MultiPass Review: Fees, Features & Multi-Currency Guide

MultiPass is an FCA-authorised electronic money institution offering multi-currency business accounts designed for UK and EU companies engaged in international trade. Founded in 2017 as an internal payment solution for Dyninno Group, MultiPass now serves SMEs operating across 50+ markets with local payment capabilities in the UK, EU, and US. This review examines MultiPass’s actual fee structure, regulatory standing, and real user experiences to determine whether this challenger bank delivers genuine value for cross-border businesses.

Review Summary Box

Best For: International businesses requiring multi-currency accounts and local payment rails in UK/EU/US
Main Pro: Access to local payment systems (UK Faster Payments, SEPA, US ACH) with transparent FX rates
Main Con: High onboarding costs (from £500) and monthly maintenance fees (from £100) make this unsuitable for low-volume businesses
Rating: 4.2/5

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MultiPass Pricing Comparison

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MultiPass Core Features

• Multi-currency accounts: Hold and transact in 70+ currencies including GBP, EUR, USD, and AED from a single dashboard. MultiPass provides dedicated IBANs for receiving payments from over 200 countries.
• Local payment rails: Access domestic payment systems in three major markets: UK (Faster Payments outgoing £1, BACS/CHAPS £20 each direction), EU (SEPA and SEPA Instant incoming €2, outgoing from 0.10% with €10 minimum), and US (ACH from 0.15% with $10 minimum each direction, Fedwire from 0.10% with $25 minimum each direction).
• Batch payments capability: Upload CSV files to process multiple international payments simultaneously. Assign user roles allowing accountants to prepare batches while CFOs handle final authorisation. No coding required.
• Foreign exchange: Convert funds across hundreds of currency pairs at bank-beating rates. Exchange rates are fixed and transparent, disclosed in advance. Rates can be waived depending on transaction volumes.
• Corporate cards: Issue up to 15 prepaid Mastercards (virtual or physical) denominated in GBP or EUR. Virtual cards issued instantly; physical cards delivered within 1-7 business days. Cards support online purchases, in-store contactless payments, and ATM withdrawals across the global Mastercard network.
• API access: Developer-friendly API enables businesses to create payments, check balances, and retrieve transaction lists programmatically for integration with existing financial systems.

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MultiPass Pros & Cons

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MultiPass Fees & Charges: The Reality

Setup and Maintenance Costs

Account opening and due diligence: From £500 (actual cost determined by business complexity, industry, and payment volumes). Priority onboarding adds £500. Adding users after account setup costs £100 per person. Annual due diligence reviews cost from £100 if ownership unchanged.

Monthly maintenance fee: From £100 (specific amount based on account activity and service tier). Minimum balance requirement equals 3x your monthly fee—if your monthly fee is £100, you must maintain £300 balance or pay £100 monthly penalty for falling below threshold.

Account closure fee: Minimum 3x monthly maintenance fees. Departing customers pay £300+ to close accounts.

Document compliance penalty: Failure to provide requested documents/information within specified timeframes incurs £500 fee.

Transaction Fees

UK domestic payments:

• Faster Payments outgoing: £1
• Faster Payments incoming: Free
• BACS incoming/outgoing: £20 each
• CHAPS incoming/outgoing: £20 each

EU payments:

• SEPA/SEPA Instant incoming: €2
• SEPA/SEPA Instant outgoing: From 0.10% (€10 minimum)

US payments:

• ACH incoming/outgoing: From 0.15% ($10 minimum each direction)
• Fedwire incoming: From 0.10% ($25 minimum)
• Fedwire outgoing: From 0.10% ($25 minimum)

International SWIFT:

• Incoming: £20 / €25 / $30
• Outgoing: £40 / €50 / $60

Between MultiPass users: Free both directions

Payment Zone Fees

MultiPass operates a tiered zone pricing system for certain payment corridors:

• Zone 1: Incoming £2/€2/$2, outgoing from 0.10% (£10/€10/$10 minimum)
• Zone 2: 0.45% (£90/€100/$100 minimum)
• Zone 3: 0.75% (£90/€100/$100 minimum)
• Zone 4: 1% (£230/€250/$300 minimum)

Reality check: A business making 50 monthly SEPA payments of €1,000 each pays €500/month in outgoing fees (€10 minimum × 50) plus €100 monthly maintenance = €600/month (£7,200 annually). The high fixed minimums make MultiPass expensive for frequent small-value transactions.

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MultiPass Platform Performance

Dashboard features: Single interface displays all currency balances, pending transactions, and conversion rates. CSV upload functionality enables batch payment processing without coding knowledge. Role-based access controls allow granular permission management for accounting teams.

API capabilities: Programmatic access to create payments, check real-time balances, and retrieve detailed transaction histories. Designed for businesses integrating MultiPass with existing ERP or accounting systems.

User interface feedback: Reviews describe platform as “clean and intuitive,” “user-friendly,” and providing “clear overview of all accounts in one place.” One user stated: “The platform itself is clean and intuitive to use. It’s easy to find what you need, whether you’re issuing pre-paid cards or checking balances.”

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Opening a MultiPass Account: Eligibility, Process, and Restricted Industries

Eligible Business Types

MultiPass supports companies incorporated in the following jurisdictions: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

Industry focus: E-commerce & dropshipping, IT businesses & startups, importers & exporters, digital marketing companies, and holding companies are specifically mentioned as target sectors.

Application Process

Step 1: Fill out online application form providing business information and details on account holder and company shareholders.

Step 2: Meet with assigned sales manager to guide you through onboarding process and clarify fee structure.

Step 3: Pay account opening and due diligence fee (from £500).

Step 4: Complete compliance review.

Step 5: Upon approval, meet dedicated personal manager and begin using account.

Timeline: Application review timelines vary. One user reported: “the application was reviewed for 20 days with asking for additional documents.”

Important Warnings

Pricing verification required: Multiple users report significant fee increases between initial quotes and final contracts. One detailed complaint stated: “We have been offered one price, agreed for crypto without any extra charges…However, after onboarding…Price suddenly raised to 2% for crypto transfer…Finally, after discussion, it became 0.5% but it’s still not 0.25% to which I applied.”

Payment type confirmations: Obtain written confirmation of accepted payment types (including specific countries and industries) BEFORE paying application fees. Users document approved payment routes being rejected mid-transaction after fees paid.

Contract review: Thoroughly review agreement before paying application fee, as sales representatives may pressure immediate payment. One user noted: “Constantly pushing to sign the contract and send money, saying that ‘50% FX rate requirement is nothing, just formality, just sign.'”

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MultiPass FSCS Protection & Regulatory Compliance

Regulatory status: MultiPass Platforms Limited is an authorised electronic money institution (EMI) regulated by the Financial Conduct Authority under Electronic Money Regulations 2011. FCA Firm Reference Number: 900840. Registered office: 87-89 Baker Street, London W1U 6RJ, United Kingdom.

CRITICAL: No FSCS protection. As an EMI rather than a bank, MultiPass accounts are NOT protected by the Financial Services Compensation Scheme (FSCS). FSCS protection does not apply to EMIs.

Safeguarding instead of FSCS: Customer funds are safeguarded—meaning MultiPass does not lend or reinvest customer money. Safeguarding provides regulatory protection but differs significantly from FSCS insurance:

• FSCS guarantees up to £120,000 per business if a bank fails
• Safeguarding means customer funds held separately but offers no compensation guarantee if the EMI becomes insolvent

Corporate backing: MultiPass is part of Dyninno Group, an international holding company with over 20 years of market experience operating across 50+ markets.

⚠️ Critical risk: Without FSCS protection, businesses holding large balances bear full risk if MultiPass experiences financial difficulties. Traditional banks offer £120,000 FSCS protection for business accounts. MultiPass offers zero FSCS protection regardless of balance size.

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MultiPass User Reviews & Customer Experience

Trustpilot: 4.4/5 stars from 106 reviews

The Good

• Dedicated account managers – Users consistently praise relationship managers (Valeria Sochneva, Lyubov, Natalia, Irina Parsina) for being responsive, helpful, and available whenever support is needed
• Clean, intuitive platform – Dashboard described as easy to navigate with clear overview of multi-currency balances and straightforward card management
• Efficient international payments – Wide network of correspondent banks enables smooth cross-border transfers for treasury operations

The Bad

• Account closures without warning – Users report sudden suspension after one year with 30-day withdrawal deadline, no refunds, and no compensation despite issue being MultiPass’s correspondent bank problems
• Misleading pricing – Multiple reports of quoted rates (0.25%) doubling to actual rates (0.50%) after application fees paid, with no valid explanation
• Rejected pre-approved payments – Written confirmations for payment types (cryptocurrency, specific countries) reversed mid-transaction after 5-figure payments already sent
• Aggressive sales tactics – Constant spam, pressure to pay fees “ASAP” before contract review, and promises (“just formality, just sign”) that prove inaccurate

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Our Final Verdict & MultiPass Recommendation

MultiPass serves a specific niche: established international businesses with £100,000+ monthly cross-border payment volumes requiring direct access to UK, EU, and US local payment rails. The platform’s strengths—local ACH/SEPA connectivity, multi-currency holdings, batch payment tools—justify the high costs only when transaction volumes reach economies of scale.

However, serious operational risks undermine MultiPass’s value proposition. The pattern of sudden account closures, misleading pricing, and rejected pre-approved payments creates unacceptable business continuity hazards. The complete absence of FSCS protection means businesses holding required minimum balances (£300-£1,000+) bear full loss risk if MultiPass experiences solvency issues.

Cost-benefit reality: A business making 100 monthly SEPA payments of €1,000 each pays €1,000/month in transaction fees (€10 minimum × 100) plus €100 base fee = €1,300/month (£15,600 annually). Add the £500 onboarding cost, and first-year total reaches £16,100. Traditional banks charge SEPA fees of €0-5 per transaction, making this same volume cost €0-500/month maximum.

✓ Choose MultiPass if:

• Your business processes £100,000+ monthly international payments requiring local rails (UK Faster Payments, SEPA, US ACH)
• You need multi-currency treasury management with 70+ currency holdings
• You can absorb £500 setup costs and £100+ monthly fees without impacting operations
• You require batch payment capabilities with multi-user approval workflows
• Your business operates in industries MultiPass explicitly supports (e-commerce, IT, digital marketing, import/export)

✗ Avoid MultiPass if:

• Your monthly international payment volume falls below £50,000 (fees will exceed value)
• You require FSCS deposit protection for peace of mind
• You cannot tolerate sudden account access loss or 30-day forced withdrawal timelines
• You need reliable, pre-approved payment routes without mid-transaction policy changes
• Your business involves cryptocurrency transactions (documented policy reversals)
• You prefer transparent, fixed pricing without negotiation or surprise increases

Alternative consideration: Wise Business offers multi-currency accounts with transparent pricing, FSCS-protected GBP balances, and no monthly fees—better suited for businesses under £50,000 monthly volume. Traditional business banks (HSBC, Barclays, NatWest) provide FSCS protection and relationship banking but charge higher FX fees.

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MultiPass FAQs: People Also Ask

Is MultiPass FSCS protected?

No. MultiPass is an electronic money institution (EMI), not a bank, therefore FSCS protection does not apply. Customer funds are safeguarded (held separately from company operating funds), but this provides no compensation guarantee if MultiPass becomes insolvent. Traditional UK banks offer £120,000 FSCS protection per business account. MultiPass offers zero FSCS protection regardless of balance size.

What are the real costs of a MultiPass account?

Upfront costs:

• Account opening and due diligence: From £500
• Priority onboarding (optional): Additional £500

Ongoing costs:

• Monthly maintenance: From £100
• Minimum balance: 3x monthly fee (£300 if £100/month fee)
• Penalty for falling below minimum: £100/month

Transaction fees vary by payment type:

• UK Faster Payments: £1 outgoing
• SEPA payments: €2 incoming, from 0.10% outgoing (€10 minimum)
• SWIFT international: £20-30 incoming, £40-60 outgoing

Actual cost example: A business making 100 monthly €1,000 SEPA payments pays €1,000 in fees (€10 min × 100) plus €100 base fee = €1,300/month (£15,600 annually).

How long does MultiPass account opening take?

Timeline is highly variable. One user experience: “the application was reviewed for 20 days with asking for additional documents.” The onboarding process involves:

1. Initial application and document submission
2. Sales manager consultation
3. Payment of from £500 account opening fee
4. Compliance review
5. Final approval and account activation

Multiple users report being pressured to pay application fees “ASAP” before receiving final pricing terms.

Can MultiPass close my account without notice?

Yes. One user reported: “in 1 year, in March 2023 they suddenly in one day decided to suspend my account and asked to withdraw money, without any prior notice or any violations from my side.” The stated reason was “their counterparty bank refused to provide them with banking options”—an internal MultiPass issue rather than customer violation. The user received 30 days to withdraw funds with no refund of paid fees or compensation for business disruption.

Does MultiPass accept cryptocurrency-related payments?

User experiences indicate inconsistent and changing policies. One detailed account:

Before onboarding: “I confirmed before the application if they allow us to send money to regulated crypto exchanges without any extra charges for that, and they said ‘yes’. I re-confirmed that crypto is allowed without any extra fees on call as well.”

After onboarding: “Sorry, transfer to crypto exchanges not good anymore, compliance against, I need to fight with them for crypto…Price suddenly raised to 2% for crypto transfer.”

Recommendation: Obtain explicit written confirmation of cryptocurrency payment acceptance and associated fees BEFORE paying application fees. Do not rely on verbal confirmations.

What currencies can I hold in a MultiPass account?

MultiPass supports holding and transacting in 70+ currencies including GBP, EUR, USD, and AED. The platform provides dedicated IBANs for receiving payments from over 200 countries.

For corporate cards: Companies registered in the UK or Malta can hold card balances in both GBP and EUR. For all other eligible European countries, cards are denominated solely in EUR.

How many corporate cards can my business have?

Each company can have up to 15 active cards (virtual or physical). Physical cards are delivered within 1-7 business days; virtual cards are issued instantly.

Adding employees to cards: Employees must complete KYC verification before receiving card access. Contact support@multipass.co or your personal manager to initiate employee card issuance.

Card currencies: UK and Malta-registered companies can issue cards in GBP or EUR. All other eligible countries receive EUR-denominated cards only.

Which countries can use MultiPass business accounts?

MultiPass supports companies incorporated in: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

Are MultiPass fees negotiable?

Yes. Pricing varies based on business industry, payment volumes, currencies used, and relationship size. However, multiple user reports document initial quoted rates increasing significantly during onboarding. Always obtain final pricing in writing before paying application fees.

What happens if I don’t maintain the minimum balance?

MultiPass requires minimum balance equal to 3x your monthly maintenance fee. If your monthly fee is £100, you must maintain £300 minimum balance. Penalty for falling below: £100 charged monthly for each month balance remains below required minimum. This penalty applies in addition to your regular monthly maintenance fee.

Can I get a refund if MultiPass closes my account due to their internal issues?

No. One user stated: “they didn’t offer any refunds or help, they just closed our account and told me that I must withdraw funds within 30 days…I think it’s fair to provide a refund for the application fee if you cannot support business due to your issues because you take extremely high fees from businesses.” The £500+ account opening fee and paid monthly maintenance fees were not refunded despite account closure stemming from MultiPass’s correspondent banking relationships rather than customer violations.