The exchange rate isn't hugely competitive, and there's a monthly fee of $100 - which you do not get with most other cross-border payment platforms.
This being said it includes ATM access in harder-to-reach locations and the ability to receive payments in INR and PHP.
There are no currency risk tools or API integration options available at the time of writing.
Overview
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
Starting at $100 | From 1.5% | From 0.1% | USD & GBP local accounts |
- 15 cards per account makes it easy for tracking and managing payments
- Support for local accounts in harder to reach currencies such as INR, IDR and MYR
- No limit on number of batch payments (however, is limited to $15,000 per transaction)
- High fees compared to competitors. Starting from $100 per month, with an initial setup fee of $500
Features | Insight |
|---|---|
Unlimited batch payments (capped at $15,000 per transfer) | |
Expense tracking and management features are available with up to 15 physical cards per account | |
Pay invoices | Not available |
Receive payment with local account options | |
Manage payroll | Manage payroll from the account |
ATM access | ATM withdrawals are available |
Multipass fees and costs
Fees for Multipass are a little higher than you would pay elsewhere, this includes a sign-up fee of $500 and a monthly fee of $100.
For comparison, Wise Business charges $37 for each local account you need to set up, and then just the 0.33% fee per transfer as standard.
With this, currency conversion fees are also higher. The 1.5% with Multipass is much greater than the mid-market rate starting point of Wise.
For an additional comparison, with Sokin there's no transfer fees, and exchange rates start from 0.3%.
There's also no monthly fees for Wise or Sokin, compared to the $100 fee for Multipass.
Service | Fee |
|---|---|
Domestic transfers fees | $2 |
International transfer fees | Starting from 0.10 |
Currency conversion fee | Starting from 1.5% |
Receiving fee | Starting from $2 |
Card payment fees | Starting from 1.5% |
Monthly account fees | One-off $100 |
Setup fee | One-off $500 |
Payment tracking fee | No fees |
Mass payments fee | No fees but the exchange rate applies |
Card maintenance fee | $12 |
ATM withdrawal fees | 1.5% of withdrawal amount |
ATM balance inquiry | $6 per inquiry |
High fees for balance enquiries in comparison to competitors, and 1.5% cash withdrawal fees means customers should avoid using ATMs with the cards. This is similar across the entire market.
Batch payments
Batch payments are supported in all currencies and destinations being used in your account. These are processed via SWIFT, SEPA and Faster Payments. This is similar to sending through Sokin or Wise Business.
Uploading payment details is straightforward, as the service accepts files in CSV format. You can download a pre-filled template to ensure the correct file structure and populate it with your payment data.
Individual transactions within a batch are capped at €15,000, but there are no restrictions on the number of payments included. Sokin is the next nearest option to unlimited, with 5,000 batches.
Additionally, the real-time tracking feature in the “History” section allows you to monitor the status of each payment, ensuring transparency and control over your transactions.
Eligibility
Multipass accepts users from a wide range of countries and industries, but as with all cross-border payment platforms, there are restrictions.
Business types
Countries
Products offered by Multipass
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Signing up for Multipass
Start Registration
Visit the MultiPass website, click "Open a Business Account," and provide your email and phone number for verification.
Verify Identity
Submit a scan of your passport/ID, proof of address, and complete facial recognition. Video verification will be required within three months.
Enter Business Details
Provide company information, including business model and intended account use, and verify other authorized individuals.
Submit Company Documents
Upload legal documents like the Certificate of Incorporation, registry extracts, and recent financial statements.
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