Doing business outside one country and settlements with foreign partners require a solution — to open an international online current account. Such an account will help to make profitable cross-border transfers, avoid expenses due to unfavourable currency conversion rates, increase the speed of settlement business operations, and have a currency reserve on the account.
What type of account is this, why is it necessary for business owners, and which companies are leading the way in providing this service today? Let’s find out together with David Cowell, the international payment expert.
A business multi-currency account is not a corporation-centric or corporation-exclusive type of account, as the name suggests. It is usually just a general term referring to an international business account for a limited company used to manage their money including transferring, receiving, and any payment activities related to their day-to-day operations.
Opening a current business account online according to David is convenient because it does not require the personal presence of the client during the registration process. The procedure also provides for the issue of a payment plastic card for comfortable settlements.
Today, this kind of service has become quite accessible and real. The international financial system is a pledge of reliability, security, and stability. Opening a business multi-currency account is required to organize a business. Best advantages of opening a business account online in Europe:
As with any other service, there are always downsides. Let’s familiarize ourselves with them:
Though there’s now a new breed of digital multi currency accounts without monthly fees, most business accounts charge a monthly fee. You’ll also usually pay for cash deposits and withdrawals, and sometimes for making other transactions.
It is best to spread the company’s money across different accounts, in separate banks. You can protect yourself from being deprived of all funds in case of hacking, as well as the ability to compare different bank business accounts.
These days, many providers offer such an opportunity, namely opening a multi currency business account. Who can users trust, and who is leading this market today? Let’s get to know the companies better.
I have been fortunate enough to explore many well-known and popular providers in the payment industry. I was able to form my opinion and highlight a few worthy contenders that will definitely help business owners make the best decision when choosing a company to open an online multi-currency business account. Let’s start in order.
PaySaxas is a young company whose sole purpose is to make digital payments more manageable for small and medium-sized businesses. Their deep expertise and understanding of the FinTech market allow them to provide an outstanding range of products and services to meet the needs of the clients.
They offer multi-currency business account, worldwide payments, and currency exchange with integrated functionality to track, manage and protect company transactions – leaving you to focus on your revenue. Moreover, the company’s clients can freely exchange their fiat money into cryptocurrency.
Businesses can receive money in dollars or euros, and exchange the funds to USDT for their needs. This process is even faster and easier thanks to PaySaxas. They value innovative technology, user experience, and business service.
|Supported countries||We onboard companies from 100+ FATF-cooperative jurisdictions, including Australia, EU-EEA, Ukraine, Georgia, Armenia, Uzbekistan, and others.|
|Business Account||Receive, hold, convert, and make payments in 3 currencies.|
|Supported currency and cryptocurrency||25+ currencies and USDT|
|Technical support||24/7 via major messenger platforms.|
Revolut offers both personal and business multi-currency accounts with a variety of account tiers offered, all of which can hold and exchange multiple currencies. For Revolut Business customers, there are several account options: Free, Grow, Scale and Enterprise.
All accounts including multi currency business ones have some great features, like options to hold and exchange 25+ currencies, linked cards, ways to add team members, local and international payments and ways to get paid by others in person and online.
|Supported currencies||Hold and exchange 25+ currencies|
|Cards||All accounts come with linked debit and expense cards|
|International fees||International transfers are free to plan limits, 3 GBP each after that|
|Account fees||Revolut Business fees and features depend on account plan selected|
Wise is a London based global online money transfer service founded in 2011. Currently, the provider supports more than 11 million customers, thanks to their team of 3,000 professionals working in 21 offices across 19 countries.
In addition to these innovative aspects, the company charges low transfers fees in comparison to many providers in the market. One notable area of improvement for the company is its pay-out options. Currently, Wise permits transfers to bank multi-currency business accounts only, with no cash pickup option available.
|International Money Transfers||Make international payments with interbank rates in 70+ countries.|
|Business Account||Receive, hold, convert, and make payments in 40+ currencies.|
|Debit Card||Easy access to your multi-currency account with Wise debit cards.|
|FX Services||Low-cost currency exchange services to convert funds between currencies at the mid-market exchange rate.|
Airwallex is a fully licensed and regulated payment system. A business multi-currency account in the Airwallex payment system can be opened by both EU resident and non-resident companies. The main aspect of deciding in favor of a potential client is the business activity and legal form of the company.
Cards issued by Airwallex are multi-currency and can be used for transactions in any currency supported by Visa, provided there is sufficient balance in the multi currency account to cover the transaction. For a transaction in the selected currency, funds will be directly debited from the Airwallex multi-currency account in that currency without any additional hidden fees or conversion fees.
|Supported currencies||Hold and exchange 12+ currencies|
|Easy Transfer||With Airwallex, you can send money to over 150 countries in over 40 currencies in 2 methods: SWIFT and Local Transfers.|
|Software Integration||Airwallex allows businesses to integrate with accounting software such as XERO, Quickbooks, and Netsuite and ecommerce platforms like Amazon, Shopify, and Lazada.|
|Cards||Airwallex’s virtual and physical Visa debit cards allow you to make payments in multiple currencies without foreign transaction fees and other hidden charges. Supported currencies include AUD, SGD, HKD, GBP, USD, EUR, JPY, CAD, NZD, and CHF.|
Now you can familiarize yourself with the final version of the comparison table, where you can see the difference between the best payment systems.
|Platform(s)||Web platform||Web platform; Mobile app||Web platform; Mobile app||Web platform; Mobile app|
|Account Opening Fee||Free||Free for standard account||16–45 GBP||Free|
|Multi-currency account option||✅||✅||✅||✅|
Today, we looked at the possibility of opening a multi-currency business account in popular virtual fintech platforms. Companies like PaySaxas, Wise, Revolut, and Airwallex offer a great chance to make transactions in different currencies.
That is, you can receive, store, and spend money in dollars, euros, pounds, and even in USDT thanks to PaySaxas. Also, if desired, they can be easily converted within the account. Moreover, funds are credited to a multi-currency business account in the currency in which they were sent.
Thanks to this, you won’t waste money on commissions for additional conversions. This is a huge benefit for business. According to the international payment expert, David Cowell, such multi currency accounts make transactions more flexible and versatile for businesses