Multi-currency account
aka foreign currency account, multi-currency wallet
A business account that holds balances in multiple currencies simultaneously, allowing Irish SMEs to receive, hold, and pay in USD, GBP, EUR and other currencies without converting each time.
Last reviewed May 2026
Definition
A multi-currency account lets a business hold separate currency balances - for example, EUR, USD, GBP, and AUD - in a single account structure without converting funds on receipt. The business receives USD from a US client into its USD wallet, pays a UK supplier in GBP from its GBP wallet, and holds both alongside its EUR operating balance. Conversion only happens when the business explicitly exchanges one currency to another, which allows it to time FX conversions strategically rather than converting at the prevailing spot rate every time a cross-border payment arrives. For Irish SMEs, the practical benefit is cost reduction and simplification. A software agency billing US clients in USD can hold USD receipts until the rate is favourable, then convert in bulk rather than paying FX conversion fees on every individual invoice payment. A retail business buying from UK suppliers post-Brexit can hold a GBP wallet and fund UK orders directly from sterling receipts without double-converting through EUR. In the Irish fintech landscape, Revolut Business and Wise Business both offer multi-currency accounts as core features. Revolut Business holds 25-plus currencies with interbank-rate conversions; Wise Business holds 40-plus currencies with near-mid-market rates. Both issue local account details (sort code for GBP, routing number for USD) so overseas clients can pay as if sending a domestic transfer. Traditional Irish banks (AIB, Bank of Ireland) do not offer equivalent multi-currency wallet structures for SMEs - foreign currency payments settle to the EUR current account with the bank's own FX margin applied.
Why it matters for software choice
If your Irish business invoices overseas clients, pays non-eurozone suppliers, or holds reserves in a second currency, a multi-currency account reduces FX costs and eliminates double-conversion friction. The platform choice (Revolut vs Wise) turns on whether your primary requirement is depth of currency coverage and FX rate quality (Wise) or integrated Irish banking with SEPA Instant and an Irish IBAN alongside multi-currency capability (Revolut).
Authority sources
- Wise: Multi-currency account for business (wise.com)
- European Payments Council: SEPA and currency scope (www.europeanpaymentscouncil.eu)
Software categories this affects
Vendors covered by this term
Revolut Business
EU-licensed business banking with Irish IBANs, SEPA Instant, and multi-currency accounts
Wise Business
Multi-currency business account with mid-market FX rates and EU IBAN for Irish SMEs
Related terms
FX margin
The markup a bank or fintech platform charges above the interbank mid-market exchange rate when converting currencies. A 2% FX margin on a USD 10,000 payment costs the Irish business EUR 200 compared to converting at the mid-market rate.
Irish IBAN
International Bank Account Number issued by Irish-based banks. 22 characters starting with IE, includes a 6-digit sort code and 8-digit account number. Required for SEPA payments.
SEPA Credit Transfer
Standard EUR-denominated bulk payment scheme used to pay suppliers, salaries and Revenue liabilities from Irish business bank accounts. Settlement within one business day across SEPA.
Neobank
A digital-first, app-led account provider with no physical branches. Some hold full credit-institution licences; many operate as Electronic Money Institutions (EMIs) or under EU passporting rather than Irish bank authorisation.