Multi-currency accounts make finance management super easy. The way they streamline financial activities is by allowing individuals and businesses to hold, send, and receive funds in various currencies, all with a single account.

As a resident living in the UK, owning a multi-currency account that allows for transactions in currencies like GBP, USD, EUR, and NGN helps to eliminate the need for multiple accounts across different financial institutions. It also makes your international transactions simpler and helps to reduce currency exchange fees. 

If you regularly deal with foreign currencies or travel a lot, multi-currency accounts mean that you can easily make cash withdrawals overseas, pay your international suppliers and receive payments from your clients.

There are many financial institutions that offer multicurrency accounts to their customers, which we’ll look into shortly.  First, let’s discuss what multi-currency accounts are and why you should consider owning one.  

What is a Multi-currency bank account?

A multi-currency account, or a foreign currency account, is an account that allows individuals and businesses to hold, send, and receive funds in various currencies from a single account.

While traditional bank accounts only hold and transact with the local currency, multi-currency accounts make international transactions easy by allowing users to manage multiple currencies while avoiding the fees associated with currency exchange through traditional banks.

Benefits of multi-currency accounts

• Cost-Effective: Multi-currency accounts are cost-effective when compared to traditional foreign currency accounts and have low or no exchange fees.
• Easier Management Effort: They are easier to manage and require less administrative effort than traditional bank accounts.
• Trading Advantages: They provide trading advantages to suppliers and customers and remove the potential costs that come with trading in local currencies.
• Faster Account Set-up: Opening a multi-currency account can be faster than opening several foreign currency accounts.
• Convenience and Ease: International financial management is easier and more convenient for those who use multi-currency accounts, especially if they travel regularly or live abroad.

Can one UK bank account hold GBP, USD, EUR & NGN?

Finding a bank account that can hold GBP, USD, EUR, and NGN may not be possible with traditional UK banks. However, there are options that do this efficiently.

Now, this is not to say that all UK Banks don’t have options for multi-currency accounts. Some exceptions exist.

Some UK banks like NatWest offer a Cash Management Account that can hold most major currencies, including GBP, USD, and EUR. It’s just less common to find traditional banks that include NGN as one of their currencies.

Other banks like Barclays offer multiple foreign currency accounts in different currencies and manage them online. Many people go with this option as an alternative to a single multi-currency account.

Fintech companies like OhentPay, Revolut and Wise offer multi-currency accounts with a wider range of currency support than traditional banks. These platforms may provide options for holding NGN along with GBP, USD, and EUR.

Other alternative options include:

• Special multi-currency accounts from companies like Statrys and MultiPass that offer broader currency support.
• International banks like HSBC that can accommodate a wider array of currencies.
• Foreign currency accounts that allow you to deposit foreign currencies into a UK bank account.

Best UK banks & fintech providers for multi-currency accounts.

• Traditional UK banks:
  • Barclays offers multi-currency accounts for both personal (12 currencies) and business customers (over 100 currencies), but you need to first open a GBP account.
  • HSBC allows you to open and manage foreign currency accounts in 14 currencies.
  • Lloyds has foreign currency accounts for GBP, EUR, and USD, but a separate account is needed for each currency.
  • NatWest has its Cash Management Account with international options.

With most traditional banks, you may first need to open a business current account in GBP. They may have strict eligibility criteria, which may include a certain range of annual turnover or minimum balance.

• Fintech platforms: 
  • OhentPay offers multi-currency accounts that allow users to manage and transact in various currencies. Currencies may include GBP, USD, EUR, CHF, NGN, and over 40 other currencies. You can also send, receive, and hold money across more than 190 countries.
  • Wise business accounts allow you to make payments in international currencies. You can send money to over 160 countries, hold currencies in your account, and receive money in other currencies.
  • Revolut business accounts let you hold currencies and spend in  over 150 currencies.
  • Starling Bank: Starling Bank provides multi-currency accounts for businesses. They offer the option to manage multiple currencies from a single debit card. 

The most common feature/benefit of fintech platforms is that they generally offer lower fees and better exchange rates than traditional banks.

Benefits of holding multiple currencies in one account.

• Multi-currency accounts have less exchange rate fluctuations and remove the risks of currency volatility. 
• It simplifies international transactions by making it easy to make and receive payments in local currencies without the need for conversions.
• It reduces transaction costs and has more competitive exchange rates than traditional bank accounts.
• It improves international supplier relationships and enhances customer experience for business owners since products and services are offered in their local currencies. 
• It plays a huge part in business global expansion by taking your business global without any extra banking paperwork.

How to open a multi-currency bank account in the UK.

Choose the right provider.

The first step is to decide between a traditional bank, a digital bank, or a specialist online provider based on your needs. Consider factors such as fees, supported currencies, and account features.

Meet eligibility criteria

Traditional banks may need you to have a GBP account first. Some banks may also have specific requirements related to income, wealth, or business turnover.

Complete the application process 

Register for your account online, through the provider's app, or in a branch location with your personal and contact information. You may also need to provide personal documents and business registration documents.

Fund your account. 

Fund your account as soon as it’s open. Now, you can receive payments with local account details in multiple currencies, hold and exchange 40+ currencies, and send money quickly to accounts in 160+ countries.

Challenges & considerations of multi-currency accounts

• Potential account maintenance fees: Some multi-currency accounts may impose even higher fees compared to traditional bank accounts. To avoid this, it's important to research thoroughly research and compare fees before opening an account.
• Currency conversion fees and exchange rate risks: Sometimes, multi-currency accounts do not totally eliminate the risk of exchange rate fluctuations. The exchange rate should be carefully monitored to ensure that the balances in one currency do not lose value against another.
• Complexity in management: Keeping track of fluctuating exchange rates for multiple currencies can be time-consuming and complex.
• Limited access to banking services: Though the services may vary between financial institutions, multi-currency accounts may not offer the same range of banking services as traditional accounts, such as overdraft facilities or credit lines.
• Account limits: There might be certain restrictions in multi-currency accounts that might not apply to single-currency options, like transaction limits or maximum balance caps for particular currencies.
• Security measures: There might be safety and security concerns, so it’s best to prioritize the security of your funds and investigate how the provider safeguards your capital.

The final answer? Yes, it’s possible to hold GBP, USD, EUR & NGN in one UK bank account.

Even when it’s not possible to do so with one account, many financial institutions have found ways to allow their customers to perform transactions in multiple currencies.

Managing multiple currencies in a single account can save you time and money, whether you’re a freelancer, business owner, or frequent international traveler. 

With OhentPay, you get a seamless, secure, and cost-effective way to manage your money across over 40+ currencies and 190+ countries. You also get real exchange rates, low fees, and fast transactions for easier international payments.

Sign up with OhentPay now and start sending and receiving money globally—quickly, securely, and at the best rates.