MultiPass Business Account Review 2023 (UK-Based Fintech)

Written By Tim Doman
  • Multi-currency account (30+ currencies)
  • International transfers to 180 countries
  • Wholesale exchange rates
  • Same-day payments
  • Local payouts in 20 countries
  • Business cards (virtual and plastic)

There’s no shortage of high-quality digital banking accounts that cater to freelancers, startups, and SMEs. As a business owner myself, I know that a bank can essentially make or break your business. 

Not only do you need a safe and reliable banking account, but one that’s responsive to your queries and willing to work with you on finding solutions even when times are tough. In a sea of accounts, banking options like these are getting harder and harder to find.

However, there’s one rising bank challenger company that I’ve had on my compass for a long time and that I finally had the opportunity to try for a couple of months now. 

About MultiPass

multipass account

MultiPass is a London-based fintech company that’s part of Dyninno Group – a US global information technology group of companies. 

MulitPass has an interesting background. It was established as a subsidiary called Dynapay and was initially used for internal payments for the Group. 

I guess they thought it was too good to keep it all for themselves, so they decided to offer it to clients around the world as MultiPass. 

2022 was a big year for this up-and-coming fintech as they processed 120,000+ transactions worldwide, worth more than €2 billion. The company now has five offices in the world’s financial hubs – New York, London, Dubai, New Delhi, and the rising Riga in Latvia. 

Let’s see who is this business account for. 

Who is MultiPass for?

There’s no point reading this MultiPass review any further if you aren’t running the type of business that will get to avail of all of MultiPass features to the fullest. 

From my experience using it and from talking with my personal manager at the company, the account is best suited for companies that are using different currencies in their operations, firms that have a global workforce (freelancers, contractors, etc.), and trade companies that have international partners and clients, or sell goods online. 

So, basically, what we have are cross-border firms based in the UK and EU, but also Hong Kong, Singapore, Canada, UAE, and other countries coming from such industries as import and export, online retailers, IT and software developers, cross-border service providers, and many others. 

These firms will make use of the MP multi-currency account, that lets you collect and transfer 30+ currencies via a wide range of payment methods (ACH, CHAPS, Faster Payments, SWIFT, SEPA Instant and others). 

MultiPass Accounts

my multipass account dashboard

The company offers versatile accounts suitable for modern businesses. It offers single-currency (EUR/GBP) and multi-currency accounts (30+ currencies) with different payment corridors (correspondents).

When you sign up with MP, you get a local account, as well as a unique multi-currency account with your company name and access to wholesale exchange rates, and a live FX desk to convert funds. 

Additionally, if you’re making regular payouts to local and international employees, freelancers and subcontractors, this cheaper currency exchange rate lets you save money by converting money into your MP account and paying your staff directly into their local currency accounts.

Easy account openingAccount opening fee
Multi-currency IBAN, local UK, EU & US accountsPricing varies from case to case
24/7 human supportNo app yet
Dedicated account manager
Single account for 30+ currencies
API access


MP offers two types of accounts – Basic and Experienced. The Basic account costs £45/€50 to open and has a monthly fee of £23/€25. 

Basic account fees

On the other hand, the Experienced account costs more to open (£180/€200) and more to maintain (£90/€100/m). 

These prices are prone to change as they are basically a general outline of their pricing models, and the pricing varies from case to case, depending on many factors such as:

  • Company jurisdiction
  • Owner’s residency
  • Customer business industry 
  • Planned payment geography 
  • And other factors

I recommend you get in touch with a dedicated banking expert to get your final offer from the company.


my multipass business card

Having a capable business debit card is important to every company. At the moment, MultiPass offers virtual and plastic cards to companies from the UK and Ireland, as well as the Czech Republic, Hungary, and several other EU countries. 

You can top them up directly from your MP account in your local currency and use them to spend locally and globally, wherever Mastercard is accepted. 

Of course, you have full control over your corporate cards and staff expenses from the dashboard.

Virtual cards can be used instantly and for online payments. On the other side, plastic cards arrive in 1-7 business days, and you can use them for online and in-store payments, contactless payments, and ATM withdrawals.

To order up to 15 MP cards, go to the “Cards” section, click on “Add new card”, and follow the instructions. Employees have to do the KYC verification too.

Transfers & FX 

making multipass fx transfer

What’s the number one thing cross-border entrepreneurs and businesses hate about traditional banks? The high transfer and foreign exchange rates. 

Banks charge uncompetitive FX rates with an average markup of 1.5% over the interbank rate, also called the mid-market exchange rate.

MultiPass, on the other hand, offers a wholesale exchange rate that has a markup of only 0.5% – 0.7%. That’s much closer to the interbank rate you see on Google. 

From my experience, their FX rates are some of the lowest in the industry. 

Long gone are the days when you had to open different bank accounts across the world to collect international payments or pay employees half across the world.

Your staff and contractors in Europe, Asia, or anywhere else can get paid with MultiPass from a single account and instantly or within a day.  

Customer Support 

Customer support is a hot topic in the fintech world, as many companies seem to neglect this incredibly important part of doing business. Unfortunately, traditional banks are 10 times worse in this regard too.

So, to see a digital banking account with excellent customer support is incredibly refreshing. MultiPass took this one step further with their dedicated account managers that you get from day one, no matter how big or small your company is. 


By now, you might be very interested in giving MultiPass a shot. You’ll be happy to know that security-wise, the company is regulated as an electronic money institution (EMI) by the Financial Conduct Authority (FCA) in the UK. 

MultiPass is a fintech company (it doesn’t have a banking license) and is, as such, not covered by the Deposit Guarantee Scheme in the EEA or by the Financial Services Compensation Scheme in the UK. 

However, that doesn’t mean you’re left high and dry. On the contrary, all your funds are at all times kept in a segregated account at a reputable bank. 

In the unlikely event that MP becomes insolvent, your funds will be returned to you to the fullest extent (EEA deposit protection is only up to €100k and, in the UK, it’s up to £85k). 

MP is also a part of the Dyninno group of companies with more than 5,400 employees and 23 offices around the world, and almost 20 years of experience.

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