The Benefits of Multi-Currency Accounts

Businesses are no longer limited by geography and must increasingly operate on a global scale, with clients and suppliers spread around the world.

Contemporary technologies are connecting us like never before and global communication tools allow us to work with people on the other side of the planet, meaning that we can easily do business with international companies. As a result, multi-currency accounts are a must for any business. They represent the future of banking in an ever more interconnected world.

There is however, a problem. Traditional bank accounts are often limited to one currency, that of the country in which a business is located. Sending money internationally, and switching between currencies can be problematic, time consuming and costly.

Multi-currency accounts overcome this problem. The future of banking, multi-currency accounts can streamline the paying and receiving of funds, removing obstacles and fostering international business.

Here, we’ll introduce you to multi-currency accounts, we’ll tell what they are, how they work and the benefits they provide.

You can then apply for one and begin streamlining your payment processes.

What is a multi-currency account?

A multi-currency account is a bank account into which can receive, pay and hold a number of different currencies. It allows you to deposit and withdraw cash in different currencies. This means that you can make transactions in a number of different currencies through one platform, or account, there will be no need to operate accounts for each country, or currency, with which you do business.

A multi-currency account can help reduce currency exchange fees and allows you to centralize all your foreign transactions, making it perfect for travelers and businesses that deal with customers or suppliers in different countries.

The features of a multi-currency business account

Every provider will offer a range of different services or features, but, as a rule multi-currency accounts generally offer the following:

  • They allow you to hold a number of different currencies in the same account, for example, one account might hold GBP, EUR and USD amounts
  • They allow you to make transactions in the currencies you hold; this makes managing your transactions much simpler as, irrespective of the currency, all your transactions can take place from one account
  • Contemporary providers will most likely offer services including apps and online banking
  • It may be possible to have a multi-currency debit card that will allow you to spend in a local currency while travelling, thereby avoiding currency exchange charges

How does an international multi-currency bank account work?

A multi-currency bank account allows you to send and receive money and withdraw cash from it. You can access your money through physical debit cards, electronic payments and wire transfers, just like a normal bank account and many online accounts. With the majority of providers, there will be no physical branch and customer service will be online or over the phone.

Typically, a multi-currency account offers the same facilities as a normal (single-currency) account. As a result, though services and fees will vary from provider to provider, you will be able to:

  • Withdraw funds
  • Send and receive payments
  • Access your funds through cheques or electronic transfers
  • Earn interest on your held funds, depending on the provider and possibly the account type

The fees charged for international multi-currency accounts are largely similar to those you encounter with a single currency account. The charges and their frequency will vary from provider to provider, but you can generally expect the charges on the following actions:

  • Account opening
  • Withdrawals
  • Transfer fees
  • General operational charges (e.g. issuing of statements, operating fees)

Essentially, an international multi-currency account will be instantly recognizable to business owners, there are very few differences between traditional accounts and multi-currency accounts.

The benefits of a multi-currency account

A multi-currency account provides a range of benefits over a normal bank account, including:

  1. Lower transaction costs
  2. Operating multiple accounts across multiple countries will result in each provider levying fees. In addition, many providers will require minimum balances before they will open an account. Finally, making multiple transfers from foreign accounts will result in high transfer fees.
  3. Having a single, multi-currency account will dramatically reduce banking and transaction fees and provide you with competitive FX rates.
  4. FX rate fluctuations can be avoided, resulting in savings.
  • FX management
  • Holding a multi-currency account will allow you to convert your balance to different currencies, thereby avoiding damaging movements in FX rates. In addition, you can accept funds in a currency and then spend them in the same currency, thereby avoiding the need to exchange at all. Finally, you can hold funds in a currency and wait for favorable FX rates before converting them into a second currency.
  • Convenience and speed
  • Multi-currency accounts are simple to manage and all your funds are located in one account. Accounting and transactions are therefore easy to manage and track and you will benefit from having fewer administrative tasks. In addition, you will only have to deal with a single country’s financial regulations.
  • By being able to accept a wide range of currencies in a single account, you won’t have to wait for conversions and the delays associated with multiple transfers to different accounts.
  • Benefit from digital banking
  • Multi-currency accounts can typically be accessed 24/7 from anywhere in the world, allowing you to make payments whenever you need to without the need to visit a physical branch.

Open a multi-currency account with uQualify

We can help you open a multi-currency account thanks to our wide-ranging network of internationally-recognized financial service providers.

Thanks to our connections and our wealth of experience in offering global solutions, our customers can benefit from a range of services and solutions.

  • Quickly open accounts around the world

Create your accounts quickly and securely, all online. No need to wait, no need to submit vast quantities of paperwork, our established network will have you up and running in no time at all.

  • Integrate with global online marketplaces

Integrate you accounts with world class payment and trading platforms including eBay, Shopify and PayPal. Accept payments and make transfers in local currencies wherever you are in the world.

  • No monthly fees

Our global accounts are entirely free to open and maintain. There are no monthly fees and no minimum transaction values.

Get in touch today

If your business needs a multi-currency account, there’s no time to waste. Get in touch today and our experienced and passionate team will work with our global network of financial service providers to quickly open your accounts.

Contact our team and one of our representatives will be in touch as soon as possible.

Email us at hello@uqualify.co, or apply online through our site and we’ll start the process today.

No more wasted time completing multiple applications, no more wasted money on sign up fees. Just one simple, free application with uQualify.

Why wait? We can help.