Does Your Business Need a Multicurrency Account? How Wise, Airwallex Work

A multicurrency account can hold, send and receive all the currencies you do business in. These accounts often charge lower fees than third-party currency conversion services. That can be convenient for international sellers or freelancers with clients overseas — not to mention good for your bottom line.

Use this guide to decide if your business needs a multicurrency account and which one might be a good choice.

What is a multicurrency business account?

A multicurrency account lets your business receive and spend funds in multiple currencies. That way, you avoid always having to convert money to your home currency to use it.

In other words: Imagine your wallet after traveling through several countries. At the beginning of your trip, you might have bills in all the currencies you'll need. Afterward, you'll probably have leftover bills and coins from each place you went.

If you want to convert that money back to your home currency, you have to visit a currency exchange (and pay a pretty steep fee) to swap that cash for your home currency.

A multicurrency account provides both the wallet and the exchange service. It lets you hold and spend multiple currencies, or seamlessly swap them for one another.

Are multicurrency accounts the same as bank accounts?

Not exactly. Many popular multicurrency accounts for U.S. businesses — like Wise and Airwallex — come from money transmitters. These services are are still licensed and regulated, but not the same way as business bank accounts.

Most notably, bank accounts insured by the Federal Deposit Insurance Corp. protect your holdings. If that bank failed, the government would make you whole (up to $250,000 per depositor, per institution, per ownership type). That may not be the case if a money transmitter goes out of business.

These companies do safeguard your funds. Wise, for instance, says it keeps customer funds separate from company funds. But it also notes that you may not get all your money back if Wise were to become insolvent.^[0]

Some FDIC-insured banks have multicurrency accounts (like those listed here). These may only be available to large organizations, though. Also, funds you don't keep in USD aren't covered by FDIC insurance.

How do multicurrency business accounts work?

In general, multicurrency accounts include a sub-account for each currency you hold. But those sub-accounts act like separate entities.

For instance, a sub-account would have its own International Bank Account Number (IBAN) or other account number local to a country. That way, businesses can pay you in their local currency via ACH or wire transfer. And you can do the same.

When you have one currency on hand but need another, you can make the conversion within your account and transfer money from one sub-account to another. You pay a fee to do this. But it’s typically less expensive than third-party services.

» MORE: How will tariffs impact small businesses operating globally?

How currency conversion works

Converting currency via a bank is a multi-step process. Here’s what typically happens at a high level:

1. The value is determined. Currencies have "buy" and "sell" rates. These specify how much you'll get when the provider buys your money (e.g., 1.17 USD per EUR), and how much the provider can sell it for (e.g., 1.25 USD per EUR).

2. Banks may add other fees. An institution can profit via the spread between buy and sell rates. On top of that, it may still charge service, foreign transaction or other fees that decrease the value of your money.

3. You initiate the transfer. After you know how much you'll get for your exchange, you can start this process. You may do this via your bank's online dashboard or visiting a branch in person, for instance. 

4. Your bank may send your money elsewhere. Not every bank has the ability to convert money into a different currency, so it might have to send your funds to one that does.

5. Your money heads across borders. The bank will do this using the Swift network, a messaging service that helps facilitate these transactions.

6. Your international supplier or client’s bank receives it. It shows up in their account in the local currency.

Prior to the digital age, these steps could take days to complete. Today, Wise says currency conversions within your account happen instantly.

Pros and cons of multicurrency business accounts

Does your business need a multicurrency account?

Conversion fees can start to add up if a significant portion of your revenue and expenses are in other currencies. Consider a multicurrency account if you frequently:

• Sell products to customers in other countries.

• Have contracts with clients in other countries.

• Buy from international suppliers.

• Pay employees or contractors abroad. 

If you sell products through a marketplace like Amazon or use an e-commerce store builder like Shopify, the built-in payment processor probably includes currency conversion services. It isn’t strictly necessary to set up a multicurrency account on top of that.

But again, those conversions will cost you. Stripe, for instance, charges an additional 1% for cross-border transfers.

If you’re frequently making sales in other currencies, it may be worth switching your store to a multi-currency plan — Shopify offers one — and sending payouts to a multicurrency account. That way, you’re in control of when you convert money, and the fees may be lower overall.

How much does currency conversion cost?

Banks and exchanges charge a fee to convert your currency. That cost can vary widely depending on the type and volume of currency you’re working with. It also might change daily as currencies gain and lose value.

As of Oct. 8, 2025, the Federal Reserve Bank of St. Louis says the EUR-USD buy rate is 1.1747. ^[0]

Online multicurrency exchange providers tend to charge the mid-market rate, which is halfway between the market's buy and sell rate. Here’s what leading exchange services offered for 1,000 EUR, rounded to the nearest dollar, on Oct. 8:

• Wise: $1,162.

• Airwallex: $1,163.

• Revolut: $1,160.

• Payoneer: $1,156.*

*Note: Payoneer doesn’t have an online calculator for its payouts. I based this estimate by subtracting Payoneer's 0.5% fee from the mid-market exchange rate.

Multicurrency accounts: How to choose, best options for businesses

The right multicurrency account for you depends on your business’s needs. Ask the following questions as you do your research:

• Do you prefer a bank or a fintech company? Many popular conversion services are money transmitters, not banks. Transmitters may have sleeker online platforms. But when there’s a hiccup — like your funds getting stuck in transit — bank customer service may be easier to get a hold of (especially if you can walk into a nearby branch).

• What currencies do you deal with? Not every service lets you receive or pay out funds in every currency. For instance, Payoneer doesn’t support payouts in Canadian or Australian dollars. Make sure you look at a list of supported currencies before making a decision.

• How often do you move money and how much? This could affect how much you spend. Some services, like Revolut Business, charge higher fees if you go over your monthly transaction limit. Others offer batch discounts. 

Next, compare the following options.

A handful of U.S. banks offer multicurrency accounts to small businesses. These include:

• PNC.

• TD Bank.

• U.S. Bank.

• Wells Fargo.

Bank of America, Citi and J.P. Morgan also have multicurrency accounts, but they mainly serve large corporate customers.

In general, choosing a traditional business bank means you can do all your banking in one place — your international transactions along with borrowing and opening a credit card. But they may have other limitations. For instance, TD Bank's account only handles seven currencies other than USD.

Wise Business builds on Wise’s brand as a personal international money transfer service. Business owners can use their Wise account to store funds in multiple currencies. You can take and send payments, earn interest and use debit cards — in USD or whatever currency your business operates in.

Wise is a licensed money transmitter. Transmissions are carried out by Community Federal Savings Bank, Wise’s partner. The Multi-Currency Card is issued by sponsor banks Lead Bank and Community Federal Savings Bank. Interest-earning accounts are held on deposit at JPMorgan Chase.

Features:

• Users can receive 25 supported currencies (some restrictions apply) and store and convert funds in 40+ currencies.

• Wise Card that you can use to spend in multiple currencies and track expenses across your team.

• Batch payments of up to 1,000 invoices in one transfer. Recipients can be paid in their local currency.

Fees: Wise charges the mid-market exchange rate for currency conversions. The mid-market rate is the median between the buy and sell rate for two different currencies. You’ll also have to pay a flat fee to receive wire and Swift transfers.

Wise does not have subscriptions or pricing tiers. Creating an account is free. Accounts aren’t available in Nevada.

Airwallex’s global account lets you create sub-accounts in 17 countries (though some restrictions apply). That lets you spend and receive as if you have a local account in that country — becuase you technically do. Like Wise, Airwallex charges the interbank or mid-market rate for currency conversion.

Beyond that, Airwallex stands out for its corporate card program. Users can get 1.5% cash back on corporate card spending. You can issue cards to team members so they can make purchases (and earn rewards), too. You’ll only earn rewards in months where you spend at least $2,000 on eligible transactions in USD, though.

Right now, the cash-back rewards program is scheduled to end on Dec. 31, 2025. Card issuers often extend promotions, though.

Airwallex partners with Evolve Bank & Trust, member FDIC, for some payment and banking services in the U.S. Other businesses receive payment services directly from Airwallex. The corporate card is issued by Community Federal Savings Bank, member FDIC, pursuant to a license from Visa.

Features:

• Receive funds in more than 20 currencies.

• Software tools to track purchase orders, set up spend controls and approval workflows and pay your vendors in more than 200 countries.

• Batch transfers to up to 1,000 recipients at once, in multiple currencies.

Fees: Airwallex converts currencies at the interbank rate, which is the same as the mid-market rate Wise uses. It’s the midpoint between the buy and sell rate.

Airwallex’s free plan includes a number of features, including unlimited corporate cards and syncing with Xero and QuickBooks. You can upgrade to a $99-per-month plan for more advanced expense controls and HRIS platform integrations.

Payoneer is the most low-fi tool on this list — but that might make it the best fit for freelancers and digital nomads. It’s a good option if you don’t want to learn a complex expense management platform or do currency arbitrage.

Payoneer still does a lot. You can invoice customers, accept credit card payments on your website, take payments from marketplaces like eBay and make batch payments to up to 200 suppliers at once. It doesn’t include a card, though. To get money out of Payoneer, you have to transfer it to your local bank.

Like Wise, Payoneer is a licensed money transmitter in the U.S. It doesn’t offer any bank-like products, like savings accounts or debit cards, so it doesn’t have an FDIC-insured banking partner.

Features:

• More than 40 transaction currencies, but payouts are only supported in five currencies (USD, EUR, GBP, JPY and CNH). Some additional currencies may be available for tax payment purposes.

• Platforms like Shopify, Upwork, Airbnb and Fiverr can pay directly into Payoneer accounts. Fees vary depending on the marketplace.

• Payoneer card that you can use globally at ATMs and merchants. Currency conversion and FTX fees apply.

Fees: Payoneer charges the real-time exchange rate plus a 0.5% fee for currency conversion. There are no monthly fees.

Revolut Business is best suited to companies with several employees who need to access a multicurrency account. It syncs with accounting and HR software and supports teamwide expense management needs, like collecting receipts. For some businesses, Revolut’s tools may rival those built into a corporate credit card.

Another reason Revolut is likely best for larger businesses: It’s the most expensive option on our list. Plans start at $10 per month, and many users will get more value out of more expensive plans due to their higher transaction limits.

Unlike Wise, Revolut is licensed as a bank in certain jurisdictions, including the European Economic Area. In the U.S., banking services and cards are provided by Lead Bank, member FDIC.

Features:

• 33 supported currencies.

• Prepaid business card (issued by Lead Bank) that you and your team can use to spend the funds in your account.

• Expense management tools, including receipt matching, expense categorization and syncing with QuickBooks and Xero. You can also integrate Revolut with your HR platform.

Fees: Revolut’s plans start at $10 per month. On that plan, you can do currency conversions of up to $1,000 per month with no markup. Revolut charges a 0.6% markup after that. Revolut also sets its own exchange rates.