- A multicurrency business account (or multicurrency bank account) allows you to hold, send, and receive several currencies, all in one place.
- These accounts often provide FX trading features alongside payments.
- US companies active in the EU should seek out multicurrency accounts with key features such as European IBANs and access to SEPA payments.
- Here’s how Payset can help meet these needs.
If you’re running a US business, international growth is one of your biggest opportunities to scale up revenue and reach new customers.
Whether you’ve already established a global presence or are just testing the waters, cross-border payments are a major part of the expansion process.
And as you expand, you’re sure to find yourself dealing with a wide variety of countries and currencies. That’s why you need a reliable payment provider — such as a multicurrency account — to support your global relationships.
What is a Multicurrency Business Account?
א חשבון עסקי רב-מטבעי is a service that lets you store, receive, and send several foreign currencies, all in one place.
These accounts usually support major currencies like the euro (EUR), US dollar (USD), and British pound (GBP). At Payset, we support these currencies and dozens of others. Competing platforms may support different currencies.
But it’s not just about transacting. FX trading is also key, and most providers allow you to exchange currencies on request or during a transaction.
That’s true at Payset too: you’ll get access to our live FX trading platform, available 24/7 with transparent rates so you get the best pricing we can offer.
Finally, multicurrency business accounts tend to provide faster, more affordable, and farther-reaching payment options than traditional banking, making these accounts a highly valuable asset for your company.
How a European IBAN Can Help Your Company
One important feature that many multicurrency bank accounts provide is access to International Bank Account Numbers (IBANs).
If you’re operating in Europe, a local IBAN tied to a specific European country is often the best way to transact within the region.
בְּ Payset, we provide at least one IBAN number to every Payset customer, including EU IBANs for eligible users. This allows you to send and receive cross‑border payments seamlessly, even if you’re a US customer outside the EU.
We may also offer additional numbers during signup at our discretion. Find out more about how Payset determines your IBAN number on דף זה.
How You Can Benefit from SEPA Access
IBANs are just one aspect of how we help you access the EU banking system. Payset also provides your US business access to SWIFT and several other networks.
That means you’ll have access to the Single Euro Payments Area (SEPA), which is usually the best option for transactions within the EU.
This includes SEPA Instant payments, which usually settle in seconds, and standard SEPA payments, which may take 1-2 days. We generally route qualifying transactions automatically via SEPA when it’s appropriate.
Why do we offer SEPA support? Not only does it help your funds arrive at their destination seamlessly, but it can also facilitate transfers quickly and with low fees.
In short, it’s one of the best ways to get your EU transfer where it needs to go.
Are Multicurrency Accounts Bank Accounts?
Multicurrency accounts are often offered by service providers that are not traditional banks, and so these accounts aren’t necessarily bank accounts.
For example, Payset is registered as an Electronic Money Institution (EMI) in the UK. This means we protect your funds through a מדיניות הגנה instead of deposit insurance. Furthermore, we don’t provide broader banking services such as loans, investment products, or mortgages.
This alternative approach helps us serve users internationally, including the US, EU, and UK, without compromising on compliance and security.
Remember: you’re not locked to one option. You can use traditional banking for basic activities. At the same time, you can use your multicurrency account for global payments that might be costly, slow, or difficult through your regular bank.
Payment Challenges US Companies Face
So far, we’ve covered just the basics of how multicurrency accounts work.
Let’s take a look at more specific challenges that your business faces when operating globally, especially if you use a traditional banking service:
- עמלות גבוהות: Banks often charge high fees because they rely on legacy payments, costly foreign exchange methods, and intermediary banks.
- Slow settlement: Legacy banks can take multiple days to settle transactions, delayed by weekends, holidays, and short working hours.
- Need for multiple accounts: Managing individual bank accounts for different countries and currencies involves juggling credentials and relationships. This can be costly and increase your team’s workload.
- Limited service areas: Some banks serve only local customers and don’t support foreign customers and clients. This can be a problem for US businesses expanding to the EU, but based outside the SEPA area.
- Customer needs: International partners and customers may need a choice of foreign currencies and payment options. If your options don’t meet their needs, you may miss out on valuable business relationships.
- Fraud and compliance: Working in a foreign market may introduce new requirements around KYC/AML, chargebacks, payment standards, and other areas that traditional banking services aren’t well-equipped for.
- Limited transparency: Banks may provide outdated interfaces and data insights compared to digital-first alternatives. This makes it harder to monitor cash flow, track payments, and reconcile accounts.
- FX risk: Performing multicurrency transactions exposes you to rate fluctuations and other losses in value, which is known as FX risk. Without a strong FX platform, it can be hard to counter this risk.
Why Your Business Needs a Global Payment Solution
Fortunately, most of the above issues can be addressed with a high-quality multicurrency business account that’s suited to your needs.
It’s simple: multicurrency accounts are highly versatile and cost-efficient compared to traditional counterparts. They often have ready access to multiple FX currencies and payment networks for seamless worldwide access.
Plus, this often leads to savings passed on to users in the form of affordable fees, faster transactions, and better service options all around.
By using your multicurrency account effectively, you’ll be able to better serve your customers, carry out more diverse transactions, closely manage your forex trades and FX risk, and comply with local transaction requirements.
And when you’re no longer bound to a single country or traditional banking provider, you’ll have the chance to boost your revenue and save on costs.
What Can You Do With a Payset Multi-Currency Account?
Handle Industry-Specific Payments
Payset is perfect for a wide variety of industries with few restrictions. Process supply chain payments, manage capital for your holding company, handle e-commerce payments for your site, or pay contractors in the events and travel industry. If you’re in another industry, we’ll tailor our services to you.
Running a small business, operating as a freelancer, or just need a personal account? No problem — we offer individual multicurrency accounts too.
Trade FX at Transparent Rates
We provide a full-featured trading platform, with insight into FX rates before you trade, plus tiered pricing that benefits high-volume users. Our margins usually range from 0.25%-1.00%. Use our FX rate calculator for a closer estimate.
Team Management and Bulk Payments
Payset allows you to share an account with your company members and control team spending. Assign user permissions, require joint approvals on transactions, and set spending rules for individual team members.
Plus: pay multiple recipients at once. Just upload a CSV or XLS spreadsheet to our bulk payment tool, then pay your entire contact list in just a few clicks!
Even More Payset Features
Whether you’re in the US, expanding into Europe, or just running a business, we can help. Here’s what you can expect from Payset:
- Available to US customers: Payset now serves customers in the United States and more than 70 other countries.
- Local IBAN accounts, tied to EU countries or other locations.
- Multiple payment networks — SEPA, ACH, Fedwire, SWIFT, and more.
- Global cross-border transfers — Send or receive funds in more than 180 countries with your Payset account.
- Support for over 34 currencies — Hold and store funds in your account.
- A built-in FX trading platform, allowing you to trade 38 currency pairs on our FX exchange with transparent, real-time rates.
- קלות שימוש — Use Payset on your web browser or mobile device.
- Zero sign-up fees ו waived monthly fees (a limited-time offer!)
Sign Up Today
Payset serves users around the world — but we believe we’re an especially strong option for US businesses that are going global.
Full access to foreign markets can make all the difference. Transact like a local, streamline foreign transactions, and bypass the high costs of traditional banking — powered by Payset’s UK and EU presence.
Now’s the time to give your business a truly international scope. With support for 180 countries and 34 currencies, we can get you where you need to go.
Not sure if it’s right for you? צרו קשר for more info, or sign up if you’re ready.
