Equals Money

Equals Money is a multi-currency business account platform designed for companies that need to send, receive, and hold money in multiple currencies without constantly converting. Unlike a traditional business bank account in a single country, Equals gives you the ability to manage 35+ currencies from one platform, with multi-currency IBANs that let you receive payments in different currencies and keep them separate or convert as you choose. The company is authorized and regulated by the Financial Conduct Authority as both a payment institution and an electronic money institution, which means it operates under two separate regulatory permissions: Equals Money PLC handles payment services, and Equals Money International Limited handles electronic money services. This dual regulation is important to understand because it shapes how the service works. Your funds are not covered by the Financial Services Compensation Scheme (FSCS), which protects retail bank deposits up to £85,000 in the UK, but instead are held in specially designated safeguarded accounts with Tier 1 banks and kept strictly separate from Equals Money's own funds. This is a different protection mechanism, not a gap in protection, but it's something to know if you're coming from a traditional bank account.

The core offering is the multi-currency business account with IBANs. You get a single set of account details (an IBAN and related routing information) that you share with international clients and partners, and they can send you payments in 35+ different currencies: USD, EUR, GBP, JPY, CHF, CAD, AUD, and many others across Europe, Asia, Africa, and the Middle East. Instead of giving each client a different bank account number for each currency, you receive all payments into this one IBAN, and the platform handles the currency acceptance, settlement, and conversion. This simplification is valuable for a company billing in multiple regions, because your invoices and payment instructions don't need to change based on the client's location. You can hold balances in different currencies and decide when to convert, or leave them in the original currency if you have outgoing expenses in that currency. The settlement is fast: Equals offers same-day or next-working-day transfers depending on the currency pair and the payment method, which is significantly quicker than traditional international banking where a wire might take three to five days.

The account integrates with multiple payment rails and includes access to major settlement systems. Equals connects to SWIFT for international wires, the UK Faster Payments scheme for GBP transfers, SEPA and SEPA Instant for euro transfers, and other local payment networks depending on the currency. This means you can receive payments the way businesses naturally want to send them: a client in Germany can use SEPA, a client in the US can send a domestic ACH transfer to the Equals account, and a client in Japan can use their local method. The platform manages the conversion on the receiving end, so you don't need to educate each client on how to pay you internationally or deal with SWIFT code lookups. The infrastructure is built on Tier 1 bank liquidity partnerships, meaning direct relationships with major banks that deliver competitive rates, which directly affects the currency conversion rates and fees you pay. The account comes with unlimited users at all pricing tiers, so you can invite team members, accountants, or operations staff without paying per-seat fees, and each person can have role-based permissions.

Equals Money also offers cards as a supplement to the account: you can get physical debit cards, virtual cards, or both, issued by the platform. The cards let you spend from your multi-currency account balances at merchants around the world. This is useful if you travel for business or if you want to centralize company spending through the Equals account and cards rather than having multiple personal or corporate cards. Accounting integration is built in for businesses using Xero, which means transactions sync automatically to your bookkeeping and you don't have to manually categorize foreign payments or manage currency conversions in your ledger. The platform also offers spend management and budget controls, so you can set limits on card spending or require approvals for transactions above a threshold, which is valuable if you have team members with company cards.

Pricing is structured as a combination of subscription tiers and transaction fees. Equals offers tiered plans for different business sizes, ranging from startup pricing to enterprise plans. The subscription covers the account and card access, then you pay transaction fees on top for specific actions: sending money internationally, currency conversion, or ATM withdrawals. Currency conversion is available at a marked-up rate for about 20 major currencies at no additional fee, meaning the spread is built into the quoted rate rather than an explicit fee, and the rate is generally competitive with peer services. Sending money to international bank accounts incurs a fee that varies by destination and can range from a few pounds for SEPA transfers to higher amounts for non-SEPA destinations. The model is designed so that if you're primarily holding and receiving money in multiple currencies without constantly converting or sending out international payments, the core monthly cost is low, and you only pay for the transactions you actually do. This is more cost-efficient than a traditional business bank that charges monthly maintenance regardless of activity.

The account setup is entirely digital and designed for remote onboarding. You provide identity verification, business details, and beneficial ownership information (standard regulatory requirements), and Equals typically approves accounts within a few days. Once live, you can immediately create IBAN accounts in your chosen currencies and start sharing those details with clients. The platform is web-based, so you access it from any browser, and there's also mobile apps for iOS and Android if you prefer to check balances or approve payments on your phone. Support is available via email and chat during business hours, with standard response times.

One thing to note is that Equals Money targets international businesses rather than purely domestic ones. The account is particularly efficient for companies that naturally operate across multiple countries and currencies, not for a business that operates in one country and just needs an account in the local currency. If you're a UK company receiving all GBP payments and never need to hold foreign currency, a traditional high-street bank or another multi-currency provider might be simpler. Also, while Equals offers a business current account product alongside the account wallets, it's not a full business banking suite in the traditional sense, so you won't get business lending, overdraft, or merchant services. For those you'd likely keep a relationship with your main bank.

For EU founders and companies that operate internationally or have clients across multiple regions, Equals Money is a strong choice. The multi-currency IBAN simplifies receiving payments from around the world, the lack of per-user fees makes team access affordable, and the Tier 1 bank partnerships deliver competitive rates. The regulatory structure (FCA authorization) and safeguarding of client funds provide the assurance needed for a business account. The setup is smooth and entirely remote, which suits distributed teams or founders who don't want the friction of opening a bank account in person. The main consideration is that it works best as a supplement to your primary bank account or as a replacement if your primary need is receiving and holding multiple currencies rather than getting a full suite of business banking services.