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What is a multi currency business account?

Find out how a multi-currency account can help you streamline business transactions in the UK and abroad.

What is a multi currency business account?

Domestic bank accounts work well for domestic businesses – but if you decide to take your company global, you’ll need an international payments solution that really works. That’s where multi-currency business accounts come in. 

In the simplest terms, a multi-currency business account is exactly what it sounds like: an account in which you can hold or pay via multiple currencies. But from a practical perspective, there are many other benefits. 

In this article, we’ll cover everything you need to know about multi-currency business accounts, from typical benefits to the best accounts out there. Let’s dive in. 

What is a multi-currency business account? 

Sending and receiving payments in many different currencies can get expensive quickly if you only have a standard business account. Over time, bank fees cut into profits, and you're at the mercy of fluctuating exchange rates. 

With a multi-currency account, fees are often lower and moving money between currencies is simpler and quicker. You can accept payments into one central account from clients and partners in various countries and convert funds into your local currency whenever you like. This means you can stay agile and react swiftly to changing market conditions as you expand your business. 

Some multi-currency account providers offer just a few currencies, while others, like Interpolitan Money, let you hold and transfer funds in more than 50 currencies.  

How does a multi-currency business account work? 

Multi-currency accounts work just like ordinary business accounts: you can deposit and withdraw funds, make payments and check your balance online. Unlike a traditional business bank account, you can also move money between currencies whenever you like.  

Multi-currency accounts are ideal if you: 

  • Plan to expand your business internationally. 

  • Need to pay staff or freelancers in different regions.  

  • Regularly deal with imports and exports. 

  • Have ecommerce or physical stores in various countries. 

  • Sell products and services via online marketplaces.

Foreign exchange and account fees vary between providers, some of which offer a broader range of products and services than others.  

What are the benefits of a multi-currency account? 

Multi-currency accounts offer a range of convenient features, all of which make it much easier to do business abroad. You can respond to fluctuating exchange rates caused by global market conditions by exchanging one currency for another, for instance. You can also: 

  • Keep multiple currencies in the same account at the same time. 

  • Take advantage of lower FX fees. 

  • Get an at-a-glance overview of your global transaction volume. 

Opening one central multi-currency account can eliminate the need to have a different bank account in every country you do business in, so you could save even more money. 

How to choose the right multi-currency business account 

The right tools can reduce stress and help you run your enterprise more efficiently – but what’s the best multi-currency business account? The answer largely depends on how you intend to use your account, and which features and benefits make the most sense for your company. 

These three questions could help you choose the right payment partner. 

Q1. Which currencies do you need? 

Some account providers offer just a few currencies, while others, like Interpolitan, offer more than 55.  

Having only one or two currencies at your disposal might be fine if you do business in a limited number of blocks or in countries that happily accept US dollars. On the other hand, if you trade all over the world, you could be better off with an account offering a higher number of available currencies. 

Q2. What's your working capital? 

Before signing on the dotted line, make sure you read the fine print – including any available information about fees. Admin fees, currency conversion fees and other charges might apply, depending on your trading volume and the amount of money you hold in your account.  

Some fees are to be expected. As you weigh your options, take each provider’s customer service rating, support features and reputation into consideration as well as how much you’ll pay. 

How to open a multi-currency business account 

Opening an account with an alternative banking provider typically isn’t as complicated as opening a traditional corporate bank account. While traditional banks sometimes expect customers to hold an existing account with them before opening a multi-currency account, alternative providers usually accept applications from a wider range of consumers. 

Account opening procedures vary between providers, but generally speaking, you’ll need to: 

  • Fill out an application form online or in person. 

  • Provide business-related documentation. 

  • Verify your identity, your home address and your business address. 

  • Go through a compliance screening process. 

  • Make an initial deposit to open your account. 

Like traditional banks, alternative providers have to obey strict money-laundering rules – and because of this, the compliance screening stage often includes a video interview. You may have to answer questions about the nature of your business, where inbound payments typically come from, which jurisdictions you plan to transact in and how you intend to use your account.  

After you complete the sign-up process, you’ll receive an account number and a local IBAN, which you can use to make payments and receive funds.  

Go global with Interpolitan 

Opening an Interpolitan multi-currency business account can help reduce your time to market in new regions, which can be convenient for your customers. You’ll be able to transact in over 55 currencies across the world, track analytics, and much more. Best of all, because Interpolitan is regulated by the FCA, you can rest assured that every transaction is compliant. 

Interpolitan delivers flexible and comprehensive alternative banking solutions by blending cutting-edge technology with personalised service. Learn more about us, or open an account today

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