and AUD1.1. This solution is best suited for businesses already banking with HSBC that want seamless integration with HSBC’s business banking platforms like Business Internet Banking and HSBCnet.
Transfer times typically range up to six business days for international payments via the SWIFT network, though faster payments are possible when transferring funds between HSBC accounts worldwide.
The Global Wallet also provides local account details for 10 currencies (HKD, USD, JPY, CNY, CHF, AUD, CAD, GBP, EUR and SGD)1.1, which can speed up transfer times through the use of local payment rails.
What fees are there?
- £5 transaction fee for every transaction1
- No monthly account fees for foreign currency accounts1.1
- Currency conversion: HSBC’s ‘Global Money Exchange Rate’ is 0.4% above the mid-market rate, and they’ll either use this rate or VISA’s rate1.4
- No fee for sending money to other HSBC accounts globally1.1
- Sending money to non-HSBC accounts outside the European Economic Area incurs a £5 fee per transfer1.1
- There are no HSBC fees for using the debit card for purchases outside the UK.
2. Starling Bank multi-currency account for business
Note: The multi-currency accounts (EUR, USD) are currently not open to new applications but expected to be available again soon.
Starling Bank is a UK-based bank that provides multi-currency accounts for UK SMEs, startups, and entrepreneurs engaged with Eurozone and US markets. Businesses can hold and manage accounts in three currencies (GBP, EUR and USD), and can obtain local bank details for each one.
Transfer times are highly efficient with instant transfers available 24/7 between GBP, EUR, and USD, including on weekends. Domestic UK payments are typically instant or settled the same day, while international SWIFT payments generally take 1–3 business days depending on the destination.
Users receive a physical card (plus up to five virtual cards) per account, as well as additional benefits such as instant payment notifications, customizable “spaces” for budgeting, and 24/7 customer support.
For streamlined financial management, it integrates with popular accounting software like Xero, QuickBooks, and FreeAgent through its app marketplace. Additionally, Starling is a registered UK bank, which means this is an FSCS-protected account for up to £85,000 per account holder.
What fees are there?
- GBP business account: £0 monthly fee
- Euro business account: £2 per month2
- US dollar business account: £5 per month2
- Currency conversion: 0.4% premium over mid-market rate2
- Uses the Mastercard exchange rate for card spending abroad, with no markup2.4
- SWIFT international transfers cost £5.50 per transfer plus 0.4% transfer fee2.5
- Low-cost international payments cost 30p plus 0.4% transfer fee2.5
- CHAPS payments: £20 per payment2.4
3. Wise international business account
Wise is a well-known international multi-currency account that’s designed for SMEs, startups, freelancers and businesses looking to send frequent payments overseas.
Wise supports holding and managing balances in over 40 currencies and provides local bank details (such as IBANs and routing numbers) in 9+ currencies3.2 to facilitate domestic payments like a local. It lets you send payments to over 160 countries with ease.3.1
When it comes to transfer times, over half of Wise payments arrive within 20 seconds, and 95% arrive within 24 hours3.5. Transfers between Wise accounts are instant, and payments to global banks will typically range from a few seconds to one business day.3.5
Wise offers additional features like Wise Business cards (both virtual and physical) that allow spending directly from supported currency balances without incurring high fees.3.3 Additionally, Wise provides 24/7 customer support via phone, chat, and email in case you encounter an issue.
What fees are there?
- No monthly subscription fees3.7
- One-time account setup fee: £45 (for UK and several regions)3.7
- Account funding transactions (like topping up e-wallets): 2% fee3.7
- Currency conversion: From 0.33% over the real mid-market rate3.7
- Receiving payments: Free for many major currencies (AUD, CAD, EUR, GBP, USD, and more), but some wire payments have fixed fees (like USD wire which costs around $6.1)3.7
Open a World Account today and start making foreign currency payments to businesses worldwide
After comparing four popular foreign currency accounts, we believe that the World Account is best for business owners looking to send and receive payments from overseas.
With the World Account, you face no fees for receiving payments, opening and maintaining an account, or for holding 20+ different currencies.
You can easily manage your funds from within your World Account’s online interface, and you can take advantage of our low, transparent fees. As WorldFirst uses local payment rails whenever possible, your payments arrive quickly, securely and on time, even for international transfers.
Ready to start sending (and receiving) foreign currency the easy way? Open a free WorldFirst Account now.
Sources:
1. HSBC https://www.business.hsbc.uk/en-gb/products/hsbc-global-wallet + factsheet : https://www.business.hsbc.uk/en-gb/products/hsbc-global-wallet
1.1 https://www.business.hsbc.uk/en-gb/products/hsbc-global-wallet – local details, hold currencies
1.2 https://www.expat.hsbc.com/global-money-cards/faqs/ – physical card
1.3 __ – opening requirements
1.4 https://www.hsbc.co.uk/current-accounts/products/global-money/ – Global Money exchange rate fees
2. Starling Bank https://www.starlingbank.com/business-account/multi-currency/
2.1 https://www.starlingbank.com/business-account/multi-currency/ – local details
2.2 https://www.starlingbank.com/blog/two-currencies-one-card/ – physical card
2.3 https://www.starlingbank.com/business-account/eligibility/ – eligibility
2.4 fees, CHAPS – https://www.starlingbank.com/docs/legal/account/Rates-Fees-and-Charges-BCA-and-STCA.pdf
2.5 https://www.starlingbank.com/send-money-abroad/ – SWIFT international transfer cost + transfer fee, plus the low cost option.
3. WISE https://wise.com/gb/blog/category/business-bank-accounts/
3.1 https://wise.com/help/articles/2897238/which-currencies-can-i-add-keep-and-receive-in-my-wise-account – hold and receive in 40+ currencies
3.2 https://wise.com/gb/blog/get-local-account-details-in-9-currencies – local account details 9+
3.3 https://wise.com/gb/virtual-card/ – physical and virtual cards
3.4 https://wise.com/gb/blog/wise-business-account-requirements-uk – eligibility
3.5 https://wise.com/help/articles/2524078/how-long-does-a-transfer-usually-take – transfer times
3.6 https://wise.com/gb/blog/integrate-accounting-software – integrate accounting software
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