Foreign Currency Accounts

Our foreign currency accounts allow you to send and receive funds in up to 34 different currencies.

Make local & international transfers quickly and easy, gaining real-time access to market-leading exchange rates.

Foreign currency accounts are essential for business owners that are operating at an international level. They allow you to take advantage of multiple benefits, including fast cross-border transactions, real-time exchange rates, and low transfer fees.

Our foreign currency accounts can be opened online from anywhere in the world and allow you to hold, receive, and send payments in a multitude of foreign currencies. This means that you can make payments in one currency and receive payments in another without the need for multiple accounts.

Having a foreign currency account will have a huge impact on how you choose to manage your international funds, budgets and payments.


Key Features of Foreign Currency Accounts


virtual IBAN accounts

 are designed for those who require access to multiple different currencies:

Global coverage

Transfer funds to a beneficiary bank account anywhere in the world. A foreign currency account is a borderless

multi-currency account

, meaning you can send and receive funds from anywhere worldwide.

Access to multiple currencies

Hold, send, and receive funds in 34 currencies to ensure minimal conversion fees.

Instant payments

Make instant free payments to and from other Payset clients.

Real-time rates

Access live rate quotes before a transaction is made.

Multiple payment networks

Gain access to a payment network that suits you, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

Robust security

Your funds are housed in a segregated client account in one of Europe's leading credit institutions.

How Do Foreign Currency Accounts Work?

A foreign currency account can help you facilitate financial transactions by reducing the currency exchange rates and fees. It also simplifies the management of international transactions in multiple currencies.

These accounts aren’t limited to businesses alone; they can also be used for personal finances. In particular, they’re great for travelling as they allow you to hold money in the local currency of the country you’re travelling to.

With an account such as this, you can also switch between currencies easily and take advantage of preferable exchange rates. You can save both time and money with a streamlined account by avoiding the high fees that usually come with converting currency.

If you have an international lifestyle, do business internationally, or even have suppliers overseas, choosing to open a foreign currency account will help you to manage your finances in a more suitable way.

How to Get Started with a Payset Foreign Currency Account

Choose Payset for a foreign currency account you can always rely on. Get started in three easy steps:

Register with us

Once you’ve registered your business with us, our team will set up your foreign currency account within 72 hours.

Distribute your foreign currency account information

Provide your virtual bank account information to your clients & suppliers to transfer and receive funds.

Get started!

Manage all of your finances within our online portal and ensure that your funds are well protected.

Opening a foreign currency virtual IBAN account is similar to opening a traditional currency account. You will need all of your personal identification documents including those for your business and have details of your personal and professional finances to hand before applying online. If it is for business purposes additional documentation may be required such as your company registration documents.

Businesses Payset Serves

  • Pay employees, freelancers & suppliers with low transfer fees
  • Make payments in 38 separate currencies
  • Ensure full regulatory & tax compliance
  • Send & receive payments in 34 currencies with our foreign currency accounts
  • Deposit & withdraw funds to your traditional bank account
  • Enjoy free transfers to & from other Payset users
  • Accept payments from international clients with our foreign currency accounts
  • Enjoy minimal transfer fees
  • Withdraw funds to your traditional bank account
  • Pay affiliate partners in their native currency with our foreign currency accounts
  • Track all payments from a user-centric dashboard
  • Leverage reporting features
  • Our foreign currency accounts help you to send and receive payments in up to 38 currencies
  • Enjoy minimal transfer fees
  • Manage all payments from one user-centric dashboard
  • Accept international payments with low transfer fees
  • Receive international payments in your native currency
  • Manage payments from multiple marketplaces
  • Send & receive payments in up to 38 currencies
  • Pay staff & suppliers via multiple payment networks
  • Make cross-border payments with fast execution
  • Easily pay suppliers and partners
  • Make and receive payments in up to 38 currencies
  • Send free transfers to/from Payset accounts
  • Pay and get paid in up to 38 currencies
  • Pay staff instantly for low or no fees
  • Open up international markets

I wanted to express my appreciation for the successful cooperation between my firm and Payset. I would like to point out in particular the professionalism, the manner in which requests are handled, the quick response time and the satisfaction of the clients. I strongly believes that we will continue to move forward and create many collaborations in the future

Asaf and the team
/ 01

The experience of using PaySet account was really interesting. It is one of the most ergonomic systems I have ever used. Support provided is fast and enquires are resolved in no time. I am very satisfied for using this account! Keep going guys!

Christina Loizou
Accountant at Lytria
/ 02

Through our experience with Payset we are happy to say the services provided were accommodated to our needs perfectly and were performed professionally. The support and customer care is fast and efficient, no question or request is left unanswered or unresolved. 10/10

Payments and Risk Manager, CanadaP LTD
/ 03

For the past year, we have worked hand in hand with Payset Limited to assist us with numerous payments related services. At no one time have they failed me, and they have always been on time, making them one of our top reliable business partners.

Payments Team
Clearsky Network
/ 04

How Do I Get Started With a Payset Foreign Currency Account

Say hi

Meet our amazing team, share a few details about your business and leave us your contact info.

Get on board

An account executive will guide you through the onboarding process for your foreign currency account, which is quick and easy to set up.

Enjoy using it

Log in to your foreign currency account to manage your business finances 24/7 and enjoy the low fees and fast execution with our Payset bank accounts.

open account

Foreign Currency Accounts FAQ

What Are Some of the Benefits of Foreign Currency Accounts?

Holding multiple currencies 

With a foreign currency virtual IBAN account, companies can hold multiple currencies at the same time. This allows them to pay their clients, contractors and suppliers in their local currency, which makes transactions easier and more convenient.

Reduced Exchange Rates and Conversion Costs

One of the largest benefits of having a multi-currency account is that it allows you to save on exchange rates; this prevents you from incurring unnecessary and unpredictable costs that would come with regular bank transfers. For example, if you are trading in USD, you can then use the same account to make payments in other currencies without first converting to your local currency. This avoids the high fees that can come with conversion and short-term currency fluctuations.

Leverage Exchange Rates

Banks that offer multi-currency accounts often allow you to switch among currencies. Through this, you can take advantage of stronger currency exchange rates, especially for larger transactions.

Confidence and Security

Foreign currency accounts are easy to manage, given that all the currencies you’ll be dealing in are managed in one place. This means that your monthly budgeting and account management is less complicated overall; you’ll also no longer need to have separate accounts with a variety of banks.

Earn interest on all of the different currencies you trade in

Many banks pay you interest on certain major currencies with fixed deposit rates. Interest is usually higher on larger balances.

What Do I Need to Consider Before Opening a Foreign Currency Account?

Currency Choice 

If you want to make transactions with a minor currency, it may be worth ensuring this currency is available to transact within your foreign currency account.

Foreign Exchange Fees - FOREX fees

Foreign Exchange Fees are surcharges that are applied to your bill when you make a purchase in a currency that is different to your local currency. They also apply when your purchase passes through a foreign bank. With a multi-currency account, you can quickly and easily make global payments securely without having foreign exchange fees added to your overall fees. Payset supports fee-free transactions to other Payset users..

Overdraft Options

It may be good to know if your foreign currency account provider offers an interest-free overdraft to help you to cover unexpected expenses. This way you can be risk-free and have more security.

Get in touch

Get in touch with a member of our team to learn more about how our foreign currency accounts can help you and your business.

Contact us