Зміст
Once a business starts working with clients or suppliers in more than one country, the question of where to keep the money becomes unavoidable. A traditional bank account, a payment platform like Wise or Revolut, or a multi currency account for business from another provider – there are several paths, and each solves a slightly different problem. Here’s how these approaches differ and what to choose depending on how the business actually operates.
What a Multi-Currency Account for Business Actually Does
A multi-currency account for business lets a company hold, receive, and send funds in several currencies from a single account, without opening a separate account for every currency. For a business that invoices clients in euros, gets paid in dollars, and pays suppliers in pounds, this removes a large share of the friction that comes with conversion and cross-border transfers. There are three main routes to get one: a specialized payment platform (Wise Business, Revolut Business, and similar), a traditional bank, or a fintech provider that focuses specifically on cross-border payments for businesses.Wise Business: Built Around Cheap Transfers
Wise Business is built around a single job – moving money between currencies cheaply and transparently. Its core strength is international payments at the real exchange rate, with low, transparent fees and no hidden markups. Wise supports over 40 currencies and provides full local account details in 9 of them (including GBP, USD, and EUR); for the rest, payments run through SWIFT details. The conversion fee starts at 0.41% depending on the currency pair, and there is no monthly account fee on any plan. Regulatory status. Wise is not a bank – it’s an electronic money institution (EMI), regulated by the FCA in the UK and equivalent regulators elsewhere. Customer funds are held in segregated accounts, separate from the company’s own funds, but they are not covered by a government deposit guarantee scheme (DGS/FSCS). In the event of insolvency, funds are returned through a process rather than an instant compensation payout. Who it suits. Companies that regularly pay or get paid in multiple currencies and care most about transparent, low-cost conversion rather than a wide bundle of banking features.Revolut Business: A Broader Toolkit
Revolut Business offers the same basic multi-currency functionality but adds a considerably broader toolkit: corporate cards with granular spend controls, financial process automation, and, on some plans, access to stock trading and crypto. The platform supports over 25 currencies with local account details in select EU countries, and SWIFT or pooled accounts for the rest. Unlike Wise, which charges a fee on every transaction, Revolut Business on some plans offers fee-free transfers and conversion up to a monthly limit, charging instead for the plan subscription itself. Regulatory status. This is where things get more nuanced and uneven across jurisdictions. In the UK, Revolut Bank UK Ltd received a full banking licence from the PRA on 11 March 2026, after which UK deposits became eligible for FSCS protection. In the EU, the company operates through its Lithuanian banking licence, Revolut Bank UAB, where deposits are covered by the Lithuanian deposit guarantee scheme up to €100,000. One important nuance: not all Revolut products and accounts have been migrated to the banking entity yet – some customers are still served through the company’s EMI arm without deposit protection, and the transition is happening in stages. Who it suits. Teams that want one platform for cards, expenses, permissions, and multi-currency operations instead of several separate tools, and are comfortable paying a predictable monthly fee for that.IBAN Through a Traditional Bank or a Specialized Provider
The third route is a corporate IBAN account through a traditional bank, or through a fintech provider that specializes specifically in cross-border payments for businesses (such as iBanFirst or similar). Unlike Wise and Revolut, which grew out of personal accounts before adding business products, these providers were built from day one for international businesses – with a dedicated account manager, tools for managing FX risk, and a flat, rather than percentage-based, fee model. What to check about account details. For some payment platforms, the country where a company is registered directly determines which account details a client receives: for example, a company registered in one EU country may end up with an IBAN carrying a different country code than its jurisdiction of registration. That’s not a problem in itself, but it’s worth checking in advance whether counterparties and partners accept that account format. Who it suits. Businesses with large transaction volumes or a complex currency structure that need dedicated support and predictable (rather than volume-scaled) service costs, rather than a mass-market product.Comparison Table: Revolut Business vs Wise Business at a Glance
| Wise Business | Revolut Business | Traditional Bank / Specialized Provider | |
| Core focus | Low-cost international transfers and conversion | All-in-one financial platform | Dedicated support, FX risk management |
| Currencies supported | 40+ | 25+ | Depends on provider (often 25+) |
| Exchange rate | Mid-market (no markup) | Includes a markup (varies by plan) | Depends on the provider agreement |
| Fee model | Per-transaction fee, from 0.33-0.41% | Monthly plan fee + fee-free limits | Often flat, regardless of volume |
| Regulatory status | Electronic Money Institution (EMI) | UK banking licence (since 2026) and Lithuanian licence; some products still under EMI | Banking licence or EMI, depending on the provider |
| Fund protection | Safeguarding, no government deposit guarantee | Government deposit guarantee where a banking licence applies | Depends on the specific provider’s licence |
| Extra tools | Minimal, focused on transfers | Cards, automation, investing, crypto (on some plans) | Dedicated account manager, FX hedging |
What to Choose Depending on Business Type
Freelancers and small international businesses with occasional transfers. If the main need is cheap, transparent currency conversion and transfers between a few currencies, Wise’s per-transaction pricing with no monthly fee usually works out cheaper than a typical business bank account for freelancers built around monthly subscriptions. This fits naturally alongside the broader question of investing abroad without unnecessary restrictions, where the same preference for transparent, low-friction infrastructure applies. A team that needs cards, expense automation, and permission management. Here, Revolut Business’s broader feature set – corporate cards with spend controls, integrations, and financial process automation – covers more needs in one place, even if that means a monthly plan fee. A business with large volumes or regular FX exposure. As transaction volumes grow, a flat fee from a provider specializing in B2B payments, along with dedicated FX risk management support, often works out cheaper than a percentage-based fee model that scales with volume. This is usually where the search for the best business account for international payments shifts away from mass-market apps toward a dedicated provider. Reliability considerations for large account balances. If a business plans to hold significant sums in an account over time rather than just process transactions, it’s worth checking separately whether funds are covered by a government deposit guarantee scheme in the relevant jurisdiction, or only segregated as client funds under EMI regulation – these represent fundamentally different levels of protection if the provider runs into trouble. This is the same kind of diligence that applies when preparing proof of funds documentation for a business account – transparency around structure and documents is always easier when it’s built in from the start. A company at the stage of registering in a new jurisdiction. The choice of a payment solution often comes right after structuring a business in a new country – and it’s worth checking bank or platform requirements against the jurisdiction of registration in advance, since some providers only work with companies registered in specific countries. The practical next step after choosing a jurisdiction is opening a corporate IBAN account, where requirements vary significantly depending on the business’s profile and risk level.Key Numbers and Terms
Key numbers- 40+ currencies – Wise Business support, with full local account details in 9 of them
- 25+ currencies – Revolut Business support
- From 0.33-0.41% – typical Wise conversion fee
- 11 March 2026 – the date Revolut Bank UK Ltd received its full banking licence from the PRA
- €100,000 – the deposit protection limit under the Lithuanian deposit guarantee scheme (Revolut EU)
- Multi-currency account – an account that allows holding and transacting in several currencies from a single account
- EMI (Electronic Money Institution) – an entity that holds customer funds separately from its own but is not a bank in the traditional sense
- Safeguarding – the mechanism by which customer funds are held separately from a provider’s operating capital
- Deposit guarantee scheme (DGS/FSCS) – a government mechanism compensating depositors if a bank fails, applying only to banking licences, not to EMIs
- Mid-market rate – the midpoint between the buy and sell exchange rate, with no provider markup added
Sources
BusinessComparison – Wise vs Revolut: business bank account comparison
Wise – Revolut vs Wise (official Wise comparison)
Digital.Finance – Wise vs Revolut (2026): Which Is Better for International Money?
Neobanks.guide – Is Wise Safe in 2026? E-Money Safeguarding Explained
iBanFirst Blog – Wise Business vs Revolut Business: 2026 comparison
CoinLaw – Revolut vs Wise Statistics 2026: By the Numbers
This article is for general informational purposes only and does not constitute financial advice. Provider fees, licensing status, and terms of service change over time – before choosing a solution, verify current terms directly on providers’ websites and with the relevant regulatory registers.
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FAQ
What's the main difference between Wise Business and Revolut Business?
Wise focuses on cheap, transparent international transfers at the real exchange rate, charging a fee per transaction with no monthly cost. Revolut offers a broader platform with cards, automation, and additional financial tools, typically for a fixed monthly fee depending on the plan.
Is it safe to hold business funds in a Wise or Revolut account?
Both providers are regulated by financial authorities in their jurisdictions, and customer funds are held separately from the company’s own capital. The difference is whether funds are covered by a government deposit guarantee scheme (as with Revolut’s banking-licensed products) or only protected through segregation without a government guarantee (as with Wise and some Revolut products still under its EMI licence). For significant long-term balances, it’s worth confirming the specific protection status that applies to your account.
Can Wise or Revolut be used as a company's primary bank account?
Technically yes – both provide account details, cards, and the ability to run regular transactions. But since neither is a full bank in every jurisdiction simultaneously, it’s worth checking in advance whether specific counterparties, tax authorities, or partner banks accept account details of this type.
What's more cost-effective for a high-volume business - Wise, Revolut, or a traditional bank?
The percentage-based fee models of Wise and Revolut scale with transaction volume, so at large amounts, a flat fee from a specialized provider or bank can work out cheaper. This is also where a dedicated account manager and FX hedging tools – absent from mass-market products – start to make sense.
Does a business need a separate IBAN for every country it operates in?
Not always. A multi-currency account allows receiving payments in several currencies through one set of account details, or local details in selected countries. But some counterparties, particularly government bodies or large corporate clients, may require a genuinely local account in their own country – worth confirming in advance.
