Navigating the Multicurrency Account Landscape: A Guide to Finding the Right Option

6 min read |

Conducting business across borders has grown more prevalent in today’s globally connected environment. 

Whether you’re a startup entrepreneur expanding into global markets or an individual with international financial needs, having the right multicurrency account can make all the difference. 

But with so many options available, how do you choose the best one for your specific requirements? Let’s explore.

Understanding Your Needs

Before diving into the world of multicurrency accounts, it’s essential to assess your financial needs and goals. 

Are you a business owner conducting frequent transactions in different currencies? Or perhaps an individual looking for a convenient way to manage your international finances? 

Understanding your unique requirements will help you narrow down your options and find the most suitable multicurrency account.

Exploring Available Options

Multicurrency accounts are offered by various financial institutions, including banks and fintech companies. 

For Businesses:

  1. Best integration with PayPal: Airwallex

Airwallex Global account enables holding up to 12 currencies simultaneously, facilitating local payment receipt without currency conversion. Integrated with popular e-commerce platforms and offering ‘Borderless cards’, it simplifies international transactions and expense management for businesses.

  1. Best for Low Fee Account: OFX

OFX offers a multi-currency account with no opening or maintenance fees, supporting seven major currencies. It enables quick payments in local currencies while offering customer service round-the-clock, albeit with a smaller currency selection and slight markup on exchange rates compared to competitors like Wise and Revolut.

  1. Best for Accepting Payments: Payoneer

Payoneer offers the management of receiving accounts in six currencies within a single app, with free payments in matching currencies but small exchange fees for other currencies. Despite being available in over 190 countries, its fees are comparatively higher than some competitors.

For Individuals: 

  1. Best Exchange Rates: Revolut

Revolut enables storage of 28 currencies in one account, offering mid-market rates on transactions during weekdays but adding a 1% markup on weekends and bank holidays. While both Revolut and Wise offer low fees for exchanges and transfers, Revolut’s tiered membership unlocks additional features, though it’s slightly more complex to use compared to Wise.

  1. Best Multi-Currency Account: Wise

Wise offers a top multi-currency account, accommodating nine currencies from a pool of over 50, providing fee-free overseas purchases with its digital card. With Wise, you benefit from mid-market exchange rates and transparent fees, earning consistently positive reviews for its user-friendly interface and efficient service on platforms like Trustpilot and app stores.

  1. Best If You’re Earning A High Income: HSBC

The HSBC Global Money account, exclusive to HSBC Premium account holders, allows holding up to eight currencies and offers real-time exchange rates. While it provides fee-free transfers to eligible HSBC customers, be cautious of high exchange rates compared to the mid-market rate, making it ideal for local spending but potentially less favourable for currency exchange.

Key Considerations

When choosing a multicurrency account, several factors should be taken into account:

  • Account opening and closing fees
  • Monthly maintenance fees
  • Minimum balance requirements
  • Available currencies for conversion

Comparing these factors across different account options will help you make an informed decision that aligns with your financial goals and preferences.

The Luminary multi-currency account enables you to accept and send funds worldwide while avoiding painful conversion fees. 

Our illuminating promise is that by offering a diverse range of supported currencies, Luminary empowers businesses to operate on a global scale, tapping into new markets and expanding their customer base without the hassle of currency conversions eating into their profits. 

With Luminary, businesses can conduct transactions with confidence, knowing that they are saving valuable resources and maximising their financial efficiency in the global marketplace.

Exploring Alternative Solutions

While multicurrency accounts are ideal for those who frequently transact in different currencies, there are alternative solutions available for occasional international transactions. These include:

  • International wire transfers: Quick but come with high fees.
  • No foreign transaction fee debit and credit cards: Ideal for everyday purchases abroad.
  • Xoom: Offers peer-to-peer international payments with fixed conversion fees.
  • Wise: Allows one-time transfers internationally with flat fees.
  • Luminary: enables Faster Payments, SEPA, TARGET2 and SWIFT to pay in and pay out, globally.

Final Thoughts

Multicurrency accounts are a valuable tool for those who regularly transact in different currencies.

By understanding your individual and business requirements whilst exploring available options, you can find a range of multicurrency account options or alternative solutions that meet your needs effectively and efficiently.

At Luminary, we’re committed to helping individuals and businesses navigate the complexities of international finance. 

Contact us today to learn more about our multicurrency account solutions and how we can help you achieve your financial goals.