If you’re running a UK-based business and routinely have to send, receive or hold euros or dollars, then Starling Bank’s multi-currency accounts can save you time, money, effort, and stress.
Whether it’s sending payments to suppliers based in Italy or receiving payments from customers in the United States, Starling Bank’s multi-currency business bank accounts make payments a lot easier, especially now that the Fintech firm has expanded its integration with Xero.
Digital accounting software from Xero is one of the options currently available via the Starling Marketplace, which is the section of the application where you are able to connect to third-party products.
When you connect your Starling multi-currency account to Xero, transfers made from that account in euros/dollars will automatically feed through to Xero in real-time.
What Can Customers Do with Euro and US dollar Accounts?
- Hold, send and receive euros/dollars and use a single debit card to easily manage Starling business accounts
- Get your own local account details including IBAN for Europe and account/ACH routing number for the United States
- Weekend transfers. Transfer funds between your Starling accounts 24/7. You’ll see the exchange rate before the conversion is performed
- Benefit from competitive exchange rates and fees on the market whenever you convert euros/dollars into pounds
- No hidden charges. Starling uses the actual market rate that they’re charged for purchasing/selling currencies and 0.4% conversion fee
Clients are also connect your US dollar and/or euro account with Xero, provided they have a Xero Premium subscription.
If you decide to connect to Xero and have a premium subscription, then Starling’s new integration means that the income and outgoings from your GBP and your multi-currency business accounts will be fed through to Xero in real-time.
This way, everything may be kept organized and up-to-date, making life a lot easier for you and your accountant. Starling says it wants to help you spend considerably less time on banking administration tasks and more time on actually running your business.
Notably, there’s a 3-month promotion for multi-currency accounts in November 2021.
This November 2021, if you sign up to a Starling euro or US dollar account for business, then the company is running a multi-currency account promotion.
You’ll get your first 3 months subscription free, for either or both of our multi-currency accounts, provided that you apply for the multi-currency account this month.
Please note the following about their offer:
- US dollar accounts are available to limited company businesses
- Euro accounts are available to limited businesses and sole traders
- Make sure you’re running the most recent version of the Starling app
When the special offer ends on March 1, 2022, you’ll have to pay £5 every month for a US dollar account and £2 per month for a euro account.
Applying for a multi-currency account:
If you’re a Starling business client, then you may apply for a euro/US dollar business account via the Starling app. You just need to go to the main menu and tap ‘Open a new account’.
Before applying for a Starling euro account or US dollar account, you must have a Starling GBP business account. You may apply for a Starling business account by downloading the app.
Personal clients are also able to apply for a personal euro account – with no monthly charges. You’ll have to be up and running with your personal account, before you apply for a euro account.