May 29, 2021

How Does a Multi-Currency Account Work?

With a multi-currency account, you can hold many different currencies, and convert between them at a low exchange rate whenever you need.

A multi-currency account allows you to receive, hold, and transfer funds in numerous different currencies from a single online dashboard. A Payset multi-currency account supports up to 38 different currencies. For example, a customer can pay you in Euros, you can hold the funds as Euros or exchange them to a currency of your choice, and transfer the same funds either to an external bank account in the currency of your choice, or make a payment to a supplier or partner in their chosen currency, all from the same account. 

From a single dashboard you can manage up to 38 different currencies, moving one balance to another and converting between currencies as you wish. You can also transfer money in and out of the account using numerous local and international banking networks, and make instant transfers to other Payset account holders. In short, it is like you have all your international bank accounts accessible from a single dashboard where you can manage, track, and do all your accounting from a single, simple platform. 

When you signup for a multi-currency account from Payset, within a few minutes you will be able to begin transacting and you’ll have access to a personal account manager who can answer your questions and help solve your unique challenges.

Multi-Currency Account vs Traditional Banking

A multi-currency account functions just like a traditional bank account except it allows you to make international, cross-border transactions quickly and easily from a single dashboard. Unlike a traditional bank account, you can hold balances in up to 38 currencies as well as exchange between them within your account dashboard. Meanwhile, a traditional bank account requires that you hold, receive, and send transfers in single currency and exchanges can be very costly. 

There are some of the key differences between a multi-currency account and a traditional bank account.

Compared to a traditional bank account, a multi-currency account offers:

  • Better exchange rates
  • Faster transactions
  • All your foreign currency holdings in one dashboard
  • More fluid cross-border transactions using numerous international and local payment networks
  • The ability to accept payments in your customers’ chosen currency
  • The ability to pay suppliers in their chosen currency
  • The ability to withdraw funds into a bank account in your chosen currency
  • Simpler reporting and accounting for all your international transactions in one single dashboard 
  • In-account foreign exchange from/to numerous currency pairs
  • Access to numerous international and local payment networks
  • The ability to ensure tax and regulation compliance across borders
  • More flexibility when it comes to where and when you can do business 
  • Savings in all aspects of your international payments

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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