What is a multi-currency account? Growth benefits for businesses

Key takeaways: 

• Multi-currency accounts allow you to send, receive, and hold funds in different currencies so you can do business anywhere in the world. 

• Airwallex’s Global Accounts provide access to local account details around the world so you can send and receive money quickly anywhere you operate. 

• Multi-currency accounts reduce the need for currency conversions, reducing fees.

The cross-border payments market is projected to grow by 8.3% to reach an estimated US365.35 trillion by 2033.¹ Business-to-business transactions make up the lion’s share, followed by consumer-to-business transactions such as cross-border eCommerce.²

With a multi-currency account, your business can receive and send payments in multiple currencies, allowing you to transfer money with more speed and efficiency. As your business grows, a multi-currency account becomes more important as you expand into new markets. 

Below, we explore how multi-currency accounts work and the key benefits for multinational businesses. 

What is a multi-currency account?

A multi-currency account (or a foreign currency account) lets you hold, send, and receive local and foreign currencies in one place. It lets you manage funds in various local currencies within a single account, so you don’t have to open separate bank accounts in different countries to access multiple local currency accounts. 

Some fintechs offer this capability by allowing you to open multiple local currency accounts within one business account. For example, you could open a USD currency account, a GBP currency account, and a JPY currency account on one platform.

These local accounts come with local account details, which lets you make faster and cheaper transactions since payments would be processed via the domestic payment infrastructure. 

Multi-currency accounts lets you to accept and hold different currencies. You can pay out from the same balances, helping you avoid foreign currency conversion fees that are common in other international payment methods. Plus, you get to skip intermediary banks that add time and costs to the process. 

How do multi-currency accounts work for businesses?

A multi-currency account holds multiple currency accounts so you can access multiple currencies in a single primary account. You can convert between currencies at real-time exchange rates, send, and receive payments in local currencies, and benefit from lower transaction costs. . 

Meanwhile, some financial service providers offer local currency accounts that you can open in multiple locations and manage within a single wallet. These local currency accounts provide local banking details in the countries you operate or transact in, and each local bank account number lets you send, receive, and keep foreign currencies via local rails. 

What is multi‑currency support in business banking?

Multi-currency support in business banking lets your business hold, receive, and send funds in SGD and multiple foreign currencies on one single account, bypassing costly international transfer fees and FX fees.

With Airwallex Global Accounts, you get local account details in 23+ currencies across 60+ countries – letting you collect payments without going through the SWIFT network. Once received, funds are instantly accessible in your Airwallex Wallet, where they can be converted to different currencies in just a few clicks and at real-time FX rates. This significantly reduces currency conversion costs and accelerates your international transactions, helping you grow your business globally with fewer barriers and lower administrative overhead.

Multi-currency account: benefits and considerations

Multi-currency accounts offer several benefits for growing companies, including:

• Quicker transfer times as multi-currency account providers may have partnerships with local banks and financial institutions 

• Lower transaction costs with better exchange rates and lower fees for currency conversion than banks

• Streamlined financial operations for you to access multiple currencies on one platform. 

There’s a lot to love about multi-currency accounts, but they also have their disadvantages. Multi-currency accounts don’t often come with specific local account details, such as a local bank sort code or routing number, which are typically required for certain types of local transactions. Instead, they usually offer a single account number for international use. This means that you still could be exposed to currency conversion and transfer fees depending on your provider. 

What’s unique about Airwallex’s Global Accounts is that it gives you the added benefit of allowing multi-currency management on a single platform instead of managing each local account individually. Because you can collect money in local currencies, you can also pay out in those currencies. Not only does this help you minimise unnecessary cross-border fees, it also helps speed up your transfers as you’re able to leverage domestic payment rails. 

How to compare multi-currency account providers

Multi-currency accounts help you do business anywhere in the world, but how do you choose among all of the cross-border providers available? 

There are a few key features to compare, including:

• The number of currencies a user can have can change the way your global business operates.

• Fees and exchange rates can affect your costs, and you should look for a provider that helps you reduce costs 

• The speed of processing will vary depending on whether they leverage local infrastructure or via banking partnerships

As you compare business account providers and check out demos, don’t forget to consider your future goals. While you might only operate in a few countries now, you’ll benefit from an all-in-one solution like Airwallex that can support continued international growth. Apart from the ability to collect, manage, and move money globally, our multi-currency ability also lets you control and track your international business expenses, and accept payments from your international customer base. 

How to open a multi-currency account

Opening multi-currency accounts is simple. 

1. Choose a provider like Airwallex and submit know-your-customer (KYC) documents to open a Business Account

2. Open a multi-currency account for each currency you transact in. 

3. Receive, keep, and transact money in that local currency. 

As you grow, you can continue to open multi-currency accounts in new countries to support operations. It only takes a few clicks.

Operate anywhere with fast, cost-effective multi-currency accounts

Modern technology has made the world much smaller than it was before. Your international business can easily convert and send money to global suppliers and employees within hours – often instantly – using multi-currency accounts.

The best international finance solutions lets you do it all in one place. Sign up for an Airwallex Business Account to open Global Accounts and make cross-border payments in multiple currencies quickly and affordably.

Frequently asked questions (FAQs)

What features does a multi‑currency business account offer?

A multi-currency business account helps your business hold, send, and receive funds in multiple currencies without having to open separate currency accounts in each country. Key features typically include flexible currency management, access to reduced conversion fees, and a transparent fee structure for transactions across currencies.

With Airwallex, you can instantly open local currency accounts in 23+ currencies – including SGD, USD, EUR, GBP, and JPY – without lengthy paperwork or administrative hassles. These accounts enable you to receive international payments like a local, bypassing SWIFT entirely for faster and more cost-efficient collection.

Funds flow securely into your Airwallex Wallet, where you convert your held balances at competitive interbank rates and payout to 200+ countries globally. Our partnerships with local payment rails in 120+ countries let you bypass SWIFT and pay your suppliers and employees worldwide like a local – with 95% of transfers arriving on the same day.

Airwallex also integrates seamlessly with accounting software like Xero, Quickbooks, and more to automate bookkeeping and payment reconciliation on one dashboard. To top it off, our international payment gateway solution lets you accept customer payments in 160+ local payment methods, and settle funds like-for-like in 14+ major currencies, cutting FX costs and boosting conversion rates.

Whether you’re managing cross-border sales, paying suppliers, or streamlining your expenses, Airwallex offers more than just a multi-currency account – it's an all-in-one financial operations platform designed to simplify your global finances from end to end.

Sources:

1. https://datahorizzonresearch.com/cross-border-payments-market-2458

2. https://www.ey.com/en_sg/insights/banking-capital-markets/how-new-entrants-are-redefining-cross-border-payments

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.