What to look for in a UK multi currency account

Whether you travel regularly, buy property abroad or do business across regions, a multi-currency account can help you save time, hedge against exchange rate fluctuations and transact globally. 

With a borderless account, you get a unique IBAN, plus the ability to hold different currencies in subaccounts, or “wallets”. 

Here, we’ll answer some of the most common questions about multi-currency accounts and then explore what to look for in a UK multi-currency account.  

What are the benefits of a UK multi-currency account? 

Sometimes called borderless or foreign-currency accounts, UK multi-currency accounts let you hold, send and receive funds in various currencies – for example euros, pounds or American dollars. 

The best multi-currency accounts make cross-border transactions much easier – and, in many cases, much faster. You can use your multi-currency account to pay invoices, buy property or invest abroad. Meanwhile, people and businesses in different countries can send payments directly to your account in their local currencies. You can move funds between currencies whenever you like. 

Having local account details can help you build trust and save money if you run an international company. You can make and collect local payments by circulating funds in one currency within a subaccount while avoiding currency volatility and foreign exchange fees. This strategy can help you cut operating expenses over time.

Multi-currency accounts may also make tax time easier because they eliminate the need for accounts in several countries. Overall, borderless accounts are convenient, flexible and – if you’re an entrepreneur – make you look more professional. 

Can I open a foreign currency account in the UK? 

Foreign currency account options are available at many major banks and fintechs in the UK. Account eligibility can vary between providers: for example, high street banks often limit applications for multi-currency accounts to existing UK-resident clients with active current accounts. 

If you don’t live in the UK, wish to avoid opening an additional current account with a new bank or find it hard to access traditional banking, you may find it easier to onboard with an alternative banking provider.

Are multi-currency accounts secure? 

In the UK, multi-currency accounts are regulated by the Financial Conduct Authority (FCA). Providers must follow strict anti-money laundering (AML) laws and know your customer (KYC) rules to ensure transactions are legal and trackable from start to finish. By doing this, they retain their licenses and remain legally compliant. 

While FCA rules for alternative banking providers differ from those applied to banks, they are still designed to protect consumers and keep funds safe.That means in the unlikely event that an electronic money institution (EMI) goes bust, you'll receive your money back. 

What to look for in a UK multi-currency account 

Before opening a multi-currency account, think about your specific needs and the types of transactions you’ll most likely make. Here are four things to consider when comparing alternative banking providers. 

Is the provider legitimate? 

Unfortunately, not every company claiming to be a financial services provider is genuine: some are clones – non-regulated scam businesses posing as FCA-registered companies. So, before committing to an account, make sure that your chosen provider is legitimate.  

There are many ways to check the legitimacy of a company, but these two resources can help: 

• The FCA Register: All regulated individuals and firms are listed on the FCA Register. You can check if an alternative banking provider is listed and regulated by searching the Register online.  

• The ICO register of data protection fee payers: Organisations that process personal information must register with the Information Commissioner’s Office (ICO). You can look for an alternative banking provider’s name on the ICO register of data protection fee payers.  

  
  

Does the provider follow security best practices? 

All UK-based fintechs, including EMIs, must adhere to AML and counter-terrorist financing rules to maintain their FCA licenses. Beyond that, it's sensible to check if the provider has a page dedicated to security and compliance on its website. 

How many currencies does the account support? 

Some UK multi-currency accounts support many different currencies, while others only offer a handful. If you work, travel to or do business in multiple countries or across regions, you may benefit from an account with a wide range of currency options.  

Providers like Interpolitan Money, for example, offer more than 55 currencies for seamless transactions and easier international financial management in over 160 countries. 

What type of customer service does the provider offer? 

Good customer service is essential if you need quick, accurate advice. Some fintechs rely heavily on automated chatbots, while others offer phone or email support.  

The most exclusive alternative banking organisations provide clients with dedicated relationship managers to help them navigate onboarding, answer financial questions and perform transactions. While fees are generally associated with one-on-one service, they can be worth paying for peace of mind and convenience.   

Multi-currency accounts at Interpolitan 

Opening a multi-currency account can make life easier and reduce expenses if you regularly travel, work abroad or operate an international business.   

With an Interpolitan account, you can access more than 55 currencies and make payments in over 160 countries. Our quick, simple onboarding process takes just 7–10 days, and all clients are assigned dedicated relationship managers from the beginning. 

Personal service and tailored account options come as standard for intermediaries, too. If you’re an accountant, lawyer, family office representative or other individual looking for a multi-currency account on behalf of a third party, we invite you to contact us. 

To learn more about how an Interpolitan account can help you save time and money, hedge against exchange rate fluctuations and transact globally, get in touch with us today.