Can I pay overseas suppliers in their currency directly from a business account?
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You can typically pay overseas suppliers in their currency directly from a business account. However, it will depend on the kind of business account you have and particularly whether it supports multi-currency payments.
Below, we share some of the factors that affect foreign currency supplier payments and show some multi-currency business accounts, such as the World Account by WorldFirst, that are built for supplier payments.
What determines if you can pay suppliers in their currency?
Three main factors influence whether you can send payments in a supplier’s currency:
- Bank capabilities. Most major banks support international wire transfers in popular currencies like USD, EUR, GBP, AUD, and CNY. Smaller banks may support fewer currencies, which can limit your payment options.
- Your account type. Some banks require a foreign currency account or an account with international capabilities to hold or send funds without automatic conversion. Without one, your bank will convert your local currency at its own exchange rate—typically with added fees.
- Fintech alternatives. Fintech payment platforms (such as WorldFirst, Wise, Revolut Business and Airwallex) often provide cheaper and faster cross-border payments than banks. They usually offer better FX rates and avoid SWIFT networks, reducing transfer costs.
Typical costs when paying overseas suppliers
When paying international suppliers, expect some combination of:
- Outgoing wire fees ($10–$50 when using banks)
- FX markups (1–3% added by most banks)
- Intermediary SWIFT fees
Fintechs often bypass SWIFT and offer mid-market exchange rates or close to them, dramatically reducing costs – especially for frequent or high-volume supplier payments.
Other important considerations
Before sending payments overseas, keep in mind:
- Currency controls in markets like China, India and parts of Africa or South America may affect how funds are received.
- Sanctions and compliance checks may restrict certain transactions.
- Always verify your supplier’s SWIFT/BIC, IBAN, account number and bank name to avoid delays or misdirected payments.
What are the best multi-currency business accounts for supplier payments?
1. World Account by WorldFirst
A World Account is one of the most efficient and cost-effective ways to send international supplier payments.
Since 2004, WorldFirst has supported more than a million customers and processed over USD 300 billion in transactions. With a World Account, you can:
- Make payments in 100+ currencies to 210+ countries
- Access local receiving accounts in 20+ currencies for domestic-speed transfers
- Send funds quickly—80% of transfers arrive the same day
Lower fees and transparent FX
World Accounts have no monthly fees, and it’s free to open and maintain your account. Currency conversions use the mid-market rate plus a small markup: often 0.50% or less for major currencies like USD, GBP, EUR, AUD, NZD and JPY.
Faster ways to pay suppliers
WorldFirst gives you multiple tools to speed up payments:
- Local payment rails for faster settlement
- Spot contracts to lock in live exchange rates instantly
- Mass payments (send up to 200 supplier payments at once)
- Real-time notifications that keep suppliers updated
Most payments reach suppliers on the same day, with 90% arriving by the next day.
Predictable costs with forward contracts
A forward contract allows you to lock in an exchange rate for up to 24 months, helping stabilise supplier costs and protect your margins. Options include:
- Fixed forwards
- Flexible forwards
- Window forwards
This is especially useful for long-term supplier relationships or large inventory purchases.
Simplify payments with the World Card
The World Card is a multi-currency virtual card that lets you:
- Pay suppliers instantly in 150+ currencies
- Avoid FX fees in 15 major currencies
- Earn cashback
- Create multiple cards for suppliers, teams or cost categories
Security features like 3D Secure and instant freeze/cancel controls make it a safe and efficient payment tool.
2. Wise Business
Wise lets you hold and convert 40+ currencies at close to mid-market rates and provides local account details in major currencies. It supports payments to 140+ countries, batch payments and accounting integrations.
Best for: SMEs and freelancers sending frequent multi-currency payments.
3. Revolut Business
Revolut supports 30+ currencies and offers built-in spend controls, team cards, and accounting integrations.
Best for: Small to mid-sized businesses wanting an intuitive interface and occasional foreign payments.
4. Airwallex
Airwallex is designed for high-volume international payments, multi-currency wallets, and global payout networks. It also offers APIs for automated workflows.
Best for: Businesses operating across multiple countries or handling frequent supplier payments.
Final thoughts
Generally, you can pay overseas suppliers directly in their currency. The real differentiator is which platform you choose.
Traditional banks may offer wide currency coverage but tend to be slower and more expensive. Meanwhile, modern multi-currency platforms like WorldFirst, Wise, Revolut and Airwallex give you lower FX costs, faster payments and more control.
For businesses that depend on reliable, affordable supplier payments, choosing a dedicated multi-currency account can significantly improve cash flow, build better supplier relationships and reduce operational complexity.
FAQs
1. Do I need a foreign currency account to pay overseas suppliers?
Not always. Many banks convert currencies automatically, but this may cost more. Multi-currency accounts like WorldFirst let you hold, convert and pay in foreign currencies without forced conversion.
2. What’s the cheapest way to pay international suppliers?
Fintech platforms typically offer lower FX fees and faster transfers than banks. WorldFirst, Wise and others use competitive rates and local payment rails, reducing international transfer and SWIFT-related costs.
3. How long do international supplier payments take to arrive?
Bank wires may take several days, especially via SWIFT. Fintechs like WorldFirst often deliver same-day or next-day payments using local rails, improving supplier relationships and reducing delivery delays.
4. Are international supplier payments safe?
Yes, when using regulated providers. Platforms like WorldFirst secure payments with verification checks, fraud controls, and encrypted systems, ensuring foreign currency transfers remain compliant, traceable and protected.
5. Can I lock in exchange rates for future supplier payments?
Yes. Providers like WorldFirst offer forward contracts, letting you lock exchange rates for months ahead. This protects margins, stabilises inventory costs and reduces exposure to unpredictable FX movements.
Sources
https://wise.com/gb/blog/wise-business-vs-revolut-business-uk
https://wise.com/gb/blog/best-multi-currency-business-bank-account-uk
Shawn Ma leads business development at WorldFirst UK, with a deep expertise in fintech, risk management and cross-border commerce.
Shawn Ma
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