Embarking on a global business adventure or working with international clients? Or are you an expat or digital nomad looking for something flexible?
Having a business bank account tailored to handle international transactions is crucial in these scenarios. An international business bank account saves you from hefty transaction fees and shields you from unfavourable currency exchange rates when making cross-border payments.
In this regard, challenger banks offer a notably cheaper solution than the high street banks, so there can be huge cost benefits even if you’re using it as a secondary account.
In this article, I’ll compare the best accounts available, examining currency exchange rates, transaction fees, and account minimums.
I’ll also give you my verdict on the UK’s top international business bank account based on my research.
Airwallex Business Explore Account
Tide Free Business Account
ANNA Money Pay as You Go Account
How did I research the top international bank accounts?
First, I started by identifying the most important criteria that any top-tier international bank account should meet. This included transaction fees, currency conversion rates, ease of access, and security measures.
Secondly, I gathered information from the banks themselves, including their terms and conditions, FAQ pages, and by reaching out to them if I had additional questions.
Third, to corroborate this data, I engaged directly with current users. This step added a layer of qualitative data to my research, capturing the nuances that numerical values can’t always reflect.
Finally, I evaluated customer service responsiveness and proficiency. To do this, I simulated a few common issues one might encounter while using an international bank account and reached out to the customer service teams to assess their effectiveness.
What Makes a Good Online International Bank Account?
In an international business bank account, you really need flexibility, low fees, security, and of course support for multiple currencies.
Here at the most important features you should look for:
Regulation: Opt for a bank regulated by a recognised authority like the UK’s Financial Conduct Authority (FCA). This ensures adherence to financial safety standards.
Competitive Exchange Rates: Choose accounts with competitive international transaction fees and favourable currency exchange rates to reduce costs when dealing with multiple currencies. Keep in mind that the rates displayed on a bank’s website may not necessarily be what you’ll get when making a transfer, as banks could impose additional fees and charges.
Multi-Currency Accounts: For businesses dealing with international clients or suppliers, multi-currency accounts are essential. They allow you to hold, manage, and exchange multiple currencies without incurring excessive fees.
Low Fees & Accessibility: Seek out accounts with minimal fees for maintenance, ATM withdrawals, and international payments. Accessibility through a wide ATM network is crucial for cost-effective cash access abroad. International transaction fees can take the form of a fixed fee or a percentage of the transfer amount. Additionally, some banks may impose extra charges for services like SWIFT transfers or intermediary bank fees.
Customer Support: Customer support quality can vary significantly between different banks. Some banks may offer 24/7 support via phone, email, or chat, while others may have limited hours or only offer support during business hours in certain time zones.
Security Features: Look for accounts with advanced security measures, such as two-factor authentication, to safeguard your financial information and transactions against fraud.
>>Read our main page on the best business bank accounts
The 4 Best Features for any International Business Bank Account
Here are the 4 main things you’re going need:
- You’ll need to receive money in different currencies: This lets you accept payments from clients worldwide without the extra step of converting their money.
- You’ll need a multi-currency account: It allows you to hold and manage various currencies in one place, simplifying your international finance management.
- You’ll need to send payments internationally: This feature makes it straightforward to pay your suppliers or partners in other countries.
- You’ll need credit cards without international transaction fees: This enables you to make business purchases abroad without incurring additional charges for cross-border transactions.
What is the Best Bank Account for International Business?
Here are five of the top international business bank accounts to consider:
The Best Overall International Business Account
Revolut Business Basic Account
Monthly Fee
£10Bank Transfers
20p
Card Purchases
£0Overdraft
NoFSCS Protection
NoAccessibility
Access your Revolut account via the web or mobile app
- Accept payments worldwide: Easily accept payments from around the world and get fast access to your funds.
- Smart cards for business: Empower your team with physical and virtual company debit cards.
- Team management: Control spending and permissions from one place.
- Automated Expenses: Streamline expense management and save time.
- Accounting integrations: Integrate with software like Xero and Quickbooks for easier financial management.
- Access to Partner Apps and Integrations.
- Smart invoicing: Get paid faster with efficient invoicing.
- Customizable Business API: Seamlessly integrate your own tools and automate payments.
- Mobile app: Access your Revolut Business account securely from your phone.
- Advanced security features: High-quality tech security systems to protect your money.
- Card controls: Block or freeze cards and set limits with a tap.
- Freelance and Company Plans: Tailored plans to suit your business needs.
– You must be at least 18 years old.
– Your business must have a physical presence in the UK, EEA or Switzerland.
– You must be a private limited company, public limited company, Limited Liability partnership or partnership.
– Charities/trusts and other high-risk organisations are not eligible.
– Businesses operating from outside the supported countries are excluded.
Revolut is my top choice for businesses in need of an international bank account. It would be ideal for an expat, digital nomad, or someone who is doing business throughout the EEA.
Revolut offers a cost-effective solution for international transfers, working out significantly cheaper than traditional High Street banks like Barclays or Lloyds.
Why Choose Revolut?
Lower Transaction Fees: High street banks often charge between £8-15 per international transaction. In contrast, Revolut provides free international payments up to certain account limits. Once customers exceed their free allowance, Revolut charges a nominal fee of £3 per transaction, which is still significantly lower than the fees charged by traditional banks. Upgrading your account to the Grow or Scale plan increases the free allowances for local transactions and foreign currency exchanges.
No Markup on Exchange Rates: Traditional banks usually add a markup of around 1.75% to the interbank exchange rate, which they include in the spread. Revolut, on the other hand, uses the real-time interbank exchange rate, without adding any markup.
Sign up for a paid plan before 30/06/2025 and top up your plan to get 1 month free.
» MORE Read our full Revolut Business Review
‘Runner-Up’: Great for Multicurrency
Wise Business Account
Monthly Fee
£0Bank Transfers
VariableCard Purchases
VariableOverdraft
NoFSCS Protection
NoAccessibility
Access your Wise account via the web or mobile app
- Cost-effective international payments: Make international payments in 70+ countries and save up to 6x compared to leading UK banks with no hidden fees or exchange rate markups.
- Local account details: Set up local account details for your business in any of 10 currencies, allowing overseas customers to pay you easily and quickly.
- Business debit cards: Provide your team with business debit cards for overseas use without foreign currency transaction fees, set spending limits on each card, and get 0.5% cash back as you spend.
- Software integrations: Easily connect to popular accounting software like Xero, QuickBooks, and FreeAgent to save time on administrative tasks.
- Batch payments: Upload a spreadsheet for each transfer and make one payment for up to 1,000 people, reducing the need for manual data entry.
- Bespoke access for your team: Set permission levels and decide who in your team can view specific accounts.
- Multi-currency account: View and manage 50+ currencies in one account, and move money between them at the mid-market exchange rate.
- Robust security: Wise offers 2-factor authentication, dedicated fraud and security teams, and holds your money with established financial institutions for safety.
- Transparent pricing: No hidden fees or monthly subscriptions, only a one-time fee for opening a Wise Business account.
– You must be 18 years of age or older.
– Almost all businesses are eligible, but you must provide proof of address for the account representative.
– Your business must operate within the supported countries.
– High-risk companies and charities/trusts operating outside certain countries are not eligible.
Wise (formerly TransferWise) offers a range of benefits for businesses operating internationally, focusing on cost savings and transparent pricing.
In terms of actually transferring money abroad, Wise may be marginally cheaper than Revolut. That said, Wise’s banking services are far less comprehensive and robust, so we would choose Revolut for an actual business bank account.
MORE Read our full Wise International Business Account Review
Best Business Bank for Occasional International Transfers
Starling Bank Business Current Account
Monthly Fee
£0Bank Transfers
£0Card Purchases
£0Overdraft
Yes
FSCS Protection
YesAccessibility
Access your Starling Bank account via the web or mobile app
– All directors with access to the account must be at least 16 years old and UK residents.
– All Persons of Significant Control must be UK residents and natural persons.
– You must be either a sole trader or the director of a limited company or LLP registered with Companies House.
– The business must not be a holding company, dissolved, or in liquidation.
– Businesses operating from outside the UK are excluded.
– Charities/trusts and high-risk businesses are not eligible.
Starling is generally a superb business bank account, which we’ve reviewed in detail elsewhere on the site. It does allow international payments to 37 countries in 21 currencies through their app, but this is not a core USP of the account as with Revolut or Wise, and hence works out more expensive.
There are also certain countries and territories from which Starling cannot accept payments yet, including Afghanistan, Belarus, Burundi, Central African Republic, Cuba, Democratic Republic of Congo, Ethiopia, Gaza Strip, Guinea, Guinea Bissau, Iran, Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Nicaragua, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Tajikistan, Tunisia, Uganda, Venezuela, West Bank, Yemen, and Zimbabwe.
Two fees apply when making an international payment with Starling Business: a Starling transfer fee of 0.4% and a variable delivery fee, depending on the chosen delivery option. The SWIFT delivery option costs a flat £5.50 for all currencies. A low-cost delivery route is available for some currencies, with fees starting at £0.30 and varying based on the specific currency.
MORE Read our full Starling Business Review
Best for Customer Service
ANNA Money Pay as You Go Account
Monthly Fee
£0Bank Transfers
20pCard Purchases
£0Overdraft
NoFSCS Protection
NoApp Access
Access your ANNA Money account via the web or the mobile app
– You must be at least 18 years old.
– You must be a sole trader, a director of a limited company (and listed on Companies House) or a partner in a Limited Liability Partnership (LLP).
– You must have a UK residential address.
– Charities/trusts and other high-risk businesses are not eligible.
– Businesses not based in the UK are excluded.
ANNA Money has recently introduced an international payment feature for businesses; it’s currently in beta testing.
They use Currencycloud (the same as Revolut), making their offering competitive. However, it’s a significantly paired down offering to Revoluts, and you can’t receive international payments at all without connecting a Payoneer account, and then only in Euros or USD.
Also, they do charge an additional 1% foreign transaction fee for foreign currency transactions.
ANNA Money vs Revolut for international payments:
- Currency support: Revolut supports over 150 currencies, while ANNA currently supports international transfers in Euros, US Dollars, and GBP sterling.
- Exchange rates: ANNA uses Currencycloud’s exchange rates with no added fees, while Revolut employs the interbank exchange rate, occasionally charging a weekend markup fee between 0.5% and 2.5%.
- Prepaid currency card: Revolut offers a prepaid currency card for fee-free payments abroad, while ANNA only provides a debit card for international transactions.
MORE Read our full Anna Money Account Review
Airwallex
Airwallex Business Explore Account
Monthly Fee
£19
Bank Transfers
£0Card Purchases
£0Overdraft
NoFSCS Protection
NoAccessibility
Access your Airwallex account via the web and mobile app
– You must be over 18 years old
– You must be a business operating within one of the supported countries/regions
– Your business must be registered and have a physical address.
– Charities and other high-risk organisations are not eligible
Airwallex offers a powerful set of features for businesses that need to manage money across borders. Its strengths in currency support, cost efficiency, and software integration make it a strong candidate for international businesses.
However, improvements in customer support and streamlining the account setup process could enhance its appeal. Overall, it’s a solid choice for businesses looking to save on international transactions and manage multiple currencies efficiently.
Airwallex is particularly strong for businesses that operate e-commerce platforms or have a high volume of international transactions. Its ability to handle payments in over 130 currencies and competitive exchange rates make it an excellent choice for minimising costs associated with currency conversion.
Revolut, however, offers a broader range of banking features beyond international payments, including budgeting tools, personal accounts, and insurance options, which might be beneficial if you’re looking for an all-in-one banking solution.
MORE Read our full Airwallex Account Review
Best UK banks for International Transfer fees and Exchange rates
Based on my analysis, Revolut is the best bank for international transfer fees and exchange rates, although it is a challenger rather than a regulated bank. It is notably cheaper than high street banks for transfer fees and uses interbank exchange rates.
Wise is also a good option, although it is a less sophisticated account than Revoluts, lacking some of the banking functionality.
When a high street bank processes an international payment, it typically adds a per-transaction fee, a fixed cost that the bank charges to facilitate the transfer. This fee can vary depending on the bank, the amount being transferred, and the destination country. Additionally, the bank often applies a 1-2% markup on the exchange rate.
These extra costs can have a significant impact on international transactions. For businesses that deal with international payments, these costs can accumulate and negatively affect their profit margins, making it more difficult to compete in the global market.
| Provider | Fee | Exchange rate | Bank fees | Total cost |
|---|---|---|---|---|
| Revolut | Free for most plans | Interbank exchange rate | None | Free or low cost |
| Wise | £3.84 | Interbank exchange rate | None | £3.84 |
| Barclays | £0 (online)£25 (branch or phone) | Exchange rate + markup | Varies | £0-£25 + exchange rate markup + correspondent fees |
| Co-operative Bank | 0.25% (min. £13 to max. £35) | Exchange rate + 4% markup | Varies | £13-£35 + 4% exchange rate markup + correspondent fees |
| Halifax | £9.50 | Exchange rate + 3.55% markup | £12 | £9.50 + 3.55% exchange rate markup + £12 |
| HSBC UK | £4 (online) to £17 (postal) | Exchange rate + markup | Varies | £4-£17 + exchange rate markup + correspondent fees |
| Lloyds | £9.50 | Exchange rate + 3.55% markup | £12 | £9.50 + 3.55% exchange rate markup + £12 |
| Metro Bank | £25 | Exchange rate + markup | Varies | £25 + exchange rate markup + correspondent bank fees |
| Nationwide | £20 | Exchange rate + markup | Varies | £20 + exchange rate mark-up + correspondent bank fees |
| RBS | £0 (standard) to £15 (urgent) | Exchange rate + markup | Varies | £0-£15 + exchange rate markup + correspondent bank fees |
| Santander UK | £25 | Exchange rate + markup | Varies | £25 + exchange rate markup + correspondent bank fees |
| TSB | £10 (online) to £20 (branch or phone) | Exchange rate + markup | £6 | £10-£20 + exchange rate markup + £6 |
Best UK Business Debit Cards for No Foreign Transaction Fees
For UK businesses seeking debit cards with no foreign transaction fees, the best options are:
- Revolut Business Accounts (including Basic, Grow, Scale and Enterprise plans)
- Tide (Mastercard’s exchange rate will apply. They don’t charge any additional mark-up or fees on top of this.)
- Starling Bank Business Account
- Wise for Business
It’s worth realising that, in most cases, when banks and financial institutions offer “no transaction fee” services for international transactions, they still find a way to make money through the exchange rate. Instead of charging a direct fee for each transaction, they apply a markup to the exchange rate used in the conversion process. This means they offer a rate slightly worse than the mid-market rate (the real exchange rate you see on financial news or a currency converter tool).
For instance, if the mid-market rate for GBP to USD is 1.30, the bank might use an exchange rate of 1.28 for converting your pounds to dollars. The difference between these rates allows the bank to profit from the transaction without imposing an explicit fee.
FAQs
Which bank is best for international business?
According to my comprehensive review, Revolut is the best bank for international business. It offers free transfers, interbank exchange rates and a very low fee structure.
Which UK bank has no foreign transaction fee?
Revolut offers no foreign transaction fees within account limits.
Which bank is best for international transfers in the UK?
Revolut has the lowest fee, with its accounts getting a number of completely free wire transfers per month, and £3 after this.
How do I avoid bank charges on international transfers?
By choosing Revolut, you can make a massive saving over using a high-street bank account for international transfers. It offers a number of free monthly transfers, then just £3.
