Multipass Review
Author: Keith Hodges
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A new account option with some nice features
Multipass is a newer multi-currency account option on the market, but has some decent features and a wide range of local payment support. However, it lacks currency risk options like forward contracts and has a setup fee and monthly fee.
Multipass overview
Features | Insight |
|---|---|
Monthly Fee | From $100 |
Exchange rate | From 1.5% |
Transfer fees | From 0.1% |
Multi-currency account | ✅ Access to local bank details in USD and GBP |
Batch payments | ✅ Unlimited payments |
Expense management | ✅ |
Pay invoices | ❌ |
Receive payments | ✅ |
Marketplace integration | ❌ |
API options | ❌ |
Manage Payroll | ✅ |
ATM Access | ✅ Up to 15 cards per account with high usage limits |
Forward Contracts | ❌ |
Scoring Multipass
Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.
- Receive local payments in harder to reach currencies like INR and PHP
- Includes ATM access in hard-to-reach locations
- Access to 15 cards per account for managing payments and tracking expenses
- No marketplace integrations have launched at the time of writing
- Monthly fees start from $100, with a setup fee of $500 - no other company requests the latter
Online review software is unreliable because it averages out scoring across a company, for decades at a time. To give a clear view of how Multipass is actually performing now, we analysed online review scores from a number of different sources, specifically for the business offering. This chart shows an average score out of 5, per month, since the start of 2023. Its average score since the start of 2023 is 4.45, compared to 2.5 of Wise Business. The drop offs in March, November and December are a result of no relevant reviews being published online for the brand.
Multipass multi-currency accounts
Multipass offers a local account number in the USA, an account number and sort code in the UK and an IBAN in the EU and other locations.
This isn’t quite the same as full local account details in the same way Payoneer or Airwallex offers but is a nice option for international banking as a business.
Payments can also be made and received across all networks like SWIFT, SEPA and faster payments. So, overall, a decent offering.
In total you can receive payments in 16 currencies locally, and 70 internationally.
Provider
Supported local accounts and holding currencies
Local payment support is included for:
Currency | Payment types |
|---|---|
USD | ACH, Fedwire, SWIFT |
GBP | Faster payments, Bacs, Chaps, SWIFT |
EUR | Target 2, SEPA, Swift |
AUD | Direct Entry, SWIFT |
CAD | Electronic Funds Transfers, SWIFT |
DKK | Intradagclearing, SWIFT |
HKD | CHATS, SWIFT |
HUF | Giro, SWIFT |
IDR | SKN, SWIFT |
INR | NEFT, IMPS, SWIFT |
MYR | IBG, SWIFT |
NOK | Norwegian Interbank |
PHP | PESONnet, SWIFT |
RON | TransFonD SENT ACH |
SGD | Fast, SWIFT |
TRY | FAST(RTP), EFT(ACH), SWIFT |
Whilst you won’t receive bank details for these, being able to accept local payments in some harder to reach markets is an interesting option.
Asia in particular, INR, PHP and INR local payments are difficult to come by and conversions can be expensive. The next nearest option is likely to be Airwallex, who do offer similar currencies and at a slightly better rate of 0.5% (compared to the 1.5% with Multipass).
Account limits
With Multipass there are no limits on the amount that you can send or receive. This is largely in line with the bigger competitors in the market. Wise Business as an example has a daily limit of $50 million, at which point you would likely want to be using a currency broker, like TorFX, that specializes in business.
Spending limits
Limits on Multipass card spending at the moment are listed in euro and broken down into three areas:
Top up (load)
This is the amount you can add to a card at one time to be used and works on a ‘whichever comes first’ basis.
For example, you can load either €100,000 once, or €10, 3 times. But you cannot add €10 3 times, and then €99,970 as a fourth upload.
Type | Limit |
|---|---|
Single load amount | € 100,000 |
Daily load amount | € 100,000 |
Daily number of loads | 3 |
Monthly load amount | € 100,000 |
Monthly number of loads | 30 |
Annual load amount | € 200,000 |
Annual number of loads | 500 |
ATM withdrawals
ATM limits are weaker than others on the market. For example, Wise Business offers ATM withdrawals of up to €4,000 per month.
Type | Limit |
|---|---|
Single withdrawal amount | € 1,000 |
Daily withdrawal amount | € 1,000 |
Daily number of withdrawals | 5 |
Monthly withdrawal amount | € 1,000 |
Number of monthly withdrawals | 30 |
Annual withdrawal amount | € 10,000 |
Annual number of withdrawals | 300 |
General spending (POS)
Where ATM limits are lower with Multipass, the general spending limits are a little higher. Again, as a comparison to Wise Business which has a monthly EUR transaction amount of €45,000, Multipass is on top.
Type | Limit |
|---|---|
Single transaction amount | € 10,000 |
Daily transaction amount | € 50,000 |
Daily number of transactions | 50 |
Monthly transaction amount | € 100,000 |
Monthly number of transactions | 1000 |
Annual transaction amount | € 200,000 |
Annual number of transactions | 10,000 |
Making large business payments?
Spending limits on accounts can at times be restrictive. Sending large amounts of money for internationally for business should be carried out with a specialist provider to account for exchange rate changes and allow the use of forward contracts.
Expense management
Each account can have up to 15 cards and these can be pre-loaded and tracked centrally.
Receipts and management of these costs will have to be tracked outside of this, but actual spending can be managed. This includes blocking or limited card spend.
Cards are available as virtual or physical options as well.
Sending and receiving payments
Sending money with Multipass simple through the online logic offered and depending on where and how you want this to be sent, there are a couple of options.
Sending fees are 0.10% minimum, plus the cost of the exchange rate (from 1.5%).
Sending mass or batch payments
Multipass allows unlimited batch payments in terms of the number of transactions. The value of these however is limited to $15,000 per transaction. In comparison, Payoneer offers 1,000 payments (with no upper limit on value), and OFX Business account offers 500.
Unlimited payments, which are uploaded through CSV, is a nice USP for Multipass. Businesses with a lot of outgoing transactions could benefit here.
Sending through an integration
It is not possible to send through an integration like Xero when using Multipass.
For alternative business transfer companies that do come with integration options, Wise Business and Airwallex offer the best options.
Multipass sending fees
The cost of sending money through Multipass is broken down into zones. These zones are based on being the most common (zone 1) to the least common (zone 4).
Zone | Sending fee + minimum send amounts | Minimum send amounts ($) |
|---|---|---|
Zone 1 | 0.10% | $10 |
Zone 2 | 0.45% | $100 |
Zone 3 | 0.75% | $100 |
Zone 4 | 1% | $300 |
Zone 1 countries
Austria, Belgium, Croatia, Cyprus, Latvia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and the United States.
Zone 2 countries
Brazil, Bulgaria, Liechtenstein, Monaco, Malta, Australia, Canada, Central African Republic, China, Gibraltar, Hong Kong, Israel, Japan, New Zealand, Qatar, United Arab Emirates, Singapore, South Africa, South Korea.
Zone 3 countries
Albania, Aland Islands, Algeria, Antarctica, Bahrain, Brunei, Chile, Colombia, Costa Rica, Democratic Republic of the Congo, Falkland Islands, Faroe Islands, Georgia, Heard Island and McDonald Islands, India, Indonesia, Jordan, Kuwait, North Macedonia, Malaysia, Mayotte, Mexico, New Caledonia, Oman, Pitcairn, Réunion Island, Saint Barthelemy, Saint Helena, Saint Pierre and Miquelon, San Marino, South Georgia and the South Sandwich Islands, Svalbard and Jan Mayen, Taiwan, Tanzania, Thailand, Turkey, United States Minor Outlying Islands, Vietnam, Wallis and Futuna.
Zone 4 countries
Angola, Antigua and Barbuda, Argentina, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belize, Benin, Bhutan, Bolivia, Botswana, British Virgin Islands, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Cayman Islands, Chad, Comoros, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eswatini (formerly Swaziland), Fiji, Gabon, Gambia, Ghana, Grenada, Guatemala, Guernsey, Isle of Man, Jamaica, Jersey, Kazakhstan, Kenya, Kiribati, Kosovo, Kyrgyzstan, Laos, Lesotho, Madagascar, Malawi, Mali, Marshall Islands, Mauritania, Mauritius, Moldova, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nauru, Nepal, Nicaragua, Niger, Nigeria, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Rwanda, Saint Kitts and Nevis, Saint Lucia, Samoa, Sao Tome and Principe, Senegal, Serbia, Seychelles, Sierra Leone, Solomon Islands, Sri Lanka, Sudan, Suriname, Tajikistan, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Turkmenistan, Tuvalu, U.S. Virgin Islands, Uganda, Ukraine, Uruguay, Uzbekistan, Vanuatu, Vatican City.
For sending money, these costs put Multipass behind the likes of Wise Business, with a 0.33% fee, and sending at the mid-market rate. With an average exchange rate of 1.5% + 0.10% fee, Multipass is 1.27% more expensive per transaction.
Every $10,000 sent to Europe will cost an additional $127 though Multipass than it would with Wise Business.
Receiving fees
Receiving a business transfer into Multipass is done through sharing your IBAN / bank details but there are fees.
These are slightly confusing, and whilst Multipass offers ‘no hidden fees’, they can take a little bit of working out.
At a base level the fees are:
Payment Type | Receiving |
|---|---|
Local EU (SEPA / SEPA Instant) | €2 |
Local UK (Faster Payments) | Free |
Local UK (BACS / CHAPS) | £20 |
Local US (ACH) | from 0.15% (min $10) |
Local US (Fedwire) | from 0.10% (min $25) |
International (SWIFT) | £20 / €25 / $30 |
International & Local, Other currencies (subject to FX) | Free |
Interest on balances
Multipass does not offer interest on balances.
There are a few alternatives, like Revolut Business account, Wise Business, and Sokin that do.
For currency risk management, interest rates on business can be a benefit. If using interest rates to make the most of currencies is important to your business, Multipass will not suit your needs.
Account options
Account options with Multipass are open to all customers and will be dependent on the needs of the business. Like most companies the offering is a pay per transaction, plus a few ongoing fees.
Integrations
Native integrations in the same way OFX Business is part of the Amazon marketplace program are not available through Multipass.
Compare Business Multi-Currency Business Accounts
Selecting a multi-currency account for business can feel a little tricky with different options, local accounts and features. We've broken down the top accounts across the industry at the moment.
Fees and rates when using Multipass
Of all accounts on the market, Multipass is one of the only ones with a setup fee. The issue with the fee is they also tell you onboarding is automated. Although you can request hands on help if needed.
Provider
Service | Multipass |
|---|---|
Domestic Transfers | $2 |
International Transfers | From 0.10 |
Currency Conversion Fee | From 1.5% |
Receiving Fee | From $2 |
Card Payments | From 1.5% |
Monthly Fee | $100 |
Setup Fee | $500 |
Payment Tracking | $0 |
Mass Payout | $0 (other fees above will apply) |
Accounting Integrations | Not available |
Additional Fees | $12 card maintenance fee |
ATM withdrawal | 1.5% |
ATM balance enquiry | $6 |
Whilst fees aren’t uncommon (Wise Business charges $31 per account you open), it is a bit odd to charge such a high fee, whilst at the same time confirming everything is automatic anyway.
Outside of this, the monthly fee of $100 is also high - with no interest rates either, this puts Multipass at a disadvantage to any companies like Payoneer or Wise Business which offer more services and lower, or no, fees.
Transfer speeds with Multipass
Provider
Multipass service and account management
Multipass, unlike Wise Business or Revolut Business, does offer access to an account manager to solve problems on an account and offer support where needed.
This being said, a lot of the setup is automated and the company does not offer forward contracts. This means the support is very functional, as opposed to offering access to anything additional. A better help center, or a couple of months using the account, may make the need for ongoing account management redundant.
Customer service options
Contacting Multipass is quite simple and there’s a fair amount of flexibility in getting help.
Phone support
Availability | 24/7 (including Whatsapp and Telegram) |
|---|---|
Response time | Minutes |
Languages | English |
In testing, we found phone support was offered and was quick to get through to.
There’s also support for Telegram and Whatsapp contact as well. The ability to contact in this way is a nice sign of a digital bank covering all options. They’re actually the only provider that advertises this as an option as well. This is particularly helpful for those in need of support but not necessarily operating in the US.
Availability | 24/7 |
|---|---|
Response time | Within an hour |
Languages | English |
Email support is available at both the sign up stage and throughout the use of the account. When testing, we found this to be quick in response and relatively helpful to our needs.
Help center
Availability | 24/7 |
|---|---|
Languages | English |
Multipass is a new-ish business and it shows within the help center and online support options.
Whilst most questions can be answered, not all of them are really answered in full and it can be easier to call and get some hands on support.
This being said, fees and supported currencies are well laid out. Calling customer support is easy as well. As the product develops, the help center has the potential to become a strong area for Multipass.
Using Multipass
Provider
We tested the following for ease of use
Invoicing
Integrations
Adding multi-user access for employees, roles and permissions
Paying-in and withdrawing funds
Eligibility and sign up
Sign up can be done in a few simple steps.
To do this, you will need to provide business registration details, key contacts and income.
Companies listed as LLPs need to provide:
A clear ownership structure: Multipass will not accept applications from businesses which are owned by legal entities
An office in the country of registration
Employees and business activity in the country of registration
Historic / regular financial reporting
From here, the account will go through the sign up and verification process. This is not dissimilar to others on the market and at times you may need to provide some additional information.
Safety and regulation
As with most providers we cover, they are registered as Electronic Money Institutions (EMI) and not a bank, which slightly changes regulation. The company is regulated by the UK FCA,
Outside of this, Multipass is a member of SWIFT, so has the ability to open unique IBAN accounts. This is the difference between have a ‘local’ account, and having an account that can be used locally.
Safety measures in place with Multipass also include:
2FA
Risk and fraud monitoring on your account
Safety and trust
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Feedback of Multipass
Compared to some of the other companies covered for business, Multipass is relatively new and the reviews online reflect that. The company has just over 70 reviews on TrustPilot and a score of 4.3 out of 5. In comparison, Wise Business has over 200,000 reviews.
Reviews cover the positives of account management with Multipass and overall positive service received.
Multipass user feedback
Would you recommend Multipass?
Anonymous
They don't have my local currency
Contributors
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