6 top international business bank accounts and alternatives in the UK (2025)

Summary:

• International business accounts allow quicker, more affordable transactions globally by using multi-currency accounts and cards, and local payment rails.

• Classic business accounts have great customer support but may cost more than modern, online fintech platforms with fewer global features.

• Business accounts are a must for business owners that want to separate accounts, simplify accounting and taxes, and grow their business at scale.  

Micro, small, and medium-sized enterprises account for 90% of all businesses¹. But these groups tend to be the most underserved by banks that may prioritise large businesses with more significant turnover and cash flow. Local, traditional banks can also lack the resources SMEs needs to grow into its full potential.

We compared the top international business bank accounts and alternatives below, including prices and features to help you determine the right fit for your needs. 

What is an international business bank account?

An international business bank account manages financial transactions for businesses on a global scale such as receiving or sending multi-currency transactions. This allows companies to hold multi-currency funds, pay company expenses, and accept customer payments internationally. 

With the proliferation of fintech services, financial offerings are no longer exclusive to traditional banks, with many service providers consolidating several offerings into a single platform while having the capabilities to offer faster transfer times, lower foreign exchange and conversion fees, and other benefits. 

These international business accounts have specific services to support global commerce, including:

• Local currency accounts that can hold multiple foreign currency balances which can impact how long international transfers take. 

• Payment collections including checkout integrations, payment links, and more

• International business cards that can facilitate cross-border transactions and are often available as company and employee cards.

• Expense management tools to track cash flow, spending, and other financials in real time. 

When you combine these services, it’s easy to manage international finances and transfers – especially as your business scales.

How do international business bank accounts work?

International business bank accounts function similarly to personal bank accounts, but they’re designed for companies. They’re not tied to an individual’s credit history and they separate business funds from personal accounts. They’re also packed with features specifically designed for business finances, like connecting to your accounting tools.

International business bank account alternatives

Historically people tend to associate business accounts with banks, but this is not the case. While Airwallex and Wise are not banks, many businesses are turning to these modern fintech alternatives - and competitors to banks - for the additional features that manage all your financial operations on a single platform. Not only can you pay and receive with these solutions, you can also manage your corporate expenses, bill payments and reimbursements, and integrate it with your current accounting systems. 

In summary:

• An international business bank account (like Barclays) is provided by a financial institution with a banking licence.

• An international business account (like Airwallex) is provided by a financial institution with a different licence like an electronic money licence.

• Both support businesses with financial operations.

Top international business bank accounts and alternatives

There are several great international business bank accounts and alternatives to choose from. Compare our top providers below, including:

1. Airwallex: Known as an alternative to global banks, Airwallex offers international business accounts that enable businesses to manage, hold, and move funds globally with an array of global business-oriented features and tools.

2. Wise: a non-bank London-based company designed to facilitate global money transfers for consumers and businesses.

3. Revolut: Originally a consumer product, this is a London-based financial services company that offers personal and business accounts for sending and receiving money.

4. Starling Bank: a British bank that offers consumer accounts and business accounts primarily for domestic use but has some basic international transfer support.

5. HSBC UK: the UK branch of the multinational traditional bank that offers business services for everything from sole traders to enterprise clients.

6. Barclays: a traditional British bank that specialises in retail and corporate banking with international support.

*£0/month if you deposit at least £10k per month or hold a minimum balance of £10k

Airwallex

Key features:

• Cost: From £19 p/m or free if terms and conditions met

• Services: all-in-one offering that includes value-added services such as an Expense Management solution, Bill Pay, and software integrations.

Airwallex has everything from Business Accounts for SMEs to more customised embedded finance solutions for enterprise-level companies. 

Each Business Account enables you to open domestic and foreign currency accounts with local bank details. This helps you collect multi-currency payments from major card schemes like Visa, Mastercard, and Amex and 160+ local payment methods. 

We can also help support payouts to over 150 countries, with 120+ countries leveraging local rails. 90% of our international payouts utilise local payment rails with most transactions arriving within a few hours or on the same day rather than SWIFT systems (up to five business days). 

If you make frequent international transfers, fees can add up. If there are already existing balances in the currency you’re remitting, Airwallex will draw from those balances, avoiding unnecessary FX fees. If not, Airwallex offers foreign exchange (FX) at interbank rates, allowing you to save up to 80% on FX fees. 

Wise

Key features:

• Cost: £60 account registration and no monthly fees. 

• Services: app integrations and the ability to control individual team access to accounts.

Wise is a financial technology company focusing on global money transfers and offers international business accounts for both consumers and businesses. Businesses can get started for £60 and pay no monthly fees². 

While generally transparent and cost-effective, Wise Business Account may incur fees for certain transactions, such as sending money or withdrawing cash over specific limits. These fees vary by currency and can accumulate, especially for businesses that often engage in high-volume transactions or need to withdraw large amounts of cash regularly.

While Wise lets you hold 40+ currencies there are limitations in receiving money. For instance, receiving USD wire and Swift payments incurs a fixed fee of 6.11 USD per payment, and receiving CAD Swift payments costs 10 CAD. Additionally, while capable of receiving Swift payments in 20 currencies, Wise may not be able to control fees imposed by correspondent banks.

Revolut

Key features:

• Cost: free introductory plan — standard paid plans go up to £79+ a month. 

• Services: customisable APIs, plus card and account controls for detailed management.

Rounding out the online international business solutions, Revolut³ is a little pricier than some fintech competitors although they have similar offerings. Revolut offers three plans, which allows businesses to switch as they scale up. 

While the basic plan is free, there may be other costs associated with specific services. Each plan has specific limitations, such as the amount of currency exchange at the interbank rate and the number of no-fee transfers, potentially requiring businesses with higher usage beyond the plan allowances to opt for more expensive plans⁴.

Starling Bank

Key features:

• Cost: free basic account, £2/month Euro account, and £5/month USD account.

• Services: Best for Europe-focused international business. 

Starling Bank⁵ is a UK neobank that offers domestic business accounts and limited international support for businesses. Their business account costs nothing to open and Starling doesn't charge a monthly fee. But their multi-currency account can only hold, send, and receive two currencies right now: USD and Euros. To maintain these currency accounts, businesses will have to pay extra fees every month.  

While you can send money abroad to 34 countries in 17 currencies using local network payments or SWIFT delivery, Starling Bank charges a 0.4% conversion fee on top of the currency conversion and a  “small delivery fee” to cover costs which can add up depending on the volume of transactions.

HSBC UK

Key features:

• Cost: £96+ annual maintenance fee, plus a £6+ monthly fee.

• Services: varied services at scale fit for large corporate businesses.

High-street banks still have their place, and HSBC⁶ is a go-to option for many businesses in the UK. However, it’s more expensive than many of the online services covered. 

HSBC offers a Small Business Banking Account for businesses whose turnover is below £6.5m and have borrowing needs of up to £100,000⁸. The traditional bank approval process isn’t usually as quick and efficient as fintech alternatives. So rather than opening an account in a day or two, it may take a week or more to start spending from your account. 

The Small Business Account has many features you'd expect from a regular bank. You can open foreign currency accounts in most countries, pay in over 60 currencies, and have a corporate card. However, the fees can be high. 

After your first 12 months with HSBC, accounts start at £96 a year and include free internal transfers, with international SWIFT transfers beginning at £17 per transaction. Cards are also included with a £32 annual Corporate Card fee after the first 12 months of account opening, as well as a fee for all non-sterling transactions. 

Barclays

Key features:

• Cost: £8.50/month after one free year and £10/month reporting fee. 

• Services: extensive customer support and tools to support management. 

Like HSBC, Barclays⁹ is an established bank in the UK and has extensive customer support lines and tools to make banking easier. Opening an account does cost less than HSBC but still costs more than other non-bank competitors.

A Barclays Business Account can make EUR payments to the European Economic Area (EEA) through SEPA transfers. It can also make international payments in over 50 currencies through Barclays International Payments Service (BIPS) and high-value same-day UK transactions through CHAPs. However, depending on what transfer types you choose, charges can vary quite widely, and it can very quickly add up.  

Barclays also offers foreign currency current accounts available in 17 currencies¹⁰ You may be required to apply for it separately from your Business Account application. Business Account holders get free internal transfers, while international payments cost £15+. Provided account cards also run UK transactions for free, but there’s a 2.75% fee for non-sterling transactions¹¹. 

Must-have international account features

Many international business accounts offer similar services and features, but coverage, convenience, and costs can vary. Consider these factors as you compare business bank accounts and alternative providers:

• Currency access varies by provider, so check out how many currencies the account supports and make sure it covers your key business currencies.

• Foreign exchange rates, which are often more favourable with international accounts.

• International transfer speed, which can take a day via local transfer methods or 3-5 days with a traditional SWIFT transfer

• APIs and integrations to programmatically manage processes and connect with existing websites and apps. 

• Account requirements, such as director residency restrictions, local regulations, and business identification requirements.

Digging into these details will help you narrow down account options by cost and service considering your specific needs. But each international business account provider has its perks. 

How to open an international business bank account or an alternative

Some of the specific steps may vary among providers, but opening an international business bank account is a lot like how to open a business bank account with some extra paperwork: 

1. Compare accounts to choose the best fit.

2. Choose your location, including your actual residence and where you want to open an account.

3. Confirm eligibility for your chosen account, considering residency and business requirements. 

4. Apply online and submit your business details to open an account. Most traditional banks will require you to be physically present at a branch in order to process the paperwork.

You’ll need a few specific assets to open your account, too. It may vary depending on your location and provider, but you’ll generally need:

• Personal identification, including your ID, employment, and income

• Business identification, including registration, address, and more

• Minimum deposit amount, many accounts have minimum balance requirements to maintain an account

Don’t forget to consider fees, too. Some accounts wave fees for the first year, while others charge setup and annual fees upfront. 

Grow your business faster with fewer fees

An international business account opens a world of opportunities for business growth. Not only does it allow you to send and receive international payments more quickly and affordably, but the best business accounts are packed with business features that integrate with your existing systems.

See how you can send and receive money faster with multi-currency accounts from Airwallex. Get started with an account in minutes and enjoy streamlined transfers on local rails, convenient Payment Links and Plugins, and Bill Pay features to keep all of your business finances in one place. 

Airwallex is regulated in all the markets we operate in, with 60+ licences and permits globally. In the UK, we’re regulated by the Financial Conduct Authority as an Electronic Money Institution. Join the 100,000 businesses that trust us to process over US$100 billion in global payments volume.

Disclaimer:We wrote this article Q4, 2024. We based the information on our own online research and were not able to manually test each tool or provider. The information is provided for educational purposes only, and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. If you would like to request an update, feel free to contact us at [email protected].

Sources:

1. https://www.un.org/en/observances/micro-small-medium-businesses-day

2. https://wise.com/gb/pricing/business

3. https://www.revolut.com/business/business-account-plans/

4. https://www.revolut.com/business/multi-currency-accounts/

5. https://www.starlingbank.com/business-account/multi-currency/euro-business-account/

6. https://www.business.hsbc.uk/en-gb/products/foreign-currency-account

7. https://www.business.hsbc.uk/en-gb/solutions/accepting-card-payments-from-our-customers

8. https://www.business.hsbc.uk/en-gb/products/small-business-bank-account

9. https://www.barclays.co.uk/content/dam/documents/business/Accounts/B0213_BAR0324764636-001_PN8206607_9918661_UK_0324_WCAG.pdf 

10. https://www.barclays.co.uk/business-banking/business-abroad/foreign-currency-accounts/

11. https://www.barclays.co.uk/business-banking/accounts/rates-and-charges/