Multi currency business accounts in Kenya: how they work

Snapshot

Businesses in Kenya can hold foreign currency through bank foreign currency accounts, most often in US dollars, euros, and British pounds, alongside the shilling account. Equity Bank states its current account can be operated in shillings, US dollars, euros, or pounds, and Co-operative Bank and Standard Chartered offer foreign currency accounts. A receiving service can hold several currencies in one place, with some feature limits for Kenya.

Common currencies: US dollars, euros, and British pounds
Bank option: Foreign currency current accounts
Service option: Receiving services, with feature limits
Home currency: Kenyan shilling (KES)

Features as of 29 October 2025Last reviewed 29 October 2025

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

As of 29 October 2025, a business in Kenya can hold foreign currency in two main ways. The first is a bank foreign currency account, most often in US dollars, euros, or British pounds, held alongside the shilling account. Equity Bank states its current account can be operated in shillings, US dollars, euros, or pounds, and Co-operative Bank and Standard Chartered offer foreign currency accounts. The second is a receiving service such as Wise or Payoneer, which can hold several currencies in one place, though card and feature availability for Kenya can be limited. Confirm currencies, eligibility, and pricing with the provider.

How multi currency banking works in Kenya

There is a difference between a multi currency wallet and a bank foreign currency account. A bank foreign currency account holds a single foreign currency such as US dollars, and a business that deals in several currencies may hold a separate account for each. A receiving service can hold balances in several currencies within one account, which suits a business paid by overseas clients or marketplaces. As of 29 October 2025, Equity Bank states its current account can be operated in shillings, US dollars, euros, or pounds, Co-operative Bank offers a foreign currency account, and Standard Chartered offers business foreign currency accounts. Confirm the currencies and eligibility with the bank.

Bank foreign currency accounts

Most established Kenyan banks offer foreign currency current accounts, typically in US dollars, euros, and British pounds. These suit a business that receives or pays in foreign currency and wants to hold it rather than convert each time, and they sit alongside the shilling account. Maintenance fees, transfer charges, and the conversion margin vary by bank.

Receiving services and wallets

A receiving service such as Wise or Payoneer can collect and hold several currencies in one account and settle to a Kenyan bank account or M-Pesa. These can be convenient for overseas income, but some features, such as a physical card, may not be available to Kenyan residents, so check what is supported before relying on the service.

What to weigh on currencies and cost

Three points decide whether a multi currency setup helps a business in Kenya, as of 29 October 2025. Verify with the provider

The currencies you actually receive and pay in, since a bank account holds one currency while a receiving service can hold several.
The exchange rate margin on conversion to and from shillings, which often costs more than the headline fee for a business that converts regularly.
The feature set available in Kenya, since some receiving services limit cards or other features for Kenyan residents.

The international business account providers we compare do not confirm a full business account for companies registered in Kenya as of 29 October 2025. For foreign currency, established Kenyan banks serve this market, including Equity Bank, Co-operative Bank of Kenya, and Standard Chartered, alongside a receiving service such as Wise or Payoneer for holding balances in several currencies. Confirm supported currencies, eligibility, and pricing with the provider before applying.

Questions about multi currency accounts in Kenya

Can a business hold foreign currency in Kenya?

Yes. Several Kenyan banks offer foreign currency business accounts, commonly in US dollars, euros, and British pounds, alongside the shilling account. Equity Bank states its current account can be operated in shillings, US dollars, euros, or pounds, and Co-operative Bank and Standard Chartered offer foreign currency accounts. Confirm eligibility and currencies with the bank, as of 29 October 2025.

Which currencies do Kenyan business accounts support?

Foreign currency accounts in Kenya are most often held in US dollars, euros, and British pounds. Some banks support additional currencies for international transfers. The exact list depends on the bank and the account, so confirm the supported currencies with the provider, as of 29 October 2025.

Is a Kenyan forex account the same as a multi currency wallet?

Not exactly. A bank foreign currency account holds a single foreign currency such as US dollars, and a business may hold several separate accounts. A receiving service such as Wise or Payoneer can hold balances in several currencies in one place, though card and feature availability for Kenya can be limited. Compare both and confirm terms with the provider, as of 29 October 2025.

What does a foreign currency account in Kenya cost?

Costs include any maintenance fee, transfer charges, and the exchange rate margin applied when converting to or from shillings. The conversion margin often matters more than the headline fee for a business that converts regularly. Pricing varies by bank as of 29 October 2025, so confirm with the provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 29 October 2025. Confirm current terms with the provider before applying.

Multi currency business accounts in Kenya