Whether you choose a bank or a specialist service provider depends on how your business uses international payments. If you only send money abroad occasionally, a traditional bank might do the job. But banks could be restricted to just a few currencies (GBP, USD, EUR), each account will have a separate IBAN, and moving money from one to the other can be time-consuming and incur additional FX charges.
So, if you’re regularly paying overseas suppliers or receiving funds from clients in different countries, a specialist provider (like IFX) usually makes more sense. You may benefit from greater flexibility, competitive rates, and potentially quicker account setup. Our Multi-Currency Accounts are built for businesses that want control over when and how they convert currencies. You can hold balances in multiple currencies, pay and receive internationally, and avoid unnecessary conversion fees.