Sokin multi-currency account review: features, pricing and application

Looking for a new business account? If your company trades, sources supplies or has employees overseas, you might need one with multi-currency capabilities.

One option for UK businesses is the London-based global payments platform Sokin, which offers multi-currency accounts for incorporated businesses located all over the world. But is a Sokin global account right for your company?

Find out everything you need to know below, in our comprehensive Sokin multi-currency account review. We’ll look at features, fees, pros and cons, security, eligibility and how to apply for an account. This should help you decide if it’s a good fit for your business.

Don’t forget though that there are alternatives out there - such as the powerful global account from Wise Business. It’s always worth comparing all options before signing up for any particular account.

💡 Learn more about Wise Business

What is the Sokin multi-currency account?

The Sokin multi-currency account is called a Global Receivable Account, and it lets businesses receive funds from all over the world in multiple currencies. The aim is to help companies receive money faster, and without unnecessary foreign exchange conversion fees.

Businesses can also make use of Sokin Global Payments to send money overseas in multiple currencies. Other services include ecommerce gateways, so you can accept card payments from customers, as well as savings through a feature called Balance Boosts. This lets you earn interest on unlimited GBP, EUR and USD balances.

Sokin itself is a fintech company headquartered in London, but has a number of international offices all over the world. It was founded in 2019, with a stated mission to “lower the friction and price of moving money around the world” for globally-trading businesses.¹ The leading investment bank Morgan Stanley also has a stake in the business.

As of October 2025, Sokin has a ‘Great’ 4.1 rating on Trustpilot.²

Sokin business account key features

Now, let’s get an overview of what UK entrepreneurs and business owners could get with Sokin multi-currency business accounts:³

• Local account details for the UK, Canada, Europe, Australia and the US
• Receive international payments in 26 currencies
• Make global payments in 70+ currencies using local or international routes, including full access to SEPA, SWIFT and other payment networks
• Manage business payments, collections and currency conversions all in one global account
• Create payment links for fast collection
• Access to a suite of APIs to embed within your own systems and products
• Balance Boosts, to earn up to 3.5% AER on GBP, EUR and USD balances
• Integration with accounting platforms such as Xero, Intuit QuickBooks and NetSuite
• Global support team.

Strengths and limitations of the Sokin multi-currency account for UK businesses

Is the Sokin business account safe?

Yes, the Sokin business account is considered safe to use. Its accounts and payment services are provided by a company called Modulr FS Limited, which is regulated in the UK by the Financial Conduct Authority (FCA) as an Electronic Money Institution.

Sokin’s electronic money products aren’t covered by the Financial Services Compensation Scheme (FSCS), but it does use something called safeguarding to protect your money.³ This is where customer funds are segregated from company funds, and held in FCA-approved banks and other institutions.

The provider also uses what it describes as ‘bank-level’ security³ to protect your account, including measures such as data encryption and advanced threat and fraud protection.

Sokin multi-currency account pricing

Next, let’s take a look at how much it costs to use a Sokin global business account. Take a look below for the main fees and charges:⁴

How to apply for the Sokin business account?

If the Sokin global account seems a good fit for your business, you’ll need to know how to apply.

The good news is that there’s a quick and easy online process. But before you start, read on to find out the eligibility requirements and the documents you’ll need.

Who is eligible for a Sokin multi-currency business account?

To apply for a business account with Sokin, you must be:

• At least 18 years old
• A resident in the UK
• A director or authorised person within an incorporated company.

Your company will also need to be registered in a company that Sokin supports. You can see the full list here.

What documents will I need?

You’ll typically need the following to open a business account with Sokin:³

• ID documents for all company directors
• Certificate of Incorporation for the business
• Articles of Association
• Documents outlining the ownership structure of your business.

The provider may also ask you to upload additional documents, on a case-by-case basis.

How long does it take to open a Sokin business account?

The process to open a Sokin global account is usually pretty fast. Once you’ve uploaded all the required documents and had your identity verified, your account could be up and running in as little as 24 hours.³

However, it can take longer if Sokin needs more information or documents to support your application. Delays can also happen if there’s any issue verifying your identity.

Sokin alternative: discover the Wise Business account

Before you sign up with Sokin, you might want to quickly check out Wise Business. This can be a convenient, cheap and flexible option if you need to send, receive, spend, hold or exchange foreign currencies for your business.

Open a Wise business account from the UK - or from many other countries around the world - to hold and exchange 40+ currencies, and spend with physical and virtual business debit and expense cards.

There’s no ongoing Wise fee to pay for your account - you can open an account for £50 (Advanced plan) or for free (Essentials plan).

With Wise, you can get local account details for 8+ countries which makes it easy to get paid by customers in their preferred currency, (only with Wise Business Advanced).

And you can send payments globally to bank accounts in 140+ countries, for paying contractors and suppliers overseas without excessive fees.

As well as flexible money saving international features, Wise accounts offer multi-user access, batch payments, accounting integrations, access to the Wise API and more, which could mean you cut down on admin time.

You can also leverage the Wise Interest feature to make your money work harder when you’re not using it. Capital at Risk, growth not guaranteed.

Register now

*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

And that’s about it - our comprehensive Sokin multi-currency account review for UK business customers.

We’ve covered all the things that matter to company owners looking for a new account, from features and security to fees and costs. We’ve also looked at pros, cons and how to apply, so you’re all set if you do decide that a Sokin global account is a good fit for your business.

Sokin business account - FAQs

Is Sokin regulated in the UK?

Yes, Sokin electronic money services are regulated in the UK - or more specifically, the company it distributes services for is.

This is Modulr FS Limited, which provides Sokin’s accounts and payment services. This company is regulated in the UK by the Financial Conduct Authority (FCA) as an Electronic Money Institution.

Are there any limits on the Sokin business account?

Sokin accounts are likely to have some limits on things like transfers, but the provider doesn’t outline these limits on its website. So, you’ll need to contact Sokin to find out more.

What’s customer service like with Sokin?

Sokin offers global support for its business accounts. You can contact customer services by email or by creating a support ticket, but there’s no option for phone support. This could be a deal-breaker for some business owners. Otherwise, customers in the UK seem pretty happy with the company, as Sokin currently (as of October 2025) has a ‘Great’ 4.1 rating on Trustpilot.²

sources used:

Sources last checked 31-Oct-2025