MultiPass Business Account Review: Borderless Banking Solutions

Multipass represents a modern approach to business banking, designed specifically for companies operating in the international market. As a UK-based Electronic Money Institution (EMI) authorized by the Financial Conduct Authority, Multipass provides comprehensive financial solutions that extend beyond traditional banking services. The platform combines virtual IBANs, local account capabilities, and corporate card services into a unified system that addresses the complex needs of global businesses.

The core functionality centers on facilitating international transactions through a digital-first approach. Business users receive dedicated IBANs in their company name, enabling direct transactions with clients and partners worldwide. This system supports immediate currency conversion and transfer capabilities, making it particularly valuable for businesses that regularly handle multiple currencies or maintain international operations.

The platform’s architecture integrates seamlessly with various payment networks, including SWIFT, SEPA Instant, Target2, and ACH, ensuring broad geographic coverage. This infrastructure allows businesses to process payments across more than 200 countries and territories, with transaction speeds that see 98% of payments completed within 24 hours.

Complete Guide to Multipass Products and Services for Businesses

The Multipass product ecosystem delivers a comprehensive suite of financial services designed for international business operations. Each product addresses specific business needs while integrating seamlessly with the overall platform. The system combines traditional banking capabilities with modern financial technology to support global business operations.

Multipass Business Cards (Virtual and Physical)

The platform offers a complete card management system for corporate expenses. Companies can issue both virtual cards for immediate online use and physical cards for in-person transactions. The system provides full control over corporate spending through a centralized management interface.

Key features include:

• Instant virtual card issuance for immediate use
• Physical cards with contactless payment capabilities
• Management of up to 15 cards per account
• Real-time spending controls and limits
• Integration with major payment networks

Multipass Global Account

Multipass provides dedicated international banking capabilities through their global account service. This account type enables businesses to operate seamlessly across different markets without maintaining multiple banking relationships.

Account capabilities include:

• Dedicated IBAN in company name
• Local account numbers for UK, EU, and US markets
• Real-time transaction monitoring
• Integrated payment processing
• Multi-user access controls

Multi-currency & FX Services

The foreign exchange service operates with competitive rates that typically outperform traditional banks by 30%. This service enables businesses to manage international payments efficiently while minimizing currency conversion costs.

Currency management features:

• Access to 70+ currencies
• Real-time exchange rate monitoring
• Instant currency conversion
• Competitive FX rates
• No hidden conversion fees

Multipass Batch Payments

The batch payment system streamlines large-scale payment processing for businesses managing multiple transactions. This service particularly benefits companies with regular international payroll or supplier payment requirements.

System capabilities:

• Bulk payment processing
• Multiple currency support
• Automated reconciliation
• Payment status tracking
• CSV file upload support

MultiPass API

The API service enables businesses to automate their financial operations through direct integration with the Multipass platform. This technical interface allows for customized solutions and automated workflows.

Integration features:

• Secure API endpoints
• Real-time data access
• Payment automation
• Balance monitoring
• Transaction reporting

Who Can Benefit Most from Multipass?

Multipass serves several distinct business profiles, each with specific international banking requirements. E-commerce operations and online retailers find particular value in the platform’s ability to process payments from global customers while managing currency conversion efficiently. The system proves especially beneficial for companies selling through multiple online marketplaces or maintaining international customer bases.

IT service providers and digital businesses represent another key user group. These companies often need to manage regular payments to international contractors or maintain subscription services in multiple currencies. The platform’s ability to handle recurring payments and maintain multiple currency balances addresses these specific operational requirements.

Investment managers and holding companies utilize the platform’s sophisticated currency management features. These organizations benefit from the ability to hold and convert multiple currencies efficiently, managing international investments and operational costs across various markets. The system’s batch payment capabilities and detailed transaction reporting support their complex financial operations.

Breaking Down Multipass Pricing: Plans, Fees, and Hidden Costs

Multipass provides a structured pricing system that covers various banking and payment services. The platform requires an initial account opening deposit of £500, which establishes the business relationship. This upfront investment grants access to core services including a personal manager and additional IBANs at no extra cost.

Multipass Payment Processing Fees

The payment fee structure varies based on transaction type and geographic location. Local payments within the EU through SEPA or SEPA Instant cost €2 for outgoing transfers, while incoming transfers start at 0.10% with a minimum fee of €10. UK transactions show similar variance:

• Local UK Faster Payments: Free for incoming, £1 for outgoing
• BACS/CHAPS transfers: £20 flat rate both ways
• US ACH transfers: 0.15% minimum $10 for both directions
• International SWIFT transfers: £20-£30 outgoing, £40-£60 incoming

Transfers between Multipass users remain free, encouraging internal network transactions. The platform also offers free processing for international and local transactions in various currencies when subject to foreign exchange conversion.

Multipass Card Services and Associated Costs

The platform offers both virtual and physical cards, each with distinct pricing structures in GBP and EUR.

Virtual Card Fees

• Initial issuance: Free
• Monthly maintenance: £10/€12
• Online payments: Free
• Moneysend transactions: £5/€6
• Chargeback claims: £50/€60
• Foreign exchange markup: 1.5%

Physical Card Fees

• Card issuance: £10/€12
• Monthly maintenance: £10/€12
• Regular payments (in-store/online): Free
• Foreign exchange markup: 1.5%
• ATM withdrawals: 1.5%
• Balance inquiries and PIN changes: £5/€6

Additional Physical Card Services

• UK delivery: £5/€6
• Worldwide delivery: £15/€18
• Express worldwide delivery: £50/€60
• Failed delivery card disposal: £20/€25
• Card reissuance after failed delivery: £25/€30

Here’s a detailed breakdown of all fees and charges:

Account Services

Service	Cost
Account opening	from £500
Additional IBANs	Free
Personal Manager	Free
Maintenance fee	From £100

Virtual Card Pricing

Service	GBP	EUR
Initial issuance & replacement	Free	Free
Maintenance fee	£10	€12
Online payments	Free	Free
Original Credit Transaction (Moneysend)	£5	€6
Chargeback claim	£50	€60
FX markup	1.5%	1.5%

Physical Card Pricing

Service	GBP	EUR
Initial issuance & replacement	£10	€12
Maintenance fee	£10	€12
In-store and online payments	Free	Free
Original Credit Transaction (Moneysend)	£5	€6
Chargeback claim	£50	€60
FX markup	1.5%	1.5%
Regular delivery within UK	£5	€6
Regular delivery worldwide	£15	€18
Express worldwide, tracked	£50	€60
ATM withdrawal	1.5%	1.5%
ATM balance inquiry & PIN change	£5	€6
Card disposal after failed delivery	£20	€25
Card resending after failed delivery	£25	€30

Payment Processing Fees

Payment Type	In	Out
Local EU (SEPA / SEPA Instant)	from 0.10% (min €10)	€2
Local UK (Faster Payments)	Free	£1
Local UK (BACS / CHAPS)	£20	£20
Local US (ACH)	from 0.15% (min $10)	from 0.15% (min $10)
Local US (Fedwire)	from 0.10% (min $25)	from 0.10% (min $25)
International (SWIFT)	£40 / €50 / $60	£20 / €25 / $30
International & Local, Other currencies (FX)	Free	Free
Between MultiPass users	Free	Free

The pricing structure emphasizes cost-effectiveness for regular business operations while maintaining reasonable fees for specialty services. Organizations should consider their transaction patterns and card usage requirements when evaluating the total cost of service.

Multipass vs Traditional Banks: Key Advantages

Multipass modernizes business banking through digital-first solutions that outperform traditional banking services. The platform streamlines international business operations while providing enhanced functionality and faster service delivery.

Key differences between Multipass and traditional banks include:

Feature Comparison:

Service Aspect	Multipass	Traditional Bank
Safeguarded funds	Yes	No
Hidden fees	None	Various
Account application	10 minutes	Several weeks
Onboarding process	100% online	Requires branch visits
Personal Account Manager	Included	Not standard
Account structure	Multi-railed and tailored	Standard formats
Multi-currency handling	Single account for 70+ currencies	Separate accounts needed
Local account coverage	GB, EU and US unified	Different providers needed
API access	Available	Not typically offered

This comparison shows how Multipass adapts to modern business needs through digital solutions. While traditional banks maintain separate systems for different currencies and regions, Multipass integrates these services into one platform. The streamlined onboarding process, dedicated account management, and technical integration capabilities provide significant advantages for international businesses.

Advanced Security Features and Regulatory Compliance: Keeping Your Business Safe

Security infrastructure forms a fundamental aspect of the Multipass platform, built on multiple protection layers. The system employs advanced encryption protocols for all data transmission and storage, ensuring information security at every transaction stage. Two-factor authentication provides an additional security layer for all account access and transaction approvals.

Regulatory compliance extends beyond basic requirements, with Multipass maintaining active FCA authorization (Reference number 900840). This authorization ensures adherence to strict financial regulations and regular auditing of security protocols. The platform’s fund safeguarding approach segregates client funds in authorized credit institutions, providing additional protection for business assets.

The platform includes sophisticated fraud prevention systems that monitor transaction patterns and flag suspicious activities. These automated systems work alongside human oversight to provide comprehensive transaction security. Regular security audits and system updates ensure the platform maintains current security standards against evolving threats.

How to Open a MultiPass Account

Opening a Multipass account involves four main phases designed to balance security requirements with user convenience. The process begins with an online application where businesses provide basic information about their operations and banking needs. This initial step takes approximately 15 minutes to complete and establishes the foundation for account setup.

The verification phase follows, during which companies submit required documentation through the secure online portal. This documentation typically includes company registration certificates, proof of address, and identification documents for key personnel. The platform’s digital submission system streamlines this process, allowing for quick document uploads and verification.

Once verification completes, businesses connect with their dedicated account manager. This professional guides them through final setup steps and helps optimize account configuration for specific business needs. The entire process typically concludes within one week, enabling businesses to begin processing international transactions quickly and efficiently.