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How to Set Up a Multi-Currency Business Account

Step-by-step guide to opening and configuring a multi-currency account. Hold, receive, and pay in 16+ currencies from a single account.

What You'll Achieve

Hold 16 Currencies

GBP, EUR, USD, and 13 more

Get Local IBANs

Receive payments like a local account

Convert Anytime

Competitive rates, no forced conversions

Before You Start: What You'll Need

Gather these documents before starting. Having everything ready ensures a smooth, fast setup:

Company Documents

  • Company registration number
  • Registered business address
  • Nature of business/SIC code
  • Expected transaction volumes

Director/Owner Documents

  • Government-issued photo ID
  • Proof of address (within 3 months)
  • Details of 25%+ shareholders
  • Contact information
1

Start Your Application

Begin the online application process. Most applications can be completed in 10-15 minutes if you have your documents ready.

Application Steps:

  1. Enter your company registration number (auto-fills company details)
  2. Confirm business address and contact information
  3. Describe your business activities and expected volumes
  4. Add director and beneficial owner details
  5. Upload required identification documents
Pro Tip: Use your company's registered email domain. Applications from business email addresses are typically processed faster than those from personal email accounts.
2

Complete Verification

Identity verification is required for all directors and beneficial owners (anyone with 25%+ ownership). This is a regulatory requirement for FCA-authorised providers.

Digital Verification

Take a photo of your ID and a selfie. AI-powered verification typically completes in minutes.

Document Upload

Upload proof of address: utility bill, bank statement, or council tax bill dated within 3 months.

Timing: Most verifications complete within 24 hours. Complex structures (multiple directors, international shareholders) may take 2-3 business days.
3

Activate Your Currency Wallets

Once approved, activate the currency wallets you need. You can start with your primary currencies and add more later.

Available Currencies (16):

GBP - British Pound EUR - Euro USD - US Dollar CAD - Canadian Dollar AUD - Australian Dollar CHF - Swiss Franc NZD - NZ Dollar SGD - Singapore Dollar PLN - Polish Zloty CZK - Czech Koruna HUF - Hungarian Forint RON - Romanian Leu SEK - Swedish Krona NOK - Norwegian Krone DKK - Danish Krone BGN - Bulgarian Lev
Recommended: Start with GBP, EUR, and USD - these cover most international business needs. Add other currencies as your business requires them.
4

Get Your Local Account Details (IBANs)

For key currencies, you'll receive local account details. These allow you to receive payments via local payment rails - faster and cheaper than international wire transfers.

Currency Account Details Payment Rail
GBP UK Sort Code + Account Number Faster Payments, BACS, CHAPS
EUR IBAN (typically DE or BE prefix) SEPA Credit Transfer
USD Routing Number + Account Number ACH, Wire Transfer
Other SWIFT/BIC details International Wire
Pro Tip: Share your local account details with customers and suppliers. When they pay to a local IBAN, they avoid international transfer fees - making it easier and cheaper to do business with you.
5

Fund Your Account and Start Transacting

Add funds to start using your multi-currency account. You can fund via bank transfer, card payment, or by receiving payments from customers.

Bank Transfer

Transfer from your existing business account. Usually arrives same day.

Card Payment

Use debit card for instant funding. Small fee may apply.

Customer Payments

Share your new account details with customers to receive payments.

You're Ready! Once funded, you can hold balances, convert currencies, and make payments in any of your activated currencies.

Best Practices for Multi-Currency Accounts

Don't Auto-Convert

Disable automatic currency conversion if offered. Hold currencies separately and convert manually when rates are favourable.

Set Rate Alerts

Configure alerts for your target exchange rates. Convert larger batches when rates hit your targets rather than converting per-transaction.

Match Flows

If you receive EUR and pay EUR suppliers, keep those funds in EUR. Natural hedging eliminates FX costs entirely for matched flows.

Connect Accounting

Integrate with your accounting software (Xero, QuickBooks). Multi-currency transactions sync automatically, simplifying reconciliation.

Related Resources

Multi-Currency Account Guide

Complete guide to multi-currency accounts, FX strategies, and cost savings.

Reduce International Payment Costs

Strategies to cut your cross-border payment costs by 60-80%.

Virtual IBAN Services

Learn about dedicated and virtual IBANs for your business.

Ready to Open Your Multi-Currency Account?

Get started in minutes. Hold 16 currencies, receive local IBANs, and save on international transactions.

Open a Gemba account Learn More About Multi-Currency

Reviewed by the financeb2b editorial team. Originally published June 2024. Last reviewed August 2026. We correct errors visibly — if a fact here is wrong, please email editor@financeb2b.co.uk and we’ll fix it. More in our editorial policy.