Simon Lee
General Manager of Digital Personal Banking, iFAST Global Bank
UK digital bank offers interest-bearing multi-currency current accounts for individuals and multi-currency business accounts for SMEs, bringing a more global way to bank.
Nowadays, more than ever, people are travelling, relocating or living between countries while adopting remote and hybrid working models.
Currently, around 16% of people living in the UK were born outside the country1, reflecting an internationally diverse population. Relocating, working or studying abroad, or running a business across countries is becoming more common. Navigating multi-currency banking, however, can be challenging, and traditional UK banks aren’t always designed for the needs of global customers.
“People are realising the financial world has no boundaries,” explains Simon Lee, General Manager of Digital Personal Banking, iFAST Global Bank. “Physical presence in a country is no longer always required for work, giving more people the option to become digital nomads, travel, build global businesses, relocate their family or study abroad.”
Multi-currency banking
With global mobility comes global banking, which can be complex. “Managing multiple accounts for different global currencies can be a headache,” explains Lee. “Moving money across different accounts and converting currencies can come with hidden costs, and it can be time-intensive to manage multiple accounts and transactions across different providers.”
Aside from the complexity of managing multiple accounts for different currencies, there’s also a lack of interest-bearing options across various currencies, plus the overall difficulty of managing finances locally and internationally.
Regulated by FCA and authorised by the PRA in the UK, iFAST Global Bank has been specifically designed to address global customer pain points, bridging them to the world with one multi-currency account, providing easy access to different currencies. The bank has also achieved profitability within just three years, reinforcing the strength and sustainability of its business model.
“With our multi-currency personal banking UK account, you can access all your currencies in one place. Through one login and one app, customers hold, receive and spend across nine currencies and make cross-currency payments anytime, anywhere, with no withdrawal fees,” explains Lee. “It makes life much simpler for both individuals and businesses who need fast, easy access to multiple global currencies.”
Founded 25 years ago as a wealth management platform , the parent company – iFAST Corporation has expanded to accommodate the needs of global customers. As a fintech company built differently than traditional banks, iFAST Global Bank is able to convert its profitability into meaningful customer benefits — greater flexibility, convenience and interest-bearing current accounts.
“More than £300 billion sits in UK accounts not acquiring interest2,” says Lee. “Traditional banks rely on costly, offline models with a network of branches. We started digitally, and those savings translate into real benefits for customers. All currencies can earn interest, up to 2.9% in pounds, so your everyday balance doesn’t have to stay idle.”
Customers shape services
Driven to succeed in a new commercial market, iFAST Global Bank is committed to using customer feedback to continually improve its services and meet the needs of a diverse, globally minded customer base. “We’re a UK bank, but focused on a global banking strategy, something reflected in our name, which represents a service available to everyone, globally,” explains Lee.
“We’ve broken traditional, heritage banking models to build a company centred around social responsibility,” says Lee. “We want to empower our customers to be in control of their banking, using their feedback to develop more services and solutions based on their evolving needs.”
Deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000, and opening an account can be done online or via the app. Our personal and business accounts provide flexible multi-currency access and interest-earning opportunities that can benefit our customers.
[1] UK Parliament. (2025). Migration Statistics. House of Commons Library.
[2] The BSA Team. (2022). Saving Statistics. Building Societies Association.
