Businesses need a strong bank to manage their finances, make payments and receive funds in various currencies. A multi-currency bank allows businesses to send and receive payments, in multiple currencies. So, with a multi-currency account, you can transact easily in multiple currencies. Additionally, a foreign currency account gives you the benefit of the best currency exchange rates, across the globe.
However, before choosing a bank, you need to take care of a few things before signing up for a multi-currency bank.
- Avoid banks that do not charge exorbitant fees.
- Select a bank that has a shorter payment transfer time and requires very little account maintenance balance.
- If you are dealing in multiple currencies, then the best thing is to choose a bank that provides the best currency management solutions.
- Lastly, select a bank that provides an online payment facility. Having a digital presence is extremely important in today’s age.
Before we learn about the advantages, let’s understand the features you must look for in your multi-currency bank account.
Hold Multiple Currency
Choose a foreign currency account that allows you to maintain multiple currencies in one account; this means that currencies like USD, Euro, can be maintained in the same account.
Transact in multiple currencies
A foreign currency account not only allows you to hold multiple currencies, but also enables transactions in all the currencies; that too from one account. Having one account helps you to maintain records easily.
Mobility & Flexibility
A reputed bank will empower customers with the flexibility to transact online through a mobile application. This feature allows businesses to transact from anywhere and at any time.
Multi-currency debit card
The CBA foreign currency account and Airwallex foreign currency bank account offers a multiple-currency debit card, using which customers can transact in local currency and avail the best exchange rates while travelling. So, select the top banks for your business and get the best service anytime.
What are the benefits of a multi-currency account?
A multi-currency account comes with various attractive benefits:
Save on Transaction cost
The cost of opening an account in different countries where you operate might be expensive; each bank will charge you a minimum maintenance fee and for every bank, you will have to maintain a minimum balance in the account. A multi-currency bank eliminates these extra costs. Here, you need to pay a single pay, open a single account, and transact in different currencies from the same account.
Manage Forex transactions easily
We all know that the currency rates keep changing with the change in political and economic scenarios. Thus, when you have a foreign exchange bank account, you can take advantage of the FX volatility, by moving your money to another currency, as per the existing currency rates. A multi-currency account allows you to accept payments in any currency and later spend in that currency, without levying any additional exchange fees. So, all in all, having a foreign currency account will make your money grow and allow you to manage your account smoothly.
Zero waiting period
The time cycle of a foreign transaction can take up to a few days. However, with a multi-currency bank account, you can receive and pay in local currencies; to avoid the waiting time. For growing businesses, this is a great advantage. They save on time and can gain the trust of their stakeholders.
The Bottom line:
Today businesses are growing like never. With digitization, there are no boundaries; with a strong network, you can collaborate online with anybody in the world. Thus, to move with time, multi-currency accounts provide the best financial service at a very minimum cost.