Overview
Millbank FX, at a glance.
Millbank FX is a payment institution headquartered in the United Kingdom, regulated by FCA. The company behind Millbank FX is Millbank FX Limited. Business accounts cost £0 a month. Opening an account takes 3–5 days.
Client money is safeguarded with EU banking institutions, separate from Millbank FX's operating funds. It is not a bank deposit. For clients based in the EEA, payment services are provided by Freemarket FX Ireland Limited (Central Bank of Ireland, C456818).
Why businesses pick Millbank FX
- No setup fee and no monthly fee
- Named account in your business's name in 38 currencies
- Payments in 80+ currencies to 120+ countries
- Forward contracts and market orders to manage FX risk
- A dedicated FX specialist for each client
Watch out for
- Its income is the FX spread, which is not published
- No cards
- No list of accepted countries or refused industries published
- Built for businesses with regular, sizeable FX
- Recent bank statements needed to apply
Business fit
Will Millbank FX accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Millbank FX's published rules
Needs review
Millbank FX works with Importers and exporters, but does not publish the countries it accepts companies from.
Millbank FX does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Millbank FX publishes about the businesses it takes on.
Who Millbank FX serves
- Import and export
- E-commerce
- Professional services
All 5 industries on Millbank FX's accepted list
- Importers and exporters
- Businesses making cross-border payments
- Businesses managing FX exposure
- Businesses needing multi-currency collections and supplier payments
- Businesses using forward contracts and market orders
Not supported
Industries and countries Millbank FX does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use Millbank FX?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
38 currencies
The named account holds 38 currencies; Millbank FX pays out in 80+. The full list is not published.
Payment reach
Not published
Who can apply
Company incorporation countries
Not publishedOwner nationality
Not publishedOwner residency
Not publishedCompany types
Incorporated businesses
Pricing
What does Millbank FX cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Named multi-currency account
£0 per month
£0 setup · £0 in year one
Transaction fees
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Not published | Millbank FX earns from the spread |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply
Submit the online application.
- 2
Documents
Provide identification, the company's incorporation documents and recent bank statements.
- 3
Checks
Complete KYC and compliance checks; confirmation arrives by email.
- 4
Account live
Activate the account and work with your FX specialist.
Documents you need
Not published
FAQ
Your questions, answered.
Is Millbank FX regulated?
Yes. Millbank FX Limited is authorised by the FCA as a payment institution, reference 787366. Client money is safeguarded; it is not a bank. EEA clients' payment services are provided by Freemarket FX Ireland Limited.
How much does Millbank FX cost?
No setup fee and no monthly fee. Millbank FX earns from the exchange spread, which depends on the volume and is not published.
What does Millbank FX offer besides payments?
Forward contracts to fix a rate for future payments, market orders that trade when a target rate is reached, and a dedicated FX specialist.
How many currencies does the account hold?
38 on the named multi-currency account, with payments in more than 80 currencies to over 120 countries.
Alternatives
How Millbank FX compares.
If Millbank FX is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 Millbank FXThis pagePayment institution |  | Multi-currency accountHedging |
 Currencies DirectE-money institution |   | FX40+ currencies |
 MoneycorpPayment institution |  | FX130+ currencies |
| Alpha GroupE-money institution |    | FundsGlobal accounts |
 EburyE-money institution |  | FX and hedgingInternational trade |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.