What are local currency accounts?

A local currency account is a type of business account that gives your company account details for a specific country, such as a UK sort code and account number or a German IBAN, in your business's name. It lets you send and receive payments in that country's currency and through its local payment rails, so your business can operate like a company based there instead of relying on international transfers.

You choose the local currency accounts that make sense for your business. If you have more clients or suppliers in the UK, open a UK local currency account. If most of your payments are in Europe, a German or Luxembourg EUR IBAN may be more useful. If you work with partners in Denmark, Liechtenstein, or Australia, you can open local currency accounts there too.

In short: your business can operate more like a local company, without opening a separate bank account in each country.