Best Business Forex Rates in the UK: Wise vs Airwallex vs Your Bank (2026)

For a UK business receiving USD revenue and converting to GBP:

• £50,000/year revenue — Wise: £225 in FX fees | Bank (2.5%): £1,250 | Annual saving with Wise: £1,025
• £200,000/year revenue — Wise: £900 | Bank (2.5%): £5,000 | Annual saving with Wise: £4,100
• £500,000/year revenue — Wise: £2,250 | Bank (2.5%): £12,500 | Annual saving with Wise: £10,250
• £1,000,000/year revenue — Wise: £4,500 | OFX (0.7% negotiated): £7,000 | Bank: £25,000

• Freelancer or sole trader receiving USD/EUR from foreign clients: Wise Business or even personal Wise account. Lowest cost, no company required.
• Limited company with 1–10 employees doing international business: Wise Business. All-in-one: receive, convert, pay.
• Agency or SaaS with team expense cards: Revolut Business for expense management, Wise for large conversions.
• E-commerce with multi-market revenue (USD + EUR + GBP): Airwallex. Better local collection network and payout API.
• Property transaction or one-off large transfer (£50k+): OFX. Rate desk can negotiate tight spreads.
• Business with a HSBC/Barclays relationship they want to keep: Keep the bank account but route all FX through Wise. Use bank for domestic payments, Wise for international.

All the recommended platforms above are authorised and regulated by the Financial Conduct Authority (FCA):

• Wise Payments Limited: FCA Electronic Money Institution, registration #900507. Customer funds held in segregated accounts at Tier-1 banks. Not covered by FSCS but protected by EMI safeguarding rules the FCA describes as offering comparable protection.
• Airwallex (UK): FCA authorised EMI. Customer funds safeguarded separately from operational capital.
• Revolut: UK banking licence since 2024 (previously EMI). Now covered by FSCS up to £85,000 for UK accounts.
• OFX: FCA authorised payment institution.
• For amounts above £85,000, Revolut's banking licence actually makes it the safest option for large idle balances. For operational use (receive, convert, send), the EMI safeguarding rules for Wise and Airwallex are similarly protective.

1. Open Wise Business alongside your existing bank account — don't close the bank account.
2. For new clients: give them your Wise GBP sort code / USD routing number. They'll never know you're using Wise.
3. For existing clients paying by SWIFT wire: ask if they can switch to local transfer. Most will, as it saves them fees too.
4. Keep your bank account active for BACS, direct debits, and domestic UK payments. Wise is the layer for international.
5. After 3 months, review your bank statements vs Wise statements. The FX savings will be visible.

For UK businesses, the right FX provider depends heavily on transaction size and frequency. Here's the ranking by use case:

• Small transfers (<£5,000, regular): Wise Business. Transparent 0.5% fee, no monthly cost, Xero integration. Beats every UK bank hands down.
• Medium transfers (£5,000-50,000): OFX or Currencies Direct. Their margins compress as volume increases; dealer desk can negotiate. Forward contracts available.
• Large transfers (£50,000+): Moneycorp, Currencies Direct, or TorFX. Personal dealer, competitive spot and forward rates. Often 0.3-0.5% better than Wise at this scale.
• Regular international payroll: Wise Business (under 20 employees) or Airwallex. Both integrate with Xero and offer batch payout capability.
• Currency hedging requirement: OFX, Currencies Direct, Moneycorp. All offer forward contracts. Wise does not.
• US-UK cross-border business: Wise Business gives both UK bank details and US routing number in one account — ideal for UK businesses with US customers.