EQIBank review

The monthly fee is $0, so keeping the account open adds nothing to your costs. Wise and Monzo Flex both list a monthly fee of £0 and £0, while Bitpanda lists €0. Your real cost depends on how often you convert.

The currency conversion fee is 1% on converted amounts, and it ranks 117 of 237 brands on that measure. Holding balances in the currency you need cuts conversions, so check how many of the 100 supported currencies your suppliers actually invoice in.

It issues a debit card on the visa network, so a balance declines as you spend rather than dipping into credit. Card services also cover multi-currency use, travel and a virtual card, which suits online subscriptions and single purchases.

The listed audience is business, so the account is aimed at companies rather than personal banking. Businesses trading across borders are the natural fit, especially those paying and receiving in more than one currency and wanting a virtual card for online spend.

The licence lists the Financial Services Unit of the Commonwealth of Dominica as regulator, and the bank is EQIBank Limited, based in Dominica. Check what that licence covers for your account before you move money, since the virtual card and the business account are separate pieces of the offer.

Support runs on email and help centre, so a help centre and email are the routes in. If you need to talk to someone while a payment is stuck, that is the gap to plan around, especially for a business account running payroll abroad.

The account covers 100 currencies, with multi-currency listed among the card features. That is the number to test against your invoicing: keep receipts in the currency you pay, and reserve 1% conversions for the cases where you have to switch.

A virtual card is one of the listed features, alongside multi-currency and travel, on a debit card running on visa. Reach for it when a merchant wants card details you would rather not hand over again at every renewal.