Bank account for start-up to handle foreign currency transactions

[Overlander Matt]

I've just set up a limited company that will sell services and products worldwide to universities and research institutes. I would expect to invoice approximately 5-10 customers per month once established. Accepting payment in GBP, EUR and USD would be helpful at first - but perhaps more currencies would give me an advantage over the competition. Is any old business bank account going to let me do this or do I need to look at one that is specifically helpful to a business operating more internationally? Any suggestions or comments would be much appreciated - I have very limited experience of this field.

 

[Michael Riedler]

Hi Matt, we at Telleroo are using Transferwise this allows you to set up FX accounts on the fly and you can exchange money at very cheap rates. They call this product: Borderless Accounts

 

[Mr D]

We used a currency account - www.worldfirst.com

Then payments sent to our bank account whenever we wished and exchange rate suited us.

 

[Overlander Matt]

Thanks for the responses. I've got to visit some high street banks and can compare their rates with TransferWise and World First. That should be interesting!

 

[dotcomdude]

+1 for TransferWise.

As soon as you start comparing rates with the banks, your decision will be made!