International digital bank accounts: The best fit for cross-border businesses
Last update: 7 Jul 2025
If you’re growing a successful e-commerce brand in the UK, chances are you use a high street bank or a domestic challenger for your business current account. But selling across borders comes with a set of challenges that these traditional accounts don’t always solve: hidden FX fees, long transfer times and the hassle of opening business accounts in foreign countries.
So what’s the best way to simplify international payments while keeping control of your cash flow?
In this article, we’ll walk through the pros and cons of international digital accounts and explore what to look for in a global payment solution. Then we’ll show how WorldFirst helps online sellers scale internationally, without the usual banking friction.
We cover:
- Should you open a foreign account or use a multi-currency business account instead?
- What to look for in a multi-currency account
- How WorldFirst helps you simplify your international transactions
- Frequently asked questions about international bank accounts
Looking for a faster way to pay and get paid across borders? Open a World Account for free today.
Should you open a foreign account or use a multi-currency business account instead?
When people talk about “international digital bank accounts”, they’re often referring to a broad category of financial products designed to help you manage money across borders – whether that’s sending international transfers, getting paid from abroad or holding multiple currencies.
Multi-currency business accounts are one of the most useful types of international accounts for global businesses. They offer all the essential features of an international account – like cross-border access and online banking – but are specifically built to let you hold, convert and manage multiple currencies in one place.
In short, all multi-currency accounts are international accounts, but not all international accounts offer true multi-currency functionality. If you’re doing business in more than one market, choosing a solution built specifically for holding and managing multiple currencies is usually the smarter option.
Rather than opening separate accounts in each country, a multi-currency account gives you a centralised way to:
- Receive local payments in USD, EUR, GBP, AUD, CNH and more
- Hold these funds without auto-converting them
- Convert currencies when rates are favourable
- Pay suppliers, platforms, or tax authorities in local currency
This makes multi-currency accounts especially powerful for e-commerce sellers, exporters, importers and service-based businesses operating globally.
| Feature | International account | Multi-currency account |
|---|---|---|
| Account setup | May require local residency | Usually no local entity required |
| Currencies supported | 1-3 major currencies | Often 10+ major currencies |
| FX rates | Bank-standard rates | More competitive, with control |
| Local account details | Often limited | Typically available (e.g. US, EU) |
| Supplier payments | Often via third-party transfer | Direct in local currency |
| Use case | Expats, freelancers, travellers | Global sellers, import/export businesses |
| Best for | Businesses with foreign branches | Sellers operating globally from one base |
What to look for in a multi-currency account
The right multi-currency account should give you more control, better rates, and faster access to global markets. Here’s what to look for:
- Support for major and emerging currencies. Can you receive and send payments in USD, EUR, GBP, SGD, AUD, and CNH? WorldFirst, for example, allows you to send in 100+ different currencies and offers local receiving accounts in 20+ key markets including the US, UK, EU, China, Singapore, Australia and Japan.
- Local account details. Look for a provider that gives you local account details (e.g. a US routing number and account, an EU IBAN) so marketplaces and suppliers can pay you as if you had a local account.
- Competitive FX rates. Avoid hidden charges by choosing a provider that offers transparent FX rates and low margins. Better yet, find one that lets you hold foreign currency until the time is right to convert.
- Fast global transfers. You should be able to pay suppliers, freelancers or partners in their own currency, without delays or excessive transfer fees.
- Online account management. Choose a platform that lets you track incoming payments, convert funds and make transfers all from a single dashboard. It should be clear about monthly fees for account maintenance too.
- Marketplace integrations. If you sell on Amazon, TikTok Shop, eBay or Temu, make sure your provider can plug directly into your storefronts to collect payments quickly and securely.
How WorldFirst helps you simplify your international transactions
If you’re running a growing international business, you don’t need the hassle of opening and managing foreign business accounts in every market.
With WorldFirst, you get all the benefits of international banking – combined with modern financial services that are built specifically for global businesses.
WorldFirst delivers business-first tools such as multi-currency support, integrations with 130+ e-commerce marketplaces and payment providers and competitive FX rates, all from one platform. Plus, you’ll be able to hold funds in 20+ currencies without the need for a local banking presence or physical address.
Here are three reasons why you should open a World Account with us today.
Hold funds in 20+ currencies and pay in 100+
With a World Account, you can open local receiving accounts in up to 10 key markets, including the US, UK, EU, Japan, China, Singapore, Australia and more – without needing a local entity.
That means:
- You get local account details in 20+ currencies, so you can make payments faster and more affordably via local payment networks
- You can hold foreign currency without being forced to convert
- You choose when to exchange, based on market rates
- You can pay out to suppliers, platforms, and partners in over 210 countries
Unlike traditional banks, which often rely on the SWIFT network (and its hidden fees), WorldFirst provides faster, cheaper payments using local payment rails wherever possible. Funds often arrive same-day or next-day, with full visibility at every step.
Connect with 130+ marketplaces and payment platforms globally
WorldFirst is built for cross-border e-commerce. That’s why the platform connects directly to over 130 global marketplaces and payment providers, including:
- Amazon (all major global regions)
- eBay
- AliExpress
- TikTok Shop
- Shopee
- Coupang
- And many more
Instead of having to open accounts for each platform or country, you can consolidate your global payments into one dashboard. That makes it easier to track your revenue, reconcile accounts, and manage cash flow across multiple storefronts.
You can also integrate with accounting tools like Xero to keep your books up to date – without jumping between platforms.
Access more affordable FX rates to save on foreign transactions
One of the biggest drains on global business margins? Poor exchange rates and hidden conversion fees. WorldFirst helps you protect your profits with:
- Low-margin, transparent FX rates
- Real-time rate visibility before every conversion
- Batch conversion tools for high-volume sellers
- No forced conversion – hold currency until the rate is right
- Forward contracts to help you lock in the best exchange rates
Whether you’re converting USD revenue to GBP, or paying a supplier in CNH, you’ll know exactly what you’re paying – with no guesswork or inflated margins.
- 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
Frequently asked questions about international bank accounts
Can I open a business account in another country online?
Some digital banks allow you to open a business account online in another country. However, eligibility criteria vary widely. Many still require proof of local residency, a tax ID, or a physical business presence.
If you’re a UK-based seller looking to expand, fintechs like WorldFirst offer a more accessible option by giving you local account details in key markets – without needing to incorporate overseas.
What’s the difference between a foreign and an international account?
A foreign bank account is an account based in a country where you’re not a resident. Opening one usually requires local documentation and often a registered business entity. An international or multi-currency account, like WorldFirst, is designed to support multiple currencies and can be opened and operated entirely from your home country.
Can a UK business open a bank account in another country?
Yes, it’s legal for UK businesses to open foreign accounts, but you must comply with tax and reporting rules both in the UK and in the country where the account is based. In the UK, for example, HMRC may require disclosure of overseas accounts if they generate business income.
Which account is best for online business?
If you’re selling internationally, a multi-currency account like WorldFirst is often the better fit. It lets you receive payments from marketplaces, hold multiple currencies and pay global suppliers – all from one central dashboard.
How do I open a business bank account?
To open a business account in the UK, you typically need proof of identity, proof of address, and your business registration details (like your Companies House number). Some banks may also ask for your projected turnover. With fintechs like WorldFirst, the process is digital and often faster, with fewer documentation requirements.
Do I need a local company to open a foreign business account?
Usually yes – most traditional foreign banks require you to have a registered business or local tax ID. However, multi-currency fintech accounts like WorldFirst allow UK-based businesses to access local account details in places like the US, EU, and China without needing to set up a local entity.
Can I use a multi-currency account for both receiving and sending money?
Yes. A good multi-currency account should let you receive payments from customers or marketplaces in local currency, hold those funds, convert them at competitive rates, and send payments to suppliers or partners abroad – all from one dashboard. WorldFirst does exactly this, making it an ideal choice for international sellers.
Can I withdraw from an international digital bank account at an ATM?
It depends on the provider. Some international accounts offer a debit card you can use at ATMs globally, but transaction fees and withdrawal limits may apply. Multi-currency fintech platforms often focus more on digital transfers and payments than cash access.
WorldFirst: The smarter way to bank internationally
Expanding your business globally doesn’t mean you need to open a separate account in every country you operate in. While international bank accounts can help establish a local presence, they often come with frustrating limitations – from residency requirements to high transaction fees and slow transfers.
For most e-commerce sellers and small businesses, a multi-currency account offers a faster, simpler, and more cost-effective alternative. With one account, you can collect payments in multiple currencies, hold and convert funds when it suits you, and pay global suppliers – without the paperwork or overhead of opening foreign accounts.
Platforms like WorldFirst are built specifically for international business. Whether you’re scaling up on Amazon, expanding into Asia, or streamlining your FX operations, WorldFirst gives you the tools and support to trade across borders with confidence.
Ready to simplify international banking and grow your business globally? Open a World Account today and take the first step toward seamless global selling.
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