Interatomic exchange-correlation energies correspond to the covalent energetic contributions to an interatomic interaction in real space theories of the chemical bond, but their widespread use is severely limited due to their computationally intensive character. In the same way as the multipolar (mp) expansion is customary used in biomolecular modelling to approximate the classical Coulomb interaction between two charge densities ρ A (r) and ρ B (r), we examine in this work the mp approach to approximate the interatomic exchange-correlation (xc) energies of the Interacting Quantum Atoms method. We show that the full xc mp series is quickly divergent for directly bonded atoms (1−2 pairs) albeit it works reasonably well most times for 1−n (n > 2) interactions. As with conventional perturbation theory, we show numerically that the xc series is asymptotically convergent and that, a truncated xc mp approximation retaining terms up to l 1 + l 2 = 2 usually gives relatively accurate results, sometimes even for directly bonded atoms. Our findings are supported by extensive numerical analyses on a variety of systems that range from several standard hydrogen bonded dimers to typically covalent or aromatic molecules. The exact algebraic relationship between the monopole-monopole xc mp term and the inter-atomic bond order, as measured by the delocalization index of the Quantum Theory of Atoms in Molecules, is also established. Interatomic or interfragment covalent energies in real space, as measured by the interacting quantum atoms (IQA) exchange-correlation energies (V AB xc ) are shown to be well-approximated by a multipolar approximation if terms up to the chargequadrupole interaction are retained (cdq). The cdq approximation improves considerably the performance of the zeroth-order approximation, in which V xc is equal to the bond order (delocalization index, δ AB ) over the interatomic distance.2