Payset prespective
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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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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