For expats in Europe, Wise is the best multi-currency account for receiving and converting foreign income — it uses the real mid-market exchange rate with a transparent upfront fee, and gives you local bank details in 8+ currencies. Revolut is the best for spending and travel, with fee-free currency exchange up to €1,000/month on its free plan and the deepest travel feature set. bunq is the best if you want a full Dutch-licensed bank with multiple IBANs and serious budgeting tools. Most internationally-paid expats end up holding Wise plus one of the other two.
If you earn in one currency, spend in another, and get paid from a third country, a regular bank account quietly taxes you on every conversion. Traditional European banks typically add a 2–3% markup to the exchange rate and rarely show it as a line item — you just get fewer euros, pounds or dollars than the rate you saw on Google.
A multi-currency account fixes this: one app, balances in many currencies, conversions at (or near) the real mid-market rate, and local bank details so clients can pay you like a local. This guide compares the three services expats in Europe actually use — Wise, Revolut and bunq — on the criteria that matter: exchange rates, fees, IBANs, English support and how they fit expat life. Fee figures below are illustrative, based on provider pricing pages in October 2026; always confirm live terms before you move money.
Wise vs Revolut vs bunq: head-to-head
| Criterion | Wise | Revolut (Standard) | bunq |
|---|---|---|---|
| What it is | Money transfer specialist + multi-currency account | Lithuanian-licensed bank/fintech | Full Dutch bank (bunq B.V.) |
| Monthly fee | €0 (pay per transfer) | €0 | Paid plans (free tier very limited) |
| Exchange rate | Real mid-market rate | Interbank rate | Interbank-ish rate (plan-dependent) |
| Conversion fee | Transparent % fee, varies by currency (roughly 0.4–0.6% on major routes) | Free up to €1,000/month, then 1%; ~1% weekend markup | Included in plan (limits vary) |
| Currencies you can hold | 40+ | 25+ | Multiple (EUR-centric) |
| Local bank details | Yes — 8+ currencies (EUR, GBP, USD, etc.) | LT IBAN + UK details on some plans | Multiple IBANs in one app |
| IBAN country | Belgian (EU entity) for EUR | Lithuanian (LT) | Dutch (NL) |
| Debit card | Yes (~€7 one-time in most EU countries) | Yes (free virtual, physical on some plans) | Yes |
| English support | Full English | Full English | Full English |
| Deposit protection | Safeguarding (e-money) — not a bank deposit scheme | Up to €100,000 (EU scheme) | Up to €100,000 (Dutch scheme) |
| Best for | Receiving foreign income, large transfers | Spending, travel, FX under €1k/month | Full banking + budgeting in the EU |
Wise: the expat's receiving account
Wise multi-currency account
Wise's pitch is radical transparency: you see the real mid-market rate — the one on Google — plus a clearly stated fee, before you confirm. No hidden markup baked into the rate. For a freelancer invoicing US clients or an expat receiving a salary top-up from home, that honesty usually beats every bank and most fintechs on larger amounts.
The killer feature is local bank details: you get real account numbers in 8+ currencies, so a US client pays you via ACH like a local, a UK employer via sort code, and EU payers via your Belgian IBAN. Money lands in the right currency with no receiving fees on most routes, and you convert when the rate suits you.
The trade-offs: Wise is not a bank — balances are safeguarded as e-money rather than covered by a deposit guarantee scheme, so it's a flow account, not a savings home. The debit card costs a small one-time fee (~€7 in most EU countries). And for small, frequent holiday spending, Revolut's free FX allowance can be cheaper than Wise's per-transfer fee.
Revolut: the spending and travel account
Revolut Standard
Revolut's free plan is the best spending tool of the three: exchange up to €1,000 per month at the interbank rate with no fee, hold 25+ currencies, and get free virtual cards, budgeting analytics, and travel extras (e-SIMs, lounge access and insurance on paid tiers). For the expat who travels monthly, it's unmatched.
The limits matter. Beyond the €1,000 monthly allowance, a 1% fair-usage fee applies, and exchanging outside market hours (weekends) adds roughly 1% markup. The Lithuanian IBAN is legally valid across the EU but occasionally rejected by German employers and landlords in practice — fine for a spending account, risky as your only salary account. See our N26 vs Revolut and Revolut vs Wise deep-dives.
bunq: the real bank for borderless Europeans
bunq
bunq is the odd one out: a real, Dutch-licensed bank built for people who live across borders. You get a Dutch IBAN (accepted everywhere without the friction some LT IBANs face), the ability to hold multiple IBANs in one app — handy if you juggle freelance clients in several countries — and genuinely excellent budgeting tools, including automatic sorting of expenses.
The catch is pricing: bunq's free tier is very limited, and the useful plans cost a monthly fee. For an expat who wants one proper EU bank account with multi-currency features and doesn't mind paying for it, that's a fair trade. For the budget-conscious, the Wise + Revolut combo covers the same ground for free.
What does €1,000 converted actually cost? (illustrative)
Converting €1,000 to US dollars on a weekday, October 2026 pricing — illustrative snapshot, not a live quote:
| Provider | Rate used | Illustrative fee | You receive (approx.) |
|---|---|---|---|
| Wise | Mid-market | ~0.43% (~€4.30) | ~$1,075 |
| Revolut Standard | Interbank | €0 (within allowance) | ~$1,080 |
| Traditional bank | Rate + ~2.5% markup | Hidden in rate (~€25) | ~$1,053 |
Which one should you pick?
- Freelancer paid in USD/GBP: Wise. Local receiving details + mid-market conversions on invoice-sized amounts.
- Frequent traveller, spending under €1k/month in foreign currencies: Revolut Standard. Free FX allowance is genuinely free.
- Want one proper EU bank account: bunq. Dutch IBAN, deposit guarantee, multi-IBAN flexibility — for a monthly fee.
- Maximum coverage, minimum cost: Wise + Revolut, both free tiers. Receive and convert on Wise, spend and travel on Revolut. This is the setup most internationally-paid expats land on.
If your main need is sending money home rather than holding multiple currencies, see our best money transfer services in Europe guide. Freelancers should also read our brokers for expats guide for what to do with the money once it lands.
5 mistakes expats make with multi-currency accounts
Before the list: the single most expensive mistake is inertia. Every month you route foreign income through a high-street bank, the hidden markup compounds. Setting up Wise or Revolut takes under fifteen minutes — the payback on your very first transfer usually covers the effort many times over.
- Converting at their high-street bank. A 2–3% hidden markup on a €5,000 transfer is €100–€150 vaporised. Always compare against the mid-market rate.
- Exchanging on weekends on Revolut. The ~1% weekend markup is avoidable — schedule conversions for weekdays.
- Keeping life savings in e-money. Wise safeguards funds but isn't a bank; large, long-term balances belong where a deposit guarantee applies.
- Ignoring the receiving side. Getting paid like a local (Wise's local details) often saves more than shaving the conversion fee.
- Paying for features they don't use. bunq's paid plans are excellent — for people who use them. Audit your actual usage before subscribing.
How we compared
We compared Wise, Revolut Standard and bunq against expat-specific criteria: exchange-rate transparency, conversion fees, number of holdable currencies, local bank details, IBAN country, English-language support and deposit protection. Fee snapshots were taken from provider pricing pages in October 2026 and are labelled illustrative throughout because providers revise pricing regularly. We weighted receiving foreign income and conversion cost above travel perks, reflecting how internationally-paid expats actually use these accounts. No provider paid for placement.