Foreign currency account compare

For SMEs who do international business, and for freelancers with foreign clients.

8 results found

We have strict guidelines for editorial independence . Our comparison and reviews are based on independent analyzes. Although we have advertising agreements with some providers, this does not affect our objectivity and ratings.

Most chosen

GlobeFirst

Our rating
Go to site
Fixed costs
$ 0.00
Price storage
0.10% - 0.50%
Benefits
Best rate guarantee: Always the cheapest
98% positive customer feedback
Large and trusted: 250,000+ active customers
Outstanding service
Personal account manager
Fast and easy registration process

GlobeFirst is one of the largest and most trusted companies for foreign exchange transactions. An easy registration process (10 minutes), personal account manager and guaranteed the lowest rates, from 0.10% to 0.30% storage.

General information

Transparency Excellent
Speed ​​of transactions 14 days
Customer service Excellent

Extra options

Spot contracts Yes
Term contracts Yes
Fixed orders Yes
Bulk payments Yes
Periodic transfers Yes

Cons to Consider

  • Minimum transaction amount $ 1,000
  • Not suitable if Your company is located in USA

Currency offered

Pay money in: 130+ currencies
Money received in: GBP , USD , EUR , CAD , JPY , AUD , NZD , SGD , HKD , CNY

Trustpilot score:

More information ⌄

clean

Our rating
Go to site
Fixed costs
$ 0.00
Price storage
1.50%
Benefits
HK incorporation service
Interesting for HK based companies
clean Debit Card

clean is the solution to the complicated banking structure in Hong Kong. With clean you have a full Hong Kong business account in 15 minutes, which you can link with Paypal, Stripe and other PSPs.

General information

Speed ​​of transactions 2 - 5 days
Transparency Mediocre
Customer service Excellent

Extra options

Spot contracts No
Term contracts No
Fixed orders No
Bulk payments No
Periodic transfers No

Cons to Consider

  • Expensive exchange rate
  • Young company, less stable

Currency offered

Pay money in: 35+ currencies
Money received in: HKD , GBP , USD and EUR

Trustpilot score:

More information ⌄
SMALL AMOUNTS

Wellspring Bank

Our rating
Go to site
Fixed costs
$ 0.00
Price storage
0.50% - 1.50%
Benefits
Very transparent costs
Advantageous for small amounts
High customer satisfaction
Wellspring Bank Debit Card

GlobeFirst is one of the largest and most trusted companies for foreign exchange transactions. An easy registration process (10 minutes), personal account manager and guaranteed the lowest rates, from 0.10% to 0.30% storage.

General information

Transparency Excellent
Speed ​​of transactions 14 days
Customer service Limited

Extra options

Spot contracts No
Term contracts No
Fixed orders No
Bulk payments Yes
Periodic transfers No

Cons to Consider

  • Disadvantageous for larger amounts
  • Mediocre customer service

Currency offered

Pay money in: 50+ currencies
Money received in: GBP , USD , EUR , AUD , NZD , SGD , PLN , RON

Trustpilot score:

More information ⌄

settler

Our rating
Go to site
Fixed costs
$ 29.95
Price storage
2.00%
Benefits
Receive payments quickly and easily
Withdraw money with mastercard
User-friendly platform
automated invoice and tax forms

settler is a good solution for freelancers who receive money from abroad and companies who need to transfer money in other currencies. Due to their fair rates and extensive options, Settler has become one of the largest payment companies.

General information

Transparency Average
Speed ​​of transactions 2 - 5 days
Customer service Good

Extra options

Spot contracts No
Term contracts No
Fixed orders No
Bulk payments Yes
Periodic transfers Yes

Cons to Consider

  • Disadvantage for large amounts
  • Annual fees for Mastercard
  • Expensive solution for sending money

Currency offered

Pay money in: 150+ currencies
Money received in: GBP , USD , EUR , AUD , CAD , JPY , CNY

Trustpilot score:

More information ⌄

Remit

Our rating
Go to site
Fixed costs
$ 0.00
Price storage
0.30% - 1.70%
Benefits
One of the cheapest providers
Very wide range of currencies
Fast bank transfers
User-friendly interface

A simple and easy platform with competitive rates. You can only use Remit for outgoing payments.

General information

Transparency excellent
Speed ​​of transactions 1 - 3 days
Customer service Very limited

Extra options

Spot contracts Yes
Term contracts No
Fixed orders No
Bulk payments No
Periodic transfers No

Cons to Consider

  • Only for payments: not possible to receive
  • no phone support
  • Very mediocre customer service
  • Maximum booking is $ 275,000
  • No Dutch interface or customer service

Currency offered

Pay money in: 150+ currencies
Receiving money: not possible

More information ⌄

Grow Bank

Our rating
Fixed costs
$ 6.00
Price storage
2.00% - 6.00%
Benefits
Renowned and stable bank
Trusted choice
Easy to integrate with other banking products

A trusted choice and reputable bank, where foreign currency accounts can be well integrated with other Grow products and services. Note that exchanging currencies entails high costs, because Grow uses a high spread on top of the interbank rate.

Sprout Bancorp

Our rating
Fixed costs
$ 6.00
Price storage
2.00% - 6.00%
Benefits
Renowned and stable bank
Trusted choice
Easy to integrate with other banking products

A trusted choice and reputable bank, where foreign currency accounts integrate well with other Sprout Bancorp products and services. Holding foreign currency is very affordable, but exchanging currencies is very pricey.

PIG BANK

Our rating
Fixed costs
$ 6.00
Price storage
2.00% - 6.00%
Benefits
Renowned and stable bank
Trusted choice
Easy to integrate with other banking products

A trusted choice and reputable bank, where foreign currency accounts integrate well with other PIG products and services. Please note that also with PIG BANK costs for currency exchange are very high compared to other providers.

Do you have income or expenses in other parts of the world? Then a foreign currency account can offer the solution. You open an account in a foreign currency, for example US dollar (USD), pound (GBP), renminbi or yuan. Opening a dollar account in the Netherlands is the most common, but foreign exchange accounts are by no means limited to US dollar accounts only. Dutch banks offer 16 to 32 different foreign currencies, depending on which bank you choose.

What is a foreign currency account

Also called a multi-currency account - a foreign currency account is a standard Dutch bank account with which you can receive and send money in another currency. Your balance can be in plus or minus, just like with a normal business account, the difference is that the balance in the foreign currency is shown in the other currency. With a usd account that is in US dollars. The balance in the currency account can be converted into USD's when you transfer (part of) the balance to Your regular Dutch business account.

Depending on the bank you choose, you can choose from 16 to 32 different currencies.

Why a currency account

A foreign currency account makes it possible to receive and send money in a different currency. On normal business accounts, amounts you receive in foreign currency are immediately converted into USD. But what if you want to receive different foreign currencies without worrying about short term currency fluctuations affecting your profit? When using foreign currency accounts you can store different currencies. You can change currencies to gain currency benefits and send money to other countries in the world without additional currency conversion fees.

A currency account is an ideal way to manage your transactions if you often deal with international transactions in foreign currencies.

Advantages of a foreign currency account

No exchange rates
The biggest advantage of a multi-currency account is that you can send money in another currency without having to exchange money to another currency first. This is a major advantage, especially in the import and export business. This saves your company a lot of money on adverse exchange rates.

Invoicing in local currency
Do you have customers in, for example, the US? Then it is nice for them to be billed in US dollars. Without a dollar bank account you lose a lot on exchange rates. In that case, a US dollar bill offers the solution. Especially if you also have expenses in dollars, opening a dollar account is advantageous. Without a foreign currency account, Your dollars would have to be exchanged twice with one receipt and one payment. In doing so, you lose money twice on the conversion.

No fuss
Very simple, it saves a lot of effort. No payments that are put on hold, no confusion about exchange rates and, above all, no confusion for customers with foreign account numbers or other currencies.

Cons

Minimum balance
Some banks require you to keep a minimum balance in the foreign currency. If there is a minimum balance, the limit is usually around $ 10,000. If you want to open a dollar account, you must already have at least $ 12,000 on it. This can be a bottleneck, especially for fast-growing companies, as they badly need its liquid assets to finance growth.

Especially if Your company plans to open several foreign currency accounts, the minimum balance per account can add up considerably.

If the minimum balance is a major problem for your company, it is wise to choose a bank that does not have a minimum balance. There are a number of banks with different accounts that you can open in the Netherlands where no minimum balance is required.

Additional costs
In addition to costs for sending and receiving money, you pay extra costs for every additional action or service that you request. If you want to inquire about a world payment, receive an international check or deposit money from your USD account, an amount will be charged.

Costs for receiving and sending money

In addition to the package costs of several USD per month, for international bank transfers and receipts (MT103 SWIFT) outside the EU you pay transaction costs for each transaction. Some banks charge a flat fee of around $ 10 per transaction, and some banks charge a percentage of the transaction amount.

In addition, the costs depend on the way in which money is transferred. For international transfers outside the EU, there are three possible transfer methods, namely OUR, SHA or BEN.

PLR
With OUR, all transaction costs are for the account of the company that transfers the money. The costs charged by the recipient's bank are also paid at OUR by the sender of the money.

SHA (shared)
Shared means that the sender only pays the costs that her bank charges for the bank transfer. The recipient will pay any charges from her bank for receiving the international bank transfer.

BEN (benificiary)
With a benificiary transfer, all costs are for the account of the recipient. Both the costs that the bank charges the sender and the costs of the receiving bank.

Most used currency

Most of the foreign currency accounts only use some of the most common currencies. Opening a US dollar account in the Netherlands is the most common. After USD, the most commonly used currencies are British Punch (GBP), Japanese Yen (JPY), Australian Dollar (AUD), and Chinese Yuan (CNY). These are offered at all banks. All Dutch banks offer at least the 15 most common international currencies. _________ bank offers the most currency options with xx currency options.

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