Doing business overseas? Discover the best multi-currency accounts in the UK to receive and send money abroad.
The banking landscape is changing and evolving quickly in the UK and in the world. In this process new providers and solutions appear to meet the needs of personal and business customers.
Starling Bank is one of the providers which arrived to challenge the market. Besides different options of personal accounts, it provides business accounts for registered limited companies and sole traders in the UK.
To open a Starling business account you need to go through a quick application process. Once your account is set up, you get a debit card, 24/7 support, real time financial data, and spending insights. You can also link your account with accounting softwares such as Xero and Quickbooks.
Another provider thriving in the new market is Wise, which offers a multi-currency account for both personal customers and businesses in the UK and can be an alternative to Starling.
|💡 Check out how Wise Business and Starling Business compare.|
|📝 Table of contents:|
The Starling Bank business account has a range of features you can access without monthly fees. Besides normal banking services, Starling offers specific features depending on whether you open a sole trader account or a limited company account. These features include:
- instant notifications when money enters or leaves the account
- 24/7 customer support
- digital receipts
- deposit cash and cheques at the Post Office
- categorisation of expenses
- connection of the account to accounting software
- Financial Services Compensation Scheme (FSCS) protection up to £85,000
In addition to the features of the general business account, you can also choose to access currency accounts if your company manages international payments regularly.
Starling Bank offers two types of currency accounts:
There are additional monthly fees for customers using these accounts as well as for other add-ons such as the business toolkit which helps you to automate expenses and manage invoices and bills.
|💡 Read more: Starling Bank vs Tide: Business Account Comparison|
Although there are no fees for Starling business basic account, there are charges for some additional features. So, you can open a Starling business account free of charge, but you should be aware that some on demand features attract Starling business account charges.
|💷 GBP account monthly fee||Free¹|
|💵 USD account monthly fee||£5²|
|💶 EUR account monthly fee||£2³|
|🏧 UK ATM charge||Free to withdraw GBP¹|
|💰 Interest rate||2.5% on the 1-year business fixed saver account⁴|
|🔗 Accounting integrations||FreeAgent, QuickBooks, and Xero|
|🔎 Credit check details||Soft credit check when you apply for an account. This check doesn’t affect your credit score⁵|
|🧳 Business toolkit add-on fee||£7 monthly¹|
|💸 Bulk payments fee||£7 monthly ¹|
The Starling business account card is a contactless Mastercard. It comes with digital card management features including PIN reminders, card cancellation, and access to transaction and withdrawal limits. Anyone who has access to the account can apply for a card in their name.
You don’t have to pay any fees to Starling to make card payments in the UK or abroad, so it’s convenient and cost effective to use the card for international business travel costs. But, be aware that the Mastercard exchange rate applies to most transactions and varies depending on the currency involved.
The Starling 1-year business fixed saver account gives you the opportunity to save for future business plans.⁴ If you already have a Starling business account, you can open a saver account using the app.
Deposit any amount between £2,000 to £1,000,000 and your money matures in a year’s time when you receive a Starling business account interest rate of 2.5%. It’s important to understand that once you deposit money into the account you can’t touch it until a year passes.
In the UK, there are numerous business account providers that businesses can choose from. Wise Business is one of the alternatives to Starling that you may want to consider. If you open a Wise Business multi-currency account for your business, you can hold money in more than 40 currencies, add money in more than 20 currencies, send money to 160 countries, and spend money in 150+ countries.
With Wise Business you can even earn a return on the money you hold in multiple currencies. With Wise Interest, you can get a 4.82% variable rate on your GBP balance held in your Wise Business multi-currency account.
Capital at risk. Current rates do not guarantee future growth.
Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds
The digital challenger bank Starling provides a business account for limited companies and sole traders. You don’t pay any fees for having a Starling business account but there are charges for add-ons such as USD and EUR accounts, the business toolkit, and bulk payments.
Starling customers can also open a Starling 1-year business fixed saver account with a 2.5% interest rate. The Wise Business multi-currency account is an alternative to a Starling business account that allows you to manage your international business spending and gives you access to the Wise Interest feature with a variable interest rate.
- Starling Business Account Fees
- Rates, Fees and Charges Applicable to: All US Dollar (“USD”) Business Current Accounts Effective from
- Rates, Fees and Charges Applicable to: All Euro Business Current Accounts and Euro Sole Trader Current Accounts
- Business savings: 1-year fixed term deposit - Starling Bank
- Starling Business Account Credit Check
Sources last checked May 8, 2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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