What is the Best International Business Bank Account?

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.

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

Monthly Fee

£0

Bank Transfers

20p

Card Purchases

£0

Overdraft

FSCS Protection

Our Rating

Accessibility

Access your Revolut account via the web or mobile app

Open Account

On Revolut’s Website

Features

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.

Eligibility Criteria

– 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 to the paid accounts incurs a monthly fee, which 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.

» MORE Read our full Revolut Business Review