Payset prespective
June 30, 2021

Benefits of Multi-Currency Accounts – Is Payset Right For You?

A multi-currency account from Payset allows you to hold, send, and receive funds in up to 38 currencies.

With your IBAN (international bank account number), you can allow senders to send you funds in the currency of their choice, payout to clients or staff or make purchases in multiple currencies, easily and cheaply exchange between currency pairs, make instant/free transfers to other Payset account holders, and withdraw to a bank account anywhere in the world. 

The following is an in-depth look at six key advantages of a multi-currency account:

1. Lower transaction fees

With a traditional bank account, moving money over borders and from one currency to another is often far too expensive. It often means moving money between multiple accounts, through numerous banking networks, with each bank charging a fee along the way. With a multi-currency account, you can hold all the currencies that you work with in one account and pay only the one low account fee.

2. Simpler, cheaper foreign exchange

There are numerous ways that a multi-currency account saves you money and hassle with foreign exchange. In fact, FX is one of the most important benefits of a Payset account. With a multi currency account, you can accept payments in your client or partner’s chosen currency as well as make payments in your own currency without having to move money into different foreign currency accounts. Because you can also hold numerous currencies in your account, you can also wait until you have a favourable exchange rate before making the exchange. In short, you can manage all your currency conversions in one place, for the lowest available fees, allowing you to minimize the money you lose on conversions.

3. Speed of transactions

The faster you can move your money, the less money you lose. With a traditional bank account, cross-border payments are often far slower than domestic transactions. With a multi-currency account you can make cross-border payments using local payment networks, which means a far higher transaction speed. You also save time because you don’t have to move money from one currency account to another. With Payset, you can also make instant transfers to and from other Payset account holders.

4. Convenience for your customers

Customers who are able to pay easily in their chosen currency are happy customers. How many businesses lose clients because they demand payment in a single currency? This is especially true if it is not an international currency such as EUR or USD. If prospective customers can’t pay in their chosen currency, they are likely to find a supplier that will allow them to. With a multi-currency account, you can adapt the currency you do business in depending on the region you’re working with. You can then manage all your different transactions from a single online dashboard. This is the way to do international business.

5. Convenience for your suppliers

Just as your customers want to pay using their preferred currency, your suppliers also want to be paid in their chosen currency. A multi-currency account allows you to adapt to your suppliers, partners, and clients, which of course means better business relationships and more business for you. A supplier that doesn’t have to pay or wait for currency conversion is also more likely to give you better terms on your deals with them.

6. Convenience for you, the administrator

The more efficient you can be with managing your payments, the happier you’ll be, and the more money you’ll make. A multi-currency account saves you time and effort every day because it allows you to manage all your transactions, regardless of currency or origin from a single dashboard online. If you operate internationally, this can be a total game changer. With a multi-currency account from Payset, everything is streamlined and in one place. Accounting is simpler because you don’t need to track down and reconcile receipts in numerous different currencies and accounts. You have accurate information and reporting in one dashboard and don’t need to track payments across numerous banks and jurisdictions. One of the best features of a multi currency account is the convenience for the administrator.

Create A Multi-Currency Account With Payset

Open a multi-currency account today!

Payset makes cross-border banking easy, affordable, and secure. We are among the world’s premiere online payments solutions. Based in London, England, we make payments easier for clients around the world every day. Choosing Payset for your multi-currency account means choosing personal service, advanced security, and modern convenience. Come see for yourself.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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