UK businesses can save time and money by adding Starling’s multi-currency account to their Xero accounting software.

By connecting their Starling multi-currency account to Xero, transactions made from that account in euros or dollars will automatically feed through to Xero in real time says a Starling Bank announcement addressed to UK businesses that regularly send, receive or hold euros or dollars. (Finextra)

The Xero integration is accessible through the Marketplace section of the Starling app.

To be eligible for Starling’s multicurrency account inside their Xero accounting, a business must first hold a Xero premium subscription.

Charges apply, however – £5 per month for a US dollar account and £2 per month for a euro account. (Note that a three-month promotion for multi-currency accounts is in effect and ends on March 1, 2022. These accounts would be subscription free if an application is made in November).

Benefits of the Starling multicurrency account

Businesses can:

• Hold, send and receive euros and dollars and use a single debit card to manage all Starling business accounts
• Get their own local account details including IBAN for Europe and account/ACH routing number for the US
• Weekend transfers. Transfer money between Starling accounts 24/7. Always see the exchange rate before the conversion is made
• Benefit from some of the best exchange rates and fees on the market if they convert euros or dollars back into pounds
• No hidden fees. Starling uses the actual market rate that they’re charged for buying and selling currencies and 0.4% conversion fee.

“Everything can be kept organised and up to date, making life easier for both you and your accountant,” says Starling. “We want to help you spend less time on banking admin and more time on running your business.”

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Image Source: Starling