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Legal Disclaimer: This article is for informational purposes only and does not constitute legal, financial, compliance, or tax advice. Banking eligibility, regulatory requirements, and provider policies vary by jurisdiction. Consult qualified professionals before making decisions.
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A UK agency that books corporate trips can hold 40 supplier invoices from hotels in 12 countries. They arrive in euros, US dollars, UAE dirhams or other local currencies. A sterling-only account turns each one into a SWIFT payment with a conversion attached.

For a travel management company (TMC), the best business account for international payments keeps EUR and USD funds next to GBP. It reaches SEPA and SWIFT. Every transfer carries the matching bill number. The sections below cover pre-opening checks and balance setup. One invoice then runs from start to finish.

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Key Takeaways

1. A TMC needs five things from an account: multiple currencies, SEPA and SWIFT access, approval controls, invoice references and per-currency reports.

2. Separate EUR and USD balances allow payment in the currency of each bill, with conversions batched instead of repeated.

3. SEPA serves euro invoices to hotels in participating countries. Every other currency travels by SWIFT.

4. Six steps settle a hotel invoice: verify, check terms, pick the rail, approve, release and reconcile.

5. The costliest errors are an unverified IBAN and an unset charge option.

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Checklist: what the best business account for international payments offers a travel company

Five features separate a workable account from a frustrating one. The table pairs each with a question that exposes a weak provider.

Currencies and payment rails

The Single Euro Payments Area (SEPA) covered 41 European countries as of 22 May 2025, according to the European Central Bank. A standard SEPA credit transfer usually lands by the next business day when submitted before the bank's cut-off time. The instant variant delivers funds within ten seconds where both banks support it.

SWIFT carries the rest. A dollar transfer to a hotel in Florida travels through correspondent banks, and so does a dirham transfer to a property in Dubai. Delivery often takes one to five business days. Each intermediary may deduct a fee on the way.

Rails such as Faster Payments and CHAPS matter little here. They settle sterling inside the UK, which suits domestic ground suppliers and agency commissions.

Limits, approvals and user roles

Hotel payments cluster at month end. Daily limits sized for a freelancer can block a TMC on the 28th, so the ceiling needs headroom for peak days.

Roles matter more than limits. One user prepares each payment and a second approves it. Only a finance lead adds new payees. The maker-checker workflow for UK finance teams shows how that split works day to day.

New payees deserve a cooling-off rule. A common policy holds the first payment to any new hotel for 24 hours, which gives the finance lead time to call the property and confirm the details.

Reporting and reconciliation

An accountant needs the invoice number, currency, amount sent and rate applied on one line. A sterling-only total forces the team to rebuild those details from emails.

Per-currency statements also separate the cost of holding funds from the cost of converting them. That split reveals whether the setup saves money.

Month-end teams often reconcile in two passes. The first pass matches payments to invoices by reference. The second pass reviews the fee and rate differences that remain.

How to set up a multi currency business account for hotel settlements

A multi-currency account holds funds in several currencies at once. Each currency gets its own balance and usually its own account details. Client receipts arrive in sterling, a portion converts into euros or dollars, and hotel invoices draw on the matching balance.

Take a TMC that pays 18 euro bills a month worth €54,000 in total. Converting each invoice separately from sterling at an assumed 1.5% all-in spread costs about €810. Two bulk conversions at an assumed 0.5% cost about €270. The €540 monthly gap is an illustration. Real spreads vary with provider and amount.

Foreign currency account for business: one account or several balances

A foreign currency account for business can mean a standalone bank account per currency. It can also mean one account with several balances. Standalone accounts bring separate logins and separate approval rules. A single account keeps users and limits in one view.

A small finance team usually controls the single-account model more easily. Companies with subsidiaries in several countries may still need separate accounts for each. A UK multi-currency account for a procurement group with separate entity billing shows that layout in practice. It is worth a read.

Documenting expected transaction volumes at onboarding

UK regulated providers ask how much will move and where it will go. The TMC should prepare monthly volumes by currency plus the typical invoice size. Vague answers slow onboarding. Figures that later differ sharply from actual activity can trigger a review. The guide on documenting expected transaction volumes for a UK multi-currency account lists what providers look for.

Funding the balances

Clients pay the TMC in sterling, so each balance starts as GBP. Two habits keep costs down. First, forecast the next two weeks of hotel payments and convert once. Second, hold a small buffer in each balance so an urgent booking never waits on a conversion. A fixed rhythm helps. Some teams convert every Monday for the invoices due that week, and smaller teams convert once a month.

How to pay hotel suppliers in EUR and USD from one account

Paying hotels in EUR and USD from one UK account works once a separate balance exists for each currency. Euro invoices go out as SEPA credit transfers from the euro balance. SWIFT carries the dollar ones from the USD funds. The risk sits in the gap between the date on the bill and the date of payment. A €10,000 hotel invoice issued when €1 costs £0.85 equals £8,500. If the rate then moves to £0.88 within three weeks, the bill becomes £8,800. That £300 difference comes straight out of the booking margin. Both rates are hypothetical.

A pre-funded euro balance removes that exposure for covered invoices. The cost is fixed on the conversion date instead of whenever the hotel's accounts team processes the payment.

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Fast Fact: The G20 aim for cross-border payments is a service that is faster, cheaper, more transparent and more inclusive. The Bank for International Settlements published the supporting roadmap on 13 July 2020.
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Cards suit small bookings only. Vendor estimates put processing and conversion charges on international card payments at several percent, which can beat a bank transfer on a large invoice. Each TMC should compare its own statements before deciding.

How to settle overseas travel supplier invoices in 6 steps

Settling a hotel invoice takes a verified payee, confirmed terms, the right rail, a second approval, release and a match against the invoice. Each step takes minutes once the account is live.

Step 1: Verify the Supplier Details

Check the hotel's IBAN or account number and its bank identifier code (BIC) against a source other than the invoice, such as the signed contract. Invoice fraud often arrives as a "changed bank details" email. A phone call to a known hotel number closes the gap.

One wrong digit in a SWIFT payment can cost days and fees to recover.

Step 2: Check Invoice Terms and Currency

Confirm the due date and any early-payment discount. A hotel that quotes in US dollars expects US dollars. Sending euros shifts the conversion to the hotel's bank, which often costs the hotel more and invites a short-payment query.

Step 3: Choose SEPA or SWIFT

A euro invoice to a hotel in a SEPA country goes by SEPA. Everything else goes by SWIFT. The hotel's bank decides eligibility as much as the country does, so a quick check of the bank's SEPA participation avoids a rejected payment.

SEPA Instant is the quickest route, yet it is irrevocable. A mistyped instant payment is hard for the sender to recall. For a new hotel, a standard SEPA transfer plus a confirmation call is the safer first payment.

Step 4: Approve with Maker-Checker

The person who prepares a payment never releases it. A second user reviews payee, amount, currency and reference. Payments above a threshold set by the finance lead often need a third sign-off. Limits can scale with risk. A €2,000 payment to a long-standing hotel may need one approver, while a first payment of €25,000 to a new property may need two.

Step 5: Release the Payment and Select the Charge Option

SWIFT payments carry a charge option. OUR means the sender pays all fees. SHA splits fees between sender and recipient, while BEN passes every fee to the recipient. Hotels often prefer OUR, because it delivers the full invoice amount even when two correspondent banks each deduct a fee along the route. The TMC pays more upfront but avoids short-payment disputes.

Step 6: Confirm and Reconcile

Save the payment confirmation, then match it to the invoice by number and amount. A gap between amount sent and amount received points to an intermediary fee that the charge option should have covered. Booking the payment to the client file lets the accounts team close the loop.

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Set Up EUR and USD Balances for Hotel Payments

EQWIRE gives finance teams EUR and USD balances beside sterling together with SEPA and SWIFT rails for supplier payments.

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Choosing a UK business account for a corporate travel company paying overseas hotel suppliers

Shortlisting a UK business account for corporate travel company settling overseas hotel suppliers starts with the provider type. A traditional bank offers credit lines and overdrafts. Its cross-border transfers often route through SWIFT at the bank's own exchange rate. An electronic money institution (EMI) concentrates on transfers and usually holds funds in several currencies.

The Financial Conduct Authority (FCA) requires EMIs to safeguard customer money by holding it apart from the firm's own funds. That protection differs from bank deposit insurance. The FCA guidance on payment services and electronic money explains the distinction, and anyone comparing providers should read each firm's safeguarding terms directly.

The best business bank account for international payments UK travel firms can open is whichever one matches the actual invoice mix. A TMC paying mostly euro hotels gains from a euro balance plus SEPA. One paying 15 currencies needs wide SWIFT reach and clear charge options.

Common mistakes when paying overseas travel suppliers

A short list of avoidable errors causes most losses:

• An IBAN or BIC copied from an email without verification.

• A SWIFT payment sent without a charge option, so the hotel receives less than the invoice.

• A missing invoice number in the reference, which leaves the hotel unable to match the funds.

• A conversion made on payment day instead of when the rate was acceptable.

• One user who prepares and approves payments, which removes the control that catches the other four.

Month-end statements show each of these as an unexplained difference. The fix is a process change instead of a new provider.

Consider an illustrative case. A TMC sends €6,200 to a Lisbon hotel with the SHA option, and the hotel's bank deducts €52. The hotel books €6,148 and chases the shortfall for two weeks. A single OUR instruction would have prevented the whole exchange.

Coverage deserves one last check before a TMC commits. EQWIRE's currency network lists 66 currencies with settlement windows from same day to two days, depending on the destination.

FAQ

How should a UK corporate travel manager settle overseas hotel invoices?

A UK corporate travel manager should verify the hotel's bank details and pay from a balance in the invoice currency. The payment reference must carry the invoice number. Euro invoices usually go by SEPA credit transfer. Other currencies go by SWIFT. A second user approves each new payee before release, then the finance team matches the confirmation to the invoice.

Can a travel management company pay hotels in EUR and USD from one account?

Yes, if the account holds a balance in each currency. The EUR balance funds euro payments and the USD balance funds dollar ones, so no conversion happens at the moment of payment. Fees differ by provider. Some charge per balance, which makes a quick check worthwhile before opening a multi currency business account UK finance teams can run across several hotel markets.

What payment method works best for settling overseas hotel supplier invoices?

SEPA credit transfer works best for euro invoices to hotels in SEPA countries, and SWIFT works best for every other currency. SEPA is faster and usually cheaper. SWIFT reaches nearly any hotel but takes longer, and each intermediary bank may deduct a fee before the money arrives. Cards suit small amounts only.

Do corporate travel firms need separate currency balances for supplier settlements?

They do when several suppliers invoice in the same foreign currency each month. Dedicated EUR and USD funds let a firm settle in the payee's own money and pick conversion dates. A firm that pays only one or two overseas properties in a whole year can simply convert at the moment of payment instead of holding anything. A business bank account for international payments with a single sterling balance covers that lighter pattern.

The best business account for international payments combines per-currency balances with SEPA and SWIFT access. Two-person approval then keeps each release under control. Payments leave on a fixed schedule. Conversion costs stay visible. Each statement line already carries its currency and reference, so month-end matching shrinks from a manual rebuild to a short review. Finance teams then spend their hours on forecasting instead of chasing differences.

A TMC that starts with its three busiest hotel markets can add currencies as volumes justify them. Any provider choice should still go past a qualified adviser. Eligibility and fees differ by company. EQWIRE provides multi-currency accounts built around this pattern, and the sign-up page opens the application.