What is an international bank account?

If you regularly send, receive, or spend money across borders, managing multiple bank accounts can quickly become complicated. An international bank account can simplify things by letting you hold and manage different currencies in one place.

In this guide, we explain how these accounts work and when they might be useful.

What's an international bank account?

An international account is a financial tool designed to facilitate transactions across different countries and currencies. Unlike a regular domestic account, which usually operates in a single local currency like Great British pounds (GBP), an international account allows you to hold, send, and receive money in multiple currencies.

These accounts are often referred to as multi-currency accounts or global money accounts. They're especially useful for people who live between countries, work for international companies, or travel frequently. Instead of opening a new account in every country you live in or visit, a single international account can act as a central space for your global finances.

A core feature of these accounts is the International Bank Account Number (IBAN). This is a standardised international system used to identify accounts across borders. An IBAN helps make sure that payments from other countries are processed correctly. It includes a country code, check numbers, and an ID for the account.

How multi-currency accounts work

The mechanics of an international bank account differ from traditional banking. While a standard high-street account in the UK is built for local direct debits and sterling deposits, multi-currency accounts are designed for flexibility.

International accounts provide you with regional account details, such as specific BIC/SWIFT codes for the UK, US, and eurozone. This allows you to receive money like a local, no matter where you are, which often reduces the costs associated with international transfers.

With Revolut, you can switch between currency accounts in-app. If you receive euros from a client in France, that money stays in your euro Pocket. You can then choose to spend it using a debit card, send it to another person, or convert it into GBP when you're happy with the exchange rate.

Different international banking options

There are several ways to manage money globally. Choosing the right one depends on what you need, and whether you're moving permanently, travelling for a short period, or running a business.

Opening an account in another country

One option is to open a local bank account in the destination country. This is a common choice for people moving abroad for several years. It allows you to pay local bills and receive a salary without any conversion issues.

However, opening these accounts as a non-resident can be difficult. Many traditional banks require proof of a local address, which you might not have until you've already arrived.

Using a global money account

A global money account like ours is often a simpler alternative. These accounts are designed to be opened digitally and can support dozens of currencies simultaneously.

You get local account details without needing to visit physical branches or have residency in each country you visit or send money to and from.

Learn more about our multi-currency accounts.

Travel money cards

If you only need international features for a short holiday, a travel money card might be the best solution. These are often prepaid cards that you add money to before you leave. While convenient, they sometimes lack the functionality of a full account, such as the ability to receive payments or set up standing orders.

Check out our travel money cards.

Features and benefits of international banking

International accounts offer several advantages that traditional domestic accounts can't match. These features are designed to remove the friction of moving money between different economic zones. Here's what they have to offer:

• Currency diversification: holding money in different currencies can act as a natural hedge against volatility in a single currency market
• Reduced conversion costs: being able to receive and hold money in the original currency allows you to avoid unnecessary currency exchange fees
• Centralised management: you can view your entire balance across currencies in one app rather than logging into a different app for each currency
• Security and control: most international accounts like Revolut come with advanced security features, such as the ability to freeze cards instantly in-app or set spending limits for different countries or currencies

Why you might need an international bank account

The need for global banking is growing as more people adopt borderless lifestyles. Here are the most common scenarios where an international bank account becomes useful:

Expats and people living abroad

If you're from the UK but living in Spain, you likely have financial commitments in both countries. You might be paying a mortgage in the UK while receiving a salary in euros. An international account allows you to manage both without being penalised by high conversion fees every month.

Freelancers and remote workers

The rise of the 'digital nomad' has made multi-currency banking a necessity. If you're a freelancer based in London but your clients are in New York and Berlin, you need a way to get paid in both USD and EUR. An international account provides you with the necessary details to receive these payments easily.

International students

Students studying outside their home country often face high fees when parents send money for tuition or living expenses. A global money account can make these transfers cheaper and provide the student with a card they can use locally without foreign transaction fees.

Frequent travellers

If you travel for work or leisure multiple times a year, the costs of withdrawing cash or using a standard UK debit card abroad can quickly add up. An international account lets you spend like a local, using the balance you've already converted or held in that currency.

Understanding international account fees

While many international accounts offer great flexibility, they're not always free. It's important to have clarity on the potential costs so you can choose the most sensible option.

At Revolut, we believe in being upfront about these costs. You'll always see any fees for a transfer included before you hit Send.

Our Standard plan carries no monthly maintenance fees, and we provide a currency converter tool so you can check live rates before you commit to an exchange.

Fair usage limits and weekend fees may apply, depending on your plan.

Domestic vs international accounts

To help you decide which is right for you, here's a comparison of how these accounts typically differ in their functionality:

Potential challenges to consider

While international banking offers many benefits, there are some factors you should keep in mind to ensure a smooth experience.

Exchange rate volatility

Currency values change constantly. If you hold a large amount of money in a foreign currency, its value in GBP will fluctuate. This is a risk you should be aware of, especially if you plan to convert that money back later.

Weekend mark-ups

Some providers apply a mark-up on currency exchanges during the weekend when global markets are closed. This is done to protect against price fluctuations before markets reopen. It's usually best to plan your exchanges during the week if you want to get the best possible rate.

Compliance and verification

Because international banking involves moving money across borders, banks have strict security and 'know your customer' (KYC) requirements. You'll need to provide valid ID and sometimes proof of address to open an account. At Revolut, we've designed this process to be as easy as possible, allowing you to sign up in minutes using just your phone.

Managing your global money with Revolut

Revolut is built for the global citizen. Our multi-currency account is designed to give you total control over your money, no matter where you are in the world. With a Revolut account, you can hold and exchange more than 30 currencies in-app.

We also offer a range of plans to suit different lifestyles. Whether you want the simplicity of our Standard plan or the added benefits of our Premium or Metal plans (like higher ATM limits and travel insurance), we've got something for everyone.

Paid Plans T&Cs apply.

How to sign up for a Revolut account

Getting started with a multi-currency account is easy. Follow these steps to join millions of customers managing their money globally with us:

1. Download the app: find Revolut on the App Store or Google Play
2. Register your details: enter your phone number and follow the prompts to create your profile
3. Verify your identity: you'll need to take a quick photo of a valid ID (such as a passport or driving licence) and a selfie to keep your account secure
4. Select your plan: choose from our Standard, Plus, Premium, Metal, or Ultra plans depending on what you need
5. Add money: you can add money to your account via bank transfer or a debit card
6. Start spending: order your physical card and set up a virtual card to start spending in multiple currencies right away