What is a Multi-Currency IBAN & How to Get One

Managing international payments in multiple currencies is a challenge most small businesses aren’t equipped for. Multi-currency international bank account numbers (IBANs) are essential for long-term success in this area. This article explains what they are and why they’re important.

Some key takeaways:

• Multi-currency IBANs allow businesses to receive payments in multiple currencies without opening separate bank accounts in each country they do business in.
• IBANs simplify international transactions and reduce administrative overhead for global businesses looking to expand their operations.
• Modern fintech providers, like Wise Business, offer competitive exchange rates and low fees.

With global ecommerce sales expected to reach $6.86 trillion in 2025, an 8.37% increase from 2024, understanding IBANs is critical for businesses seeking international growth. Knowing how they work will help you with any plans your company has for global expansion.

What is a Multi-Currency IBAN?

An account with a multi-currency IBAN (International Bank Account Number) is a single account that provides local banking details for international transactions in multiple countries and currencies. Using a multi-currency IBAN gives you the ability to receive, hold, and send payments in different currencies, depending on your banking provider.

An IBAN gives your company a virtual presence in multiple banks. A multi-currency IBAN lets you conduct business in each of them using their local currency. That’s big for companies that need to cross borders with goods and services. The paperwork reduction alone is a huge timesaver that could translate into higher profitability.

Standard IBANs were designed to facilitate international transactions across European countries sharing a common currency (the Euro). As global markets expanded, the need for foreign currency IBAN accounts has grown. Today, European companies with multicurrency accounts can process transactions in EUR, GBP, USD, and others.

How Do Multi-Currency IBANs Work?

Multi-currency IBANs are fintech tools. They were created to facilitate partnerships between fintech platforms and international banks. That means you’re accessing a network of bank relationships when you open a multi-currency IBAN account. The fintech company handles the back-end mechanics. The bank processes the transactions.

Using this system reduces administrative expenses and provides an internal currency exchange engine. Funds are deposited or withdrawn from a single IBAN account, then distributed to partner banks. The piece in the middle, the currency exchange, is where advanced financial technology comes in handy. Fintech platforms streamline the exchange process.

Payment processing times are significantly faster with multicurrency IBAN accounts because customers are making local transfers rather than slow-moving international wires. For instance, 99% of SEPA (Single Euro Payments Area) Instant Credit Transfers are completed within five seconds, compared to the several days that traditional international wire transfers can take.²

What is the Difference Between a Regular IBAN and a Multi-Currency IBAN?

A regular IBAN is tied to a specific bank account in the country where the account is opened. It can only be used for business transactions in that nation’s currency. For example, an IBAN with a German business bank could process Euros, but not US dollars. Your company would need to open a separate business bank account in the United States for those.

Multicurrency IBANs eliminate this obstacle. They’re set up with the fintech company, not the bank, essentially making them the “middlemen” for international transactions. Fortunately, their fees aren’t what facilitators in other industries charge. The technology streamlines systems and processes for fintechs, so their fees are reasonable. Here are some other differences:

• Geographic flexibility: It’s pretty cool to get a local presence in multiple countries without all the regulatory complexity and inconvenience of opening accounts in each nation you do business in. Even better, you can make deposits and withdrawals from anywhere in the world. Traditional banks typically don’t offer that.

• Simplified management: Ask any business owner in the United States or Europe what their pain points are. They’ll agree that having to log into multiple platforms or applications is one of their biggest headaches. Multicurrency IBAN accounts can be managed with one login, statement, and relationship to maintain.

• Cost efficiency: Traditional international wire transfers can cost $25 to $50 per transaction, while local transfers through multi-currency IBANs typically cost a fraction of that amount. That adds up over months and years of international transactions. And don’t forget the currency exchange IBAN can do at a fraction of your normal cost.

• Speed advantages: Standard SEPA transfers are completed within one to two working days (24 to 48 business hours), while international wires can take significantly longer. SEPA Instant Credit Transfers can be completed within five seconds. That type of speed can streamline operations and simplify cash flow management.

How Do I Open a Multi-Currency IBAN Account?

The application process for multi-currency IBANs has been streamlined by modern fintech providers, making it significantly easier than opening traditional international bank accounts. You can start the process by choosing a provider. Some providers focus on European markets, while others provide global coverage, including emerging markets.

Consider factors such as:

• Geographic coverage that matches your customer base
• Competitive exchange rates and transparent fee structures
• Integration capabilities with your existing accounting software
• Regulatory compliance and deposit protection schemes
• Customer support quality and availability

Application Process

Most reputable providers can get you set up within days rather than the weeks or months required for traditional international banking. The typical process involves:

1. Business verification: Providing incorporation documents, proof of business address, and beneficial ownership information
2. Compliance checks: Standard anti-money laundering (AML) and Know Your Customer (KYC) procedures
3. Account setup: Choosing which currencies and local banking details you need
4. Integration: Connecting your new account to existing business systems

The documentation requirements are generally less demanding than traditional banking as you can often provide everything online, though you'll still need to provide standard business documentation and undergo compliance screening.

What are the Fees Associated with Multi-Currency IBANs?

Understanding the cost structure is crucial for making informed decisions about multi-currency banking solutions. If you don’t know what you’re paying, you may not be saving any money. The fee landscape varies significantly between providers, but common elements include:

• Account maintenance fees: Some providers charge monthly or annual fees, while others charge by the transaction. Monthly fees typically range from $0 to $50, depending on the service level and features included.

• Transaction fees: Providers typically charge percentage-based fees ranging from 0.35% to 0.6% for currency conversions. That’s significantly lower than the fees you’ll see at traditional banks, credit unions, or even online digital banks.

• Currency exchange spreads: This is where costs can add up quickly. Banks often charge above the mid-market exchange rate, while modern fintech providers can offer much more competitive rates.

Managing Currency Exchange

Smart currency management directly impacts your bottom line. Consider these strategies:

• Timing exchanges: Monitor exchange rates and convert currencies when rates are favorable, rather than automatically exchanging every payment

• Natural hedging: If you have expenses in the same currencies as your revenue, consider paying suppliers directly in foreign currencies

• Hold multiple currencies: Wise allows you to hold balances in 40+ different currencies, giving you flexibility around when and how you exchange funds

The Easy Way to Manage Business Finances in Multiple Currencies

Using the right tools is important when conducting business internationally. Unfortunately, most global banking solutions don’t provide those for you. Wise Business offers a comprehensive multi-currency IBAN solution designed for modern international business. You can obtain Euro and Turkish Lira IBAN details to receive payments without hassle. Simply open an account online for free, and pay a one-time fee to get IBAN and account details for multiple currenices.

Open a Wise Business account online

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to countries.

Visit the Wise Business website to learn more or open a multicurrency IBAN account today. Our process is simple, and our support team is available to assist you if you have questions.

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

	Author:
	Kevin D. Flynn is a retired financial professional, business coach, and financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

Sources:

1. 51 ECommerce Statistics In 2025 (Global And U.S. Data) | SellersCommerce
2. SEPA transfers explained: What businesses need to know