Many businesses find lucrative opportunities overseas, which can mean you might need to trade in multiple currencies. In this article, we’ll look at what multi-currency accounts can offer a business with a global footprint and why it might be a good fit for you. Read on to find out more.
What is a Multi-Currency Account?
A multi-currency account is a single account that allows you to hold, receive, and make payments in different currencies. Our multi-currency accounts allow you to securely receive and hold funds in 34 currencies from over 180 countries or territories. Simplify international trade with one account that allows you to accept funds in local currencies rather than spending time setting up bank accounts in multiple countries.
What are the Benefits of Using a Multi-Currency Account for Your Business?
Streamline Your Payments—While a broker can help you make easy international payments whenever you need, holding a multi-currency account with your broker can simplify things even further. Pay international invoices or suppliers in a range of currencies and receive funds in local currencies to speed up the process.
Choose When You Convert—If you hold your money in a multi-currency account, you can choose when to convert it into your required currency. Make conversions when the exchange rate moves in your favor—speak to our team to find out more.
Manage Cash Flows—Having money in multiple currencies means being more flexible with your cash flows and when you choose to make payments.
Entice International Buyers—Having the ability to accept a local currency as payment can be attractive to those you may do business with overseas. Additionally, the convenience of allowing them to pay in their local currency could mean they work with you more than businesses that don’t.
Is a Multi-Currency Account a Good Fit for Your Business?
If your business has a global footprint, a multi-currency account can be a smart and strategic choice. It can reduce costs, enhance your cash flow, and allow you to make more straightforward transactions.
Our dedicated team of Account Managers are here to help you design and implement an effective FX strategy—whatever your business might need. Whether you want a hedging solution, quick and secure payments as and when you need them, or the flexibility of a multi-currency account.
Speak to us today to discuss your FX requirements, and whether a multi-currency account is beneficial for you.
If you’d like a free FX review, please get in touch.