What's a multi-currency account? Your guide to currency accounts in the UK

If you regularly deal with foreign currencies, you probably already know that using a standard account for international transactions is often expensive and inefficient.

The modern answer to this challenge is a multi-currency account. It's the more flexible version of a foreign currency account. You can hold money in different currencies at the same time, and you can exchange it whenever you want. Where traditional financial institutions often complicated foreign money management in the past with separate accounts and high fees, our modern approach brings everything into one intuitive app.

What's a multi-currency account?

At its heart, a multi-currency account is an advanced personal or business account that allows the customer to have separate, dedicated balances for multiple global currencies.

It’s an integrated system where your primary account in GBP sits alongside sub-accounts in USD, EUR, JPY, and others. These balances are all managed under one roof for a seamless experience. With us, you can hold and manage 36 currencies in-app.

The power to hold and spend multiple currencies in one account

The multi-currency capability means you can skip the friction involved with converting currency every time you travel or make an online purchase from abroad. Here's how it works:

• Convert and hold: exchange your GBP for another currency (e.g. euros) when the rate looks favourable, and keep that currency balance until you need to spend it¹
• Spend locally: use a single debit card that automatically deducts money from your euro balance when you’re in Europe, and your USD balance when you’re in the USA²
• Receive: accept payments from overseas clients or family in the correct currency without forced conversion to GBP

A debit card linked to your currency account

For most people, the most valuable feature of a multi-currency account is the linked debit card. A smart, linked card removes the hassle of converting cash or paying conversion fees every time you tap it abroad.

With us, your debit card works by default as a travel money card, making it simple to pay in 150+ currencies when travelling.² It automatically spends from the right foreign currency balance, if you have it, letting you use your money exactly like a local. This instant access and smart system is what makes modern currency accounts so flexible for everyday use.

Real-world uses for your multi-currency account

A multi-currency account is a must-have for today's globe-trotters. It solves financial challenges that traditional single-currency accounts simply can't handle.

Optimising currency conversion and exchange rates

One of the biggest benefits of a multi-currency account is that you can choose when you exchange your money. This is often called locking in an exchange rate.

If you're planning a large purchase or a holiday in 3 months and the exchange rate between the GBP and the foreign currency is currently favourable, you can convert your money now and hold it in your foreign currency balance until you need it. With us, you can always check the live exchange rate in-app.¹

Doing this protects you from exchange rate volatility. If the pound falls, it doesn't matter because you've already converted to the foreign currency. You're in control, not the market at the time you travel.

Spending in the local currency while abroad

Instead of relying on a traditional UK card that converts every transaction at a potentially poor rate and adds a foreign transaction fee, a multi-currency account allows for:

• spending without additional fees: you use your card to spend directly from your held currency balance, avoiding transaction fees entirely in many cases²
• better budgeting: you know exactly how much local currency you have to spend
• more convenience: you don't need to carry large amounts of cash or manage multiple physical cards

Managing international payments and freelance income

If you're earning, paying, or supporting family members internationally and you live in the UK, a multi-currency account offers speed and efficiency. Here's how:

• Receiving income: if you're a freelancer or a small business that receives payments from a US customer, you can provide them with USD account details linked to your current account. This prevents an automatic conversion to GBP, so you can choose if and when you want to convert it yourself.
• Sending support: sending money to family or friends overseas is often faster and involves fewer fees. At Revolut, we use direct, local payment rails where possible, making the transfer quicker and easier to follow than relying on the intermediary banking network used by traditional institutions.³

Converting, holding, and spending in one place

With us, you can manage multiple currencies in just a few taps in-app:

1. Add money: securely load your main GBP balance via a linked card or transfer.
2. Exchange: select the currency you need (e.g. USD) and instantly convert your money. You'll see the rate before you confirm the conversion.¹
3. Spend: use your debit card anywhere in the world. The card uses the money you have in the local currency. If you don't have enough in the local currency, it automatically converts the amount needed from your main balance, so you don't have to worry about your transaction being declined.²

The cost of currency management

Understanding the fees and exchange rates associated with your multi-currency account is the key to maximising your savings.

Understanding exchange rates and weekend charges

When you convert currency, you need to be aware of 3 key factors:

• The real-time rate: this is the rate at which banks and large financial institutions trade currencies with each other. Modern providers aim to offer rates very close to this one, especially during weekday market hours. Want to compare providers? Explore the best exchange rates.
• Fees and markups: these are costs added by the provider. While we generally offer competitive exchange rates, it’s important to know when certain limits or fees apply, depending on the plan you've chosen. With us, you always see exchange rates and any fees before you convert.
• Weekend markups: the currency exchange market typically closes on Friday evenings and re-opens on Monday mornings. During this closed period, providers must protect themselves from the effects of changing rates. For this reason, many providers apply a small markup to the exchange rate for transactions and exchanges made at the weekend. With us, the weekend fees depend on your plan — Premium, Metal, and Ultra customers don't pay anything extra for weekend currency exchanges.¹

Can I get a multi-currency account for free?

Yes, you can. We offer a Standard plan that costs nothing to sign up to. This gives you full access to multi-currency account features, including the ability to hold 36 currencies.

• No monthly subscription: you don't pay anything to keep your account open on our Standard plan.
• Fair usage exchange limits: you have a fee-free limit for currency exchange each month, based on your plan. Once you exceed this limit, a small percentage fee is applied to further exchanges.¹
• Transfer fees: while transfers to other Revolut customers are instant and free no matter where in the world either of you are, sending money to non-Revolut accounts internationally may incur a fee, depending on the destination, the amount, and your plan.³

How to create a multi-currency account

Our goal is to remove the complexity and high costs associated with traditional international financial services.

With in-app currency exchange, instant switching between your held currencies, budgeting tools, and real-time notifications, you've got full control over your money.

Here's how you can get started:

1. Download the app: get Revolut on the App Store or Google Play.
2. Sign up: follow the simple on-screen instructions to create your account in minutes. You'll need to provide some personal details and verify your identity.
3. Choose a plan: select the plan that best fits your needs.
4. Add money: once your account is active, you can securely add money from another account or debit card.
5. Exchange currency: Tap Exchange in the app to instantly convert your GBP into any of the supported foreign currencies, giving you a functional currency account ready for global spending and transferring.

There are no mandatory credit checks simply to open an account, and you won't need to visit a branch. Once verified, you can start using the virtual card and currency exchange features immediately while waiting for your physical card to arrive.²

The information provided is accurate as of 22 October 2025.

¹Fair usage limits and weekend fees may apply. T&Cs apply.

²18+, T&Cs apply.

³Exchange fees, remittance fees, fair usage limits, and T&Cs apply.