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For a UK business paying overseas suppliers, managing a team that travels, or holding revenue in more than one currency, a standard business current account is usually the wrong tool. High street banks route international payments through SWIFT, apply an FX margin well above the rate you'd see on a currency converter, and rarely give you anywhere to actually hold foreign currency between transactions.
Equals Money is one of several UK fintech platforms built to close that gap, though it takes a different shape to some of its better-known competitors. Rather than positioning itself primarily as a payment gateway or an e-commerce collections tool, Equals Money is best understood as two connected products: a multi-currency business account with dedicated FX dealing, and a prepaid corporate card and expense management platform. It's also one of the few providers in this space that accepts sole traders alongside limited companies, which is worth knowing early if you've been ruled out elsewhere.
This guide looks at what Equals Money actually offers, how it works, what it costs, how safe your money is with it, and which UK businesses it suits best.
What is Equals Money?
Equals Money is the trading name of Equals Group, a UK fintech with a longer history than most of its rivals. The business began life in 2007 as FairFX, a travel currency card and international payments provider, listed on the AIM market of the London Stock Exchange in 2014, and rebranded from FairFX to Equals Group in 2019 as it expanded into broader business payments. Equals Group returned to private ownership following an acquisition completed in April 2025.
In the UK, the platform operates under two separate FCA authorisations, which is slightly more complex than most single-licence competitors but reflects the breadth of what it offers:
Equals Money PLC is authorised as a Payment Institution (FCA reference number 488396)
Equals Money International Limited is authorised as an Electronic Money Institution (EMI), issuing cards under licence from Mastercard (FCA reference number 900493)
Neither entity is a licensed bank, so we'll come back to what that means for your money later in this guide.
At its core, Equals Money lets businesses:
Hold and convert balances across 35 or more currencies through a single multi-currency IBAN
Send payments in 140 or more currencies to around 190 countries via SWIFT, SEPA and UK Faster Payments
Work with a dedicated FX dealer on rate strategy, including forward contracts and limit orders
Issue prepaid Mastercards, physical and virtual, for staff and travelling teams
Manage company spending, budgets and approvals through a single online platform
Sync transactions with Xero for accounting
Eligibility is wider than most multi-currency specialists. Sole traders, partnerships and limited companies can all apply, which puts Equals Money in a smaller group of providers than, say, Airwallex, which is restricted to limited companies and LLPs only.
How Does Equals Money Work?
Equals Money is built around two products that can be used together or separately: a multi-currency business account for holding and moving money, and a Cards & Expenses platform for day-to-day spending and staff cards.
Multi-Currency Account
Rather than issuing local receiving account details for each currency, the way Airwallex or Wise do, Equals Money gives you a single multi-currency IBAN that can hold and convert balances across 35 or more currencies. In practice, this means one account number to give out rather than a different one for every currency you trade in, though it also means you're not receiving payments as though you held a local account in the destination country the way you would with some competitors.
International Payments
Equals Money can send payments in more than 140 currencies to around 190 countries, using SWIFT, SEPA and UK Faster Payments depending on the destination and currency. It's also one of the few UK payment firms with direct access to Bank of England settlement accounts and membership of the Faster Payments Scheme, which in our experience tends to matter more to businesses moving high transaction volumes than to a smaller company sending the occasional supplier payment.
FX Dealing and Rate Management
This is where Equals Money differs most from app-first competitors. Rather than a purely self-serve platform, business customers are typically assigned a dedicated FX dealer who can help build a currency risk strategy rather than just process a transfer. Tools available include forward contracts, which let you lock in a rate up to 24 months ahead for a known future payment, along with limit and stop-loss orders that execute automatically once a target rate is hit.
It's worth noting that once a forward contract rate is locked, you're committed to it regardless of how the market moves afterwards, so it suits a business with a predictable future payment rather than one hoping to speculate on currency movements.
Cards and Expense Management
The Cards & Expenses platform lets a business issue prepaid physical and virtual Mastercards to staff, set individual spending limits, and track transactions in real time through a web dashboard, with receipt capture and approvals also available through a mobile app. Cards spend fee-free in around 21 supported currencies when the relevant currency balance is pre-loaded onto the account, which suits a business with predictable spend, such as a monthly supplier payment in euros. Spending in a currency you haven't pre-loaded attracts a 1.5% FX fee, which is worth knowing if your team's spend is less predictable, such as ad hoc travel expenses charged in whatever currency a hotel or taxi happens to bill in.
Why is Equals Money Popular with Businesses Managing FX?
This is arguably where Equals Money earns its place against more app-first, self-serve competitors.
Not Just a Dashboard
Several UK multi-currency providers are built for a founder to sign up, convert money and move on without speaking to anyone. Equals Money leans the other way: when we speak to businesses using FX platforms, the ones with hedging needs, such as importers with regular supplier commitments in a foreign currency, tend to value having a named contact who can talk through timing and risk rather than a rate calculator alone. Trustpilot feedback for Equals Money consistently highlights individual account managers by name, which is a pattern we see less often with the purely digital-first platforms.
Open to Sole Traders
Airwallex, and several other multi-currency specialists, restrict UK onboarding to limited companies and LLPs. Equals Money's willingness to accept sole traders and partnerships as well makes it one of the more accessible options for a freelancer or contractor billing overseas clients who doesn't want to incorporate purely to access a multi-currency account.
Rate-Locking Tools for Predictable Payments
Forward contracts and limit orders are more commonly associated with dedicated FX brokers than with app-based fintechs. For a business that knows it needs to pay a supplier a fixed amount in three months and wants certainty over the sterling cost now, that's a useful tool that many competitors don't offer in the same form.
Key Features of Equals Money
Multi-Currency Business Account
A single IBAN for holding, converting and sending money across 35 or more currencies.
International Payments
Payments in 140-plus currencies to around 190 countries, using SWIFT, SEPA and Faster Payments, with direct Bank of England settlement access.
FX Risk Management
Forward contracts locking a rate up to 24 months ahead, plus limit and stop-loss orders, typically arranged through a dedicated FX dealer.
Prepaid Corporate Cards
Physical and virtual Mastercards, fee-free to spend in around 21 pre-loaded currencies, usable in roughly 190 countries.
Cards and Expenses Platform
Real-time spend visibility, individual card limits, role-based permissions and budget controls through a single online dashboard.
Accounting Integration
Direct sync with Xero to reduce manual reconciliation, though this is currently the only accounting integration on offer, which is narrower than some competitors that also support QuickBooks or Sage.
Security Controls
Two-factor authentication, including when adding a new payee, along with the ability to freeze a card instantly if it's lost.
Equals Money Pricing Structure
Equals Money's pricing is split across its two core products, and it's less transparent than some competitors on the FX side specifically.
Corporate FX and International Payments
Item | Cost |
|---|---|
Monthly account fee | None |
Per-transfer fee | None |
FX margin | Not published |
It's worth noting that, in our experience, this is one of the more common frustrations raised about Equals Money among independent reviewers: you can't get a firm sense of the total cost of using the platform from the website alone, since the FX margin is negotiated rather than listed.
A negotiated rate can work in your favour on larger, regular volumes, but it does mean you'll need to go through at least part of the sales process before you can compare Equals Money's cost against a provider with published FX pricing, such as Wise or Airwallex.
Cards and Expenses Platform
Plan | Monthly Price | Annual Price |
|---|---|---|
Business | £25 a month | £250 a year (reduced from £300) |
Larger volume or custom needs | Bespoke pricing | Available on enquiry for businesses spending over £100,000 a month |
All plans include unlimited platform users, so cost doesn't scale with headcount the way it does with some competitors that charge per seat.
Card and Transaction Fees
Service | Cost |
|---|---|
Physical card issuing fee | £10 per card |
Card spend in a pre-loaded supported currency | Free |
Card spend in an unloaded or unsupported currency | 1.5% |
UK ATM withdrawal | £1.50 |
We confirmed these figures directly from Equals Money's pricing and FAQ pages and from independently verified reviews in April 2026, though FX margins and some fees change with volume and negotiation, so it's worth confirming current terms directly before committing.
Is Equals Money Safe to Use?
For a business moving meaningful sums internationally, this question usually matters more than the headline pricing.
FCA Authorisation
Equals Money operates under two separate FCA authorisations, which is more than most single-entity competitors:
Equals Money PLC: FCA reference number 488396, authorised as a Payment Institution under the Payment Services Regulations 2017
Equals Money International Limited: FCA reference number 900493, authorised as an Electronic Money Institution under the Electronic Money Regulations 2011
Fund Protection
Neither Equals Money entity is a licensed UK bank, so customer funds aren't covered by the Financial Services Compensation Scheme (FSCS). Instead, funds are held in segregated safeguarding accounts with Tier 1 banking partners, kept apart from Equals Money's own operating funds, in line with FCA safeguarding rules for payment and e-money institutions.
It's worth noting that the FCA's strengthened Safeguarding Supplementary Regime, which introduces daily reconciliation and mandatory audit requirements for larger e-money institutions, took effect from 7 May 2026, tightening the standard that firms like Equals Money must meet even though it still isn't the same as FSCS deposit protection.
Feature | Traditional Bank | Equals Money |
|---|---|---|
FCA-regulated | Yes | Yes |
Segregated client funds | No | Yes |
FSCS protection | Yes | No |
Interest on balances | Sometimes | Not permitted under e-money regulations |
If you're planning to hold a large working balance with Equals Money for any length of time rather than using it purely for transactional FX and expenses, it's worth weighing that against keeping surplus reserves in an FSCS-protected business bank account instead.
Terms and Conditions Worth Reading
A few areas of Equals Money's terms are worth understanding before you apply, rather than after.
Safeguarding, not FSCS protection. As with any EMI or payment institution, your funds are protected differently to a bank deposit. This is standard across the sector, not unique to Equals Money, but it's honest to flag plainly.
FX rates aren't published. Unlike Airwallex or Wise, which advertise a fixed margin above the interbank rate, Equals Money's FX pricing is negotiated. That can work well for a business with meaningful, regular volume, but it makes upfront comparison harder for a smaller business weighing several providers side by side.
Forward contracts are binding. Once you've locked a rate through a forward contract, you're committed to it, even if the market subsequently moves in your favour. This is standard practice for this type of product across the FX industry, but it's a commitment rather than a quote you can walk away from.
Verification and ongoing compliance checks. As an FCA-regulated business, Equals Money carries out identity and company verification at onboarding, with further checks on an ongoing basis. Independent reviews mention this can occasionally mean documentation requests or temporary account restrictions during a compliance review, which is a pattern that shows up across most FCA-regulated EMIs and payment institutions rather than being specific to Equals Money, but it's worth factoring in if your business can't tolerate a payment delay of several days.
What is Equals Money Good At?
Combining FX dealing with everyday expense management
Few competitors pair a dedicated FX dealer and hedging tools with a usable prepaid card and expense platform in one place.
Sole trader eligibility
Openness to sole traders and partnerships, not just limited companies, is a point of difference in this part of the market.
Rate certainty for known future payments
Forward contracts and limit orders give a predictable-spend business more control than a simple spot conversion.
Direct settlement access
Membership of the Faster Payments Scheme and direct Bank of England settlement access is a technical detail most businesses won't need to think about, but it underpins faster, more reliable payment processing at scale.
Longstanding UK presence
Nearly two decades of trading history, under the FairFX and then Equals brands, gives it a longer track record than many newer fintech entrants.
Who is Equals Money Best Suited To?
Equals Money is particularly well-suited to:
Importers and Exporters with Predictable FX Exposure
Businesses that know they'll need to pay or receive a set amount in a foreign currency at a known future date, and want to lock in a rate rather than take the spot price on the day.
Sole Traders and Partnerships Trading Internationally
Freelancers, contractors and partnerships that need multi-currency functionality but don't meet the limited company or LLP requirement several competitors impose.
Businesses with Travelling Teams
Companies issuing prepaid cards to staff working or travelling abroad, particularly where spend is concentrated in a small number of predictable currencies.
Charities and Organisations Wanting Human Support
Reviewers consistently mention named account managers and responsive phone support, which tends to matter more to organisations that want a relationship over a purely self-serve app.
Businesses That Value FX Advice Over a Fully Self-Serve App
If you'd rather talk a currency strategy through with someone than manage it entirely through a dashboard, Equals Money's dealer-led model is a point of difference.
Who Would Be Better Served by Alternatives?
Equals Money isn't the right fit for every business trading internationally.
You want fully transparent, published FX pricing. If comparing an exact cost upfront matters more to you than a negotiated rate, a provider with published FX margins, such as our Wise vs Airwallex comparison covers, will be easier to price before you apply.
You need local receiving account details in multiple currencies. Equals Money issues a single multi-currency IBAN rather than local account details per currency, so a business collecting marketplace payouts or client payments that specifically need to look local to the payer, such as a US routing number or EUR IBAN, may be better served by a platform built around that, such as Airwallex.
You need to accept customer card payments online. Equals Money doesn't function as a payment gateway in the way Airwallex does, so an e-commerce business needing to process customer checkouts will need a separate provider for that specifically.
You want everyday UK banking, lending or overdrafts. As a Payment Institution and EMI rather than a bank, Equals Money doesn't offer credit products, so businesses wanting a lending relationship alongside their banking will need a traditional business bank account too.
You want interest on idle balances. E-money regulations prohibit EMIs from paying interest on balances, so a business planning to hold significant reserves with Equals Money rather than moving money through it regularly may find a bank or a savings-linked account a better home for that cash.
Common Misconceptions About Equals Money
"Equals Money is a bank." It isn't. Equals Money operates under two FCA authorisations, as a Payment Institution and an Electronic Money Institution, neither of which is a banking licence. That's why deposits aren't FSCS-protected.
"Only limited companies can use Equals Money." This is one of the more persistent misconceptions, likely carried over from how several competitors work. Equals Money accepts sole traders and partnerships alongside limited companies.
"The FX rates are hidden because they're high." This isn't necessarily true. A negotiated rate can be competitive, particularly on larger or regular volumes, but it does mean you can't compare it at a glance the way you can with a provider that publishes a fixed margin, which is a fair trade-off to weigh rather than a red flag on its own.
"Equals Money is only for big businesses." While it does serve larger organisations, including charities and production companies, the Cards & Expenses platform is priced flat at £25 a month with unlimited users, which is accessible to a small business or sole trader too.
FAQs About Equals Money
Is Equals Money regulated in the UK?
Yes. Equals Money PLC is authorised by the Financial Conduct Authority as a Payment Institution (FRN 488396), and Equals Money International Limited is authorised as an Electronic Money Institution (FRN 900493).
Can sole traders use Equals Money?
Yes. Unlike several multi-currency competitors that restrict onboarding to limited companies and LLPs, Equals Money accepts sole traders and partnerships.
Is my money protected with Equals Money?
Funds are safeguarded in segregated accounts with Tier 1 banking partners, separate from Equals Money's own operating funds, but they aren't covered by the FSCS in the way a bank deposit would be.
How many currencies does Equals Money support?
The multi-currency account holds and converts balances across 35 or more currencies, with international payments reaching more than 140 currencies and around 190 countries.
Does Equals Money charge FX fees?
There's no published flat margin. FX pricing for international payments is negotiated with a dedicated dealer, while prepaid card spend is free in around 21 pre-loaded currencies and charged at 1.5% for spend in an unloaded or unsupported currency.
How much does Equals Money cost?
The Corporate FX and International Payments service has no monthly or per-transfer fee, though the FX margin isn't published. The Cards & Expenses platform costs £25 a month or £250 a year, with unlimited users included.
Does Equals Money offer lending or credit?
No. As a Payment Institution and EMI rather than a bank, Equals Money doesn't offer loans, overdrafts or credit facilities.
Alternatives to Equals Money
If published, fixed FX pricing matters more to you than a dealer-led relationship, our Wise vs Airwallex comparison covers two providers that advertise their margins upfront.
If you need local receiving account details and online payment acceptance alongside FX, our Airwallex review looks at a platform built more heavily around e-commerce and collections.
If you're weighing a specialist multi-currency provider against an all-in-one digital business bank account, our business bank accounts comparison tool can help you find one with a broader everyday banking feature set.
Verdict: Is Equals Money a Good Option?
Equals Money isn't trying to be the slickest, most self-serve fintech app on the market, and that's worth understanding clearly. Where it earns its place is in the combination of dealer-led FX tools, such as forward contracts and limit orders, with a usable prepaid card and expense platform, all backed by a company with a longer trading history than most of its newer competitors. Its openness to sole traders and partnerships, not just limited companies, is also a point of difference against several better-known rivals.
FX pricing isn't published, so you can't get a like-for-like cost comparison without going through onboarding, and the platform doesn't offer online payment acceptance or local receiving account details the way Airwallex does. It also isn't FSCS-protected, and, like any FCA-regulated payment firm, ongoing compliance checks can occasionally mean account restrictions while a review is completed.
For a business with predictable, known international payments and an appetite for FX risk management rather than a purely transactional relationship, or for a sole trader shut out of limited-company-only platforms, Equals Money is one of the more capable specialist options on the UK market. As always, it's worth confirming current fees and eligibility directly before applying, since FX pricing here specifically depends on a conversation rather than a published rate card.
