What is a multi-currency account? How holding several currencies works
By SendPay Business · · 2 min read
A multi-currency account lets someone hold, send and receive money in more than one currency from one place, such as pounds, euros and dollars. They only convert when they choose to, instead of every time money comes in or goes out.
Who it helps
- Freelancers and businesses paid by clients abroad.
- Online sellers who sell in several countries.
- People who live, study or send money between two countries.
How it works
Each currency is a separate balance. Money arrives in its own currency, and the holder decides when to convert and at what rate. That avoids being forced into a poor rate on every payment.
What to check
Look at the exchange rate margin, any fees for receiving or sending, and whether the account comes with its own details, such as a UK sort code or a euro IBAN, so people can pay into it directly.
Offering them to your own customers
Multi-currency balances are one of the most wanted features in a money app. SendPay platforms, powered by licensed partners, give your customers GBP, EUR and USD balances under your own brand, with currency exchange built in.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
What would holding a currency balance save me?
See what converting every payment in and out costs a year, and what converting only the difference saves.
Multi-currency account savings calculator →What will my card charge me abroad?
Work out the fee on your own spending.
Foreign transaction fee calculator →Is a multi-currency account a bank account?
Not always. Many are e-money accounts run by authorised e-money firms rather than banks.
E-money institution vs bank →How do I check an IBAN?
The free checker validates an IBAN's length and check digits for 77 countries.
IBAN checker →Can I start a currency exchange business?
The guide covers the licences, costs and steps.
Start a currency exchange business →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.