Equals Money offers a range of multi-currency products, including IBAN accounts in 38 countries and named accounts for specific use cases.

The company is very much focused on international payments and multi-currency expense management as opposed to anything like payment gateways.

For what is on offer, the account is strong although potentially more suited to larger companies with a lot of payments. This is because the exchange rate you will receive is agreed upon through the initial sign-up process, so more payments will give you a stronger negotiating position.

Overview

Basics

Yearly Fee

Exchange rate

Transfer fees

Multi-currency account

£/$ 0: (Charity / Non-Profit)

£/$50: Business

Custom: Enterprise

Agreed based on volumes

38 IBAN accounts

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Pros

Offers IBAN support across all continents, allowing businesses to operate cross border payments easily
Set individual limits on card spending by team, person or budget line and integrate reporting of this into Xero
Support available from currency experts to help navigate currency risk

Cons

Charges £10 / €10 / $10 to move funds from a card back to an IBAN account

Other features

Features	Insight
Batch payments	Option to action batch payments through the Equals Money API
Expense management and tracking	Expense management and tracking, cashflow managing, and budget limits can be set within the account at a business, card, team, or individual level
Pay invoices	Make recurring payments and action any invoice payments from within the appropriate, and most cost-effective, IBAN account
API options	Automated payments, regular payments, and the ability to white label parts of the Equals Money product to provide cross-border solutions to customers directly
Currency Risk	Reduce currency risk by tapping into experts working for Equals Money

Multi-currency overview

Supported and local accounts

The accounts with Equals Money are IBAN accounts, and there's 38 in total. For local accounts, Wise Business (10), Currenxie (11) and Airwallex (12) offer the most options.

For IBAN options, Equals Money has a decent offering, but it is possible to get up to 75 by using Sokin.

Accounts offered by Equals Money are:

Supported currencies for card payments

Supported currencies for IBAN accounts

Supported currencies for outbound payments

With Equals Money, there are no IBAN accounts available within South America.

Fees

Equals Money pricing is largely in range with other cross-border payment platforms. The biggest impact on price overall is going to be the exchange rate that is agreed during the sign-up process.

Physical card issuing, at £/$20 a card is steep, but with free virtual cards (where they can be charged at $1 per issuance in some instances) Equals Money offers a little more flexibility.

Fee type	Cost
Cross border payments	Based on volumes and agreed at sign-up
Yearly fee	£/$ 0: (Charity / Non-Profit) £/$50: Business Custom: Enterprise
Issuing virtual card	£/$0
Issuing physical card	£/$20
Card transactions	Free to 20 countries (listed below), everything else 1.5%
Moving funds from cards back to accounts	£10 / €10 / $10

Eligibility

Countries

Products offered by Equals Money

The Equals Money product offering includes bank accounts, expense management and currency risk. The thread through all of these is everything is aimed at team or companies with cross border needs.

Expense management

Expense management with Equals Money comes in the form of different card products. There are both pre-paid and debit card options. These can be issued at an individual, team or business level.

Cards with multi-currency options are particularly useful for companies with a lot of people, in a lot of different places. One case study Equals Money suggests is actually for fleets and purchasing fuel on the road.

On the whole, there's a lot on offer within the cards and when used from a multi-currency account balance, there's no cost to spend. Where conversion is needed, currency conversion starts at around 0.5%.

Cards can be both physical and virtual, much like Airwallex. Although, issuing physical cards has a $20 cost. This is one of the highest costs on the market.

SAP Concur partnership

SAP Concur is a cloud-based software solution used for expense management, travel booking, and invoice management.

The system integrates with ERP systems for real-time tracking and control of spending.

Equals Money offers support for a widely used system, and is an integration you will not find everywhere on the market. If using Concur and Equals Money, it is possible to sync and track different funnels of multi-currency spending.

Business bank accounts

The business bank account option comes in the form of multi-currency accounts, for slightly different use cases.

Focus from Equals Money product team is on the ease of using the account. This makes it a great option for start-ups, particularly where regular payments may be needed across currencies.

Bank accounts have all the features expected, including fraud prevent measures. There is also an Equals Money mobile app for accessing accounts as you would with a traditional bank account.

Forward contracts

Forward contracts are a core part of currency risk management. They allow businesses to plan ahead for currency conversion and protect themselves against potentially negative exchange rate changes.

Not all multi-currency accounts offer this as a service. For example, forward contracts are not possible with Wise Business, Sokin or Airwallex. So, Equals Money offering a blend of multi-currency accounts and currency risk management is a huge positive for the offering.

Signing up for Equals Money

Register With Equals Money

Visit the Equals Money website and complete the registration form by providing your business details and contact information.

Pick Expense Management as an account option to create a business account.

Speak with an Expert

After registering, a representative from Equals Money will contact you, either by email or a call to discuss your business needs and the services that best suit your requirements.

Submit Documentation

Prepare and submit the necessary documents, such as proof of identity and business details. This step is essential for compliance and to verify your business before opening the account.

Account Setup and Activation

Once your documents are verified, the Equals Money team will set up your account. You’ll receive details to access your account, and you can start using Equals Money’s services for your business transactions.