Business banking for importers and exporters: multi currency accounts and trade finance

Snapshot

Importers and exporters usually need a business account that handles multiple currencies, international payments and, for larger trade, instruments such as letters of credit. Banks and payments providers differ in which of these they offer, so the right setup depends on your trade volume and markets.

Core need: Multi currency accounts and international payments.
For larger trade: Trade finance such as letters of credit.
Who offers trade finance: Mainly established banks, not most neobanks.
Biggest factor: Your trade volume, currencies and counterparties.

Fees and features as of 4 June 2026Last reviewed 4 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

If your business imports or exports, you typically need to hold and move several currencies, send and receive international payments at a fair cost, and sometimes use trade finance instruments such as letters of credit. As of 4 June 2026, multi currency accounts and low cost foreign exchange are widely offered by payments providers and some neobanks, while traditional banks remain the main source of trade finance instruments. Match the provider to your trade volume and markets.

What importers and exporters need from an account

Cross border trade adds requirements that a domestic only account may not meet.

Holding multiple currencies so you can pay and get paid without converting every time.
Local account details in key markets to collect as a local.
Competitive foreign exchange and clear conversion fees.
Fast and reliable international payments.
For larger trade, instruments such as letters of credit and import financing.

Multi currency accounts and foreign exchange

Payments providers and some neobanks let you hold several currencies and use local account details, so you collect and pay as a local. This often carries lower conversion costs than a traditional bank. Rates and fees vary and change, so verify the current terms with the provider before relying on them. Information as of 4 June 2026.

Trade finance instruments

For larger international trade, instruments such as letters of credit reduce the risk that a buyer or seller does not pay or deliver. By one industry estimate, letters of credit are expected to remain the largest single category of trade finance, accounting for roughly a third of the global trade finance market in 2026. These instruments are generally provided by established banks rather than most neobanks. Confirm availability and terms with the provider.

Compare business account options

The best fit depends on whether you mainly need multi currency payments or also trade finance. Browse the provider reviews to compare currency support and fees, then confirm current terms before applying. Shown as of 4 June 2026.

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Common questions

What account do importers and exporters need?

Usually a business account that holds multiple currencies, sends and receives international payments, and for larger trade offers instruments such as letters of credit. The right mix depends on your trade volume and markets.

Are neobanks good for international trade?

Many neobanks and payments providers offer strong multi currency and foreign exchange features, but most do not offer trade finance instruments such as letters of credit. For those, established banks are usually the main source. Information as of 4 June 2026.

What is a letter of credit?

A letter of credit is a bank backed undertaking that helps ensure a seller is paid and a buyer receives goods on agreed terms. It is commonly used to reduce risk in international trade. Confirm availability and terms with the provider.

How can I reduce foreign exchange costs on trade payments?

Holding the currencies you trade in, using local account details where available, and comparing conversion fees across providers can reduce costs. Rates and fees change, so verify current terms with the provider. Information as of 4 June 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 4 June 2026. Confirm current terms with the provider before applying.