# Millbank FX: Business account

> A UK payment institution specialising in corporate FX: a named multi-currency account in your business's name in 38 currencies, payments to 120+ countries, forward contracts and market orders, and a dedicated FX specialist. No setup or monthly fee; it earns from the exchange spread.

Finzil profile: https://finzil.com/providers/millbank-fx · Provider website: https://millbankfx.com · Facts checked: 2026-10-20

## Key facts

- **Monthly fee:** £0
- **Setup fee:** Free
- **Currencies:** 38 (on the named account; payments in 80+)
- **Onboarding:** 3–5 days (typical)
- **Provider type:** Payment institution
- **IBAN:** Named multi-currency account in the business's name
- **Payment rails:** Faster Payments, CHAPS, international payments
- **Safeguarding:** Segregated accounts
- **Remote opening:** Yes
- **Headquarters:** United Kingdom

## Who can apply

- **Non-resident owners** (owner or director living outside the company's country): Not published
- **Countries of incorporation accepted:** Not published
- **Countries of incorporation refused:** Not published
- **Owner residency accepted:** Not published
- **Owner residency refused:** Not published
- **Owner nationality refused:** Not published
- **Company types accepted:** Incorporated businesses

## Industries

- **Industries served:** Import and export, E-commerce, Professional services
- **Prohibited industries (provider's own list):** Not published
- **Permitted industries (provider's own 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

## Licences

- United Kingdom: FCA, Payment institution, Millbank FX Limited, register no. 787366 (https://register.fca.org.uk/s/firm?id=0010X00004MkUh7QAF)

Safeguarding: 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).

## Fees

Source: https://www.millbankfx.com/ (checked 2026-10-20)

### Plans

- **Named multi-currency account:** Free

### Currency exchange (FX)

- FX markup: Not published · Millbank FX earns from the spread

## Opening an 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: Not published

## Pros and cons

- Pro: No setup fee and no monthly fee
- Pro: Named account in your business's name in 38 currencies
- Pro: Payments in 80+ currencies to 120+ countries
- Pro: Forward contracts and market orders to manage FX risk
- Pro: A dedicated FX specialist for each client
- Con: Its income is the FX spread, which is not published
- Con: No cards
- Con: No list of accepted countries or refused industries published
- Con: Built for businesses with regular, sizeable FX
- Con: Recent bank statements needed to apply

## Finzil's take (opinion)

Millbank FX is a corporate FX broker first, with a free named multi-currency account to receive and pay in 38 currencies and hedging tools for companies that trade abroad. It suits businesses moving regular sums across currencies that want a person to call; get the spread in writing and compare it with Ebury or Alpha Group.

## Alternatives

- [Currencies Direct](https://finzil.com/providers/currencies-direct): E-money institution · UK
- [Moneycorp](https://finzil.com/providers/moneycorp): Payment institution · UK
- [Alpha Group](https://finzil.com/providers/alpha-group): E-money institution · UK
- [Ebury](https://finzil.com/providers/ebury): E-money institution · UK

## FAQ

**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.

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