With more International trade being transacted, the need for a multi currency business bank account is increasing on a daily basis.
The problem for some business owners is how can they open a multi currency business bank account.
Although the main high street banks may offer a multi currency account, it is not always possible to obtain one.
With a very high rejection rate, opening a high street business bank account can be very difficult.
Also, even if you can, often their charges for International payments can be quite high.
So what options are available if we need to open a multi currency business bank account?
Generally speaking when discussing ‘multi currency’ that generally means a GBP, Euro and USD facility.
Lesser traded currencies may be an option but these are the most common used ones.
Well thankfully there are a number of potential options that could be available to you.
With increasing demand we have a number of FCA regulated online business account providers that will offer a multi currency option.
They will almost certainly all vary slightly but in essence offer direct payments to and from your account.
With the GBP facility you can expect to get a UK sort-code and account number.
For your currency accounts you will receive an IBAN to make and receive your payments.
What are the main benefits of opening a multi currency business bank account?
The key benefit will be that you can do all of your International transactions in one place.
This makes it not just easier but often far quicker too.
The other feature is the foreign exchange (FX) rates are often far better with an online provider.
This means you will often be able to buy more foreign currency and therefor save money.
It is well documented that the high street banks can charge considerably more to transact, which is why these options are very popular.
No UK or Branch visit required!
With an online multi currency business bank account there is never a requirement to present yourself in person.
This makes the application process very easy, especially if you are a Non UK resident.
With online and mobile business banking, it offers almost everything you would expect from a traditional bank.
Need more information on how to open a multi currency business bank account?
Contact us on 020 3286 3929 (+44 02 32 86 39 29 from abroad) or Apply Online by Clicking Here