iFAST Global Bank enables businesses to send euro transfers instantly
The global bank supports nine currencies with just one business account.
iFAST Global Bank announced the launch of SEPA (Single Euro Payments Area) payment capabilities for its multi-currency business current account, further strengthening its cross-border payment infrastructure for SMEs and international business across one of the world's most active trading zones.
According to the European Payments Council, SEPA makes it as easy and convenient for citizens and businesses to pay across Europe with one payment account and one card as it is in their home countries. The addition of SEPA further positions iFAST Global Bank as an international banking partner for manufacturers, distributors, and trading businesses that manage regular payments across Europe and beyond.
Inayat Kashif, CEO of iFAST Global Bank said: “Managing international supply chains means managing payment complexity. Our clients do not want to think about their banking infrastructure every time they pay a supplier. With SEPA now available alongside our existing multi-currency capabilities, we are giving businesses the tools to operate across borders - seamlessly, globally and with zero monthly fees.”
iFAST multi-currency business current account supports nine currencies within a single account - allowing businesses to hold, receive, and manage balances across major trading currencies without maintaining separate accounts with different providers. This is particularly relevant for businesses that invoice clients in multiple currencies while also paying overseas suppliers, where unnecessary conversion costs and delays can erode margins over time.
"This launch is a direct response to the needs of our UK-based and international business clients," said Steve Chu, commercial banking manager at iFAST Global Bank. "We're seeing increasing demand for seamless euro payment capabilities as our clients expand their European operations."
About the multi-currency business current account
As a licensed UK bank authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA, iFAST Global Bank offers deposits protected up to £120,000 under the Financial Services Compensation Scheme with:
- No monthly fees: No tiered subscription structure, no account maintenance charges.
- Everyday balance interest: Businesses earn 2.65% AER on GBP everyday balances . Working capital sitting in the account continues to generate returns without the need to lock funds into a separate product.
- Fixed term deposit: For businesses with larger reserves, fixed term deposits are available at rates of up to 4.30% AER on GBP balances.
- SEPA payments: Instant secure euros transfer at £0.20 per outbound transaction (subject to the beneficiary bank’s availability)
- International outbound payments: Free for amounts from £2,500 or equivalent. For transfers below that threshold, a flat fee of £15 per transaction applies.
- Inbound and domestic payments: Inbound international payments and domestic sterling payments are free of charge.
The account also supports businesses with overseas shareholders, making it a practical solution for UK-registered companies with international ownership structures - a common profile among SMEs and early-stage businesses looking to establish a UK or EU presence while remaining cost-efficient.
Interest rates are variable on currencies and subject to change.
Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on their website.
Deposits up to £120,000 are fully protected by FSCS (Financial Services Compensation Scheme). More details available here. T&Cs apply.
This article is produced by SWNS based on content distributed by GlobeNewswire.