Brex

## Does the Brex Business Account allow businesses to hold and manage multiple currencies without monthly fees?

## Overview The Brex Business Account provides functionality for businesses to manage and spend in multiple currencies, and its core account plans do not include specific monthly fees for holding these currencies. The platform is designed to support global operations by facilitating transactions in a wide range of foreign currencies, although its structure is more focused on multi-currency spending and payments rather than functioning as a traditional multi-currency holding account with segregated currency wallets. Brex offers different pricing tiers for its software and services, including the 'Essentials' plan, which is available for $0 per user per month, and a 'Premium' plan at $12 per user per month. These plans integrate multi-currency capabilities as part of the overall spend management platform, rather than charging separate maintenance fees for currency holding. ## Key Features Key Features and Technical Specifications: Brex supports spending in a broad range of currencies, with sources indicating support for 40 to 60 different currencies and operational reach in over 200 countries. A significant feature is the ability to issue local cards in multiple currencies, which allows businesses to avoid foreign exchange (FX) fees on transactions by paying in the local currency. This is part of Brex's 'global-first' architecture, which also enables subsidiaries to pay statements and reimbursements directly from their local bank accounts, minimizing the need for complex and costly intercompany transactions. ## Technical Specifications While the platform excels at facilitating multi-currency spending, the specific operational mechanism for holding non-USD balances, such as whether it uses segregated sub-accounts for each currency, is not as explicitly detailed as its payment and transaction features. The primary mechanism appears to be a unified platform that tracks and manages global spend, with an emphasis on reducing FX friction at the point of transaction. ## How It Works Fee Structure and Foreign Exchange: Brex does not charge monthly maintenance fees specifically for holding multiple currencies. The platform's revenue from international transactions is generated through foreign exchange conversions. Brex states it uses 'standard rates' for these conversions. Third-party analyses and comparisons suggest that these rates may include a spread or fee, with some sources reporting potential FX fees of up to 3% or a 1% spread on international card spending. This is an important consideration, as competitors like Wise Business are known for using mid-market or interbank rates, which are typically more favorable. Brex asserts that there are no hidden fees for international transfers and no transaction fees on Treasury deposits or withdrawals; however, intermediary banks involved in a transfer may impose their own fees, which are outside of Brex's control. ## Limitations and Requirements Limitations and Caveats: The primary caveat for businesses is to understand the nature of Brex's FX rates. The term 'standard rates' is not as transparent as 'mid-market rate,' and the potential for spreads or fees of 1-3% should be factored into cost calculations for international operations. While Brex offers local currency billing and payments in over 50 countries, businesses should verify which specific currencies and countries are supported for their needs. The platform's strength is in facilitating multi-currency payments and spending; businesses that require a dedicated account to hold large balances in various foreign currencies for extended periods might find platforms like Wise Business more aligned with that specific use case. Furthermore, while Brex does not charge fees for international wires, third-party intermediary bank fees can still apply. ## Comparison to Alternatives Comparison with Alternatives: When compared to other fintech platforms, Brex's multi-currency offering has distinct characteristics. Wise Business is well-regarded for its true multi-currency account, allowing users to hold and receive funds in over 50 currencies with competitive, mid-market exchange rates. Mercury, another competitor, charges a 3% currency conversion fee on non-USD card transactions and supports exchanging approximately 40 currencies but lacks local card issuance. Rho imposes a 1% fee on foreign currency transfers. Brex's main advantages in this comparison are its integrated global spend management platform, local card issuance to avoid FX fees, and 24/7 customer support. Its primary focus is on streamlining the entire global spending process, from card issuance to accounting reconciliation, rather than solely competing on the lowest FX rates. ## Summary In conclusion, the Brex Business Account enables businesses to manage and spend in multiple currencies without incurring monthly holding fees as part of its integrated spend management platform. Its key strengths are local card issuance, a unified global dashboard, and features designed to reduce friction in international payments and reimbursements. The fee structure is based on software subscription tiers and revenue from foreign exchange conversions, which may involve spreads or fees. Businesses should evaluate their specific needs for multi-currency holding versus multi-currency spending to determine if Brex's platform is the most suitable solution compared to alternatives that may offer more competitive FX rates.