Best Multi-Currency Business Bank Account (US)

If you’re juggling multiple currencies for your international business, imagine finding a single hub that can handle multi-currency transactions.

With a multi-currency business account, you can discover a much simpler and more efficient way to conduct business with clients, customers, and suppliers all over the world. Ready to make the switch?

We’ll be reviewing five accounts that could transform your international operations, including Wise Business, which serves as a global account for your business needs.

Looking to hold funds, as well as send and receive payments globally?

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Best Multi-currency Business Account (US) (includes non-banks)

Whether you’re paying, receiving, or spending, managing multiple currencies should be the least of your worries. The following multi-currency accounts include non-bank fintech platforms with a wide range of solutions to meet your international business needs.

1. Wise Business

Known for its simplicity and low fees, Wise is an excellent choice for international businesses who want a robust international account with clear and transparent exchange rates and global money transfer services.

Features

• International business account – Hold and convert over 40 currencies
• Get local account details get account details in global currencies (USD, GBP, EUR, CAD, AUD, JPY, and more) so you never lose money through conversions.²
• Mid-market currency exchange rate – Convert money into the currency of your choice at the real exchange rate with no markups.
• Accounting integration – Sync your Wise Business account with popular accounting software like QuickBooks and Xero.
• Pay by link: – Generate a reusable payment link that gets you paid easily
• Interest Feature: – If you’d like to earn 4.85% annual percentage yield (APY)¹ on your USD balance while you expand your business, you can opt-in to our interest feature for Wise Business.

Pricing

Wise operates on a transparent, pay-as-you-go pricing structure with no monthly or recurring fees. Fees for converting money start from 0.43%, and you register for free to send money. In addition, account details in global currencies cost a one-time fee of 31 USD. ⁴

2.PayPal

PayPal is a well-known online payment system with widespread international acceptance. It provides businesses the ability to manage and transfer funds in 25 different currencies in 200 countries and regions.¹ Their business account is a complete payments solution, enabling businesses to accept payments on their website or through online invoices, accepting most foreign cards without any additional hitches.

Adding to its portfolio of features, PayPal also offers an advanced Seller Protection Program, which helps to safeguard qualified online sales against potential risks like unauthorized payments and items-not-received claims.

Pricing

Fees for receiving transactions depend on the payment type and the currency received. The standard rate for receiving domestic transactions ranges between 2.29% - 3.49% + a fixed fee. There’s an additional 1.50% for receiving international transactions, and the currency markup is 3% - 4%.²

Find out how Wise Business compares to PayPal on International Payments:

3.Revolut

Revolut Business is an end-to-end platform for business finances, complete with global payments and multi-currency accounts. Their main perk is the ability to scale with businesses, with various tiered plans that include more features and allowances as you expand.

Their multi-currency accounts let you send, receive, and exchange in 25+ currencies and open local account details in 3 currencies: GBP, EUR, and USD.³ Revolut also uses the interbank rate but has a limit on how much money you can convert at that rate depending on the plan you choose. With spending cards for you and your team, you can spend in 150+ currencies around the world – with no interbank rate limits with the Metal card.^4,5

Introducing the Wise Interest Feature:

If you’d like to earn 4.85% annual percentage yield (APY)14 on your USD balance while you expand your business, you can opt-in to our interest feature for Wise Business. When you opt-in to earn interest in your USD balance account, you get the security of up to $250,000 in passthrough FDIC insurance on your USD balance from our Program Bank15 (subject to change, certain limitations apply, see Program Agreement to learn more) Your USD balance will be held with our Program Bank where Wise earns interest. We use a small portion of the interest we earn on these funds to cover our operating expenses and we pass the rest along to you. The rate we can offer is dependent upon our Program Bank, and we’ll always let you know if there are any rate changes. See our website for more details.

Pricing

Revolut offers both Company and Freelancer plans. Companies are required to open an account under their registered business name, while Freelancers can open an account under their own name. There are four Company accounts: Basic ($0/month), Grow (From $30/month), Scale (From $119/month), and Enterprise (Custom pricing). The higher the tier, the more perks and allowances you get. For example, Basic accounts get $1,000 to exchange under the interbank rate, while Grow accounts get a much larger $10,000 allowance.⁶

4. Airwallex

Airwallex’s strength is the global coverage that comes with its business accounts. Businesses can open local currency accounts for domestic payments in 21+ currencies, payment acceptance in 180+ countries, and transfers to 150+ countries, as well as hold over 20 currencies.^7,8 Their platform also includes their global transfer method network, with a range of local and global methods for speedy transfers, including bank transfer, BPAY, and SWIFT.

Along with accounting software integrations and borderless cards, they also have advanced features like embedded finance tools for ambitious businesses. Like a few of the options on this list, Airwallex uses the interbank exchange rate but has a markup depending on the currency.

Pricing

Transfers with Airwallex are said to be free, with additional fees for some currencies in certain regions. Markups on the interbank rate come at 0.5% for EUR, GBP, CAD, JPY, HKD, AUD, NZD, INR, CHF, SGF, MXN, and PHP. Other currencies have a 1% markup. SWIFT transfers cost 15 - 25 USD per transfer.⁹

5. Payoneer

Payoneer is another all-in-one solution for global business payments, with 70 currencies supported, 22+ languages, and 190+ countries covered.¹⁰ Freelancers, businesses, and marketplaces can enjoy easy cross-border payments when they get paid and make payments. However, Payoneer’s biggest draw is their marketplace integrations with over 2,000 marketplaces, networks, and platforms, so businesses can receive through their ecommerce platforms and bypass global barriers.¹¹

With Payoneer, you can open local accounts in 9 currencies to manage funds like a local and conversion rates based on the mid-market rate (interbank rate).¹²

Pricing

Getting paid by other Payoneer customers from their balance is free, but getting paid directly by your clients by credit card comes with a 3% fee, while ACH bank debits have a 1% fee. Moving between currencies in your account will incur a fee of 0.5% of the transfer amount.¹³

Learn More:

Best Neobanks for Business

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Sources

1 - PayPal - Countries
2 - PayPal - Merchant Fees
3 - Revolut - Multi-currency Accounts
4 - Revolut - Business Cards
5 - Revolut - Costs to Make an Exchange
6 - Revolut - Fair Usage Limit
7 - Airwallex - Global Currencies and Payments
8 - Airwallex - Main Page
9 - Airwallex - Pricing on Payments
10 - Payoneer - Main Page
11 - Payoneer Account
12 - Payoneer - Multi-currency Account
13 - Payoneer - Pricing
14 - 4.85% Annual Percentage Yield (APY) on USD balances is current as of 01/01/2024 and is subject to change see Program Agreement for details
15 - Feature not available to residents of New York or Alaska at this time. Please see eligibility criteria.
16 - The current Program Bank is JPMorgan Chase Bank, N.A., see Appendix 1 of the Program Agreement for the most updated list of Program Bank(s). Eligible customers must opt in to the interest feature. Participants will have the balance of their USD funds held in their Wise Account "swept" into a Federal Deposit Insurance Corporation ("FDIC") insured interest-bearing account at one or more participating banks (each, a "Program Bank") that will hold and pay interest on the deposit funds. For more information on FDIC insurance coverage, please visit FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Bank(s) to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security.
17 - Wise Trustpilot