Payset prespective
December 12, 2023

What Is a Multi-Currency Wallet?

Want to give your business convenience and versatility by easily collecting and making payments in a wide range of global currencies? Consider a multi-currency wallet. Multi-currency wallets offer a way to simplify the process of sending and receiving cross-border payments. Our innovative multi-currency wallets allow you to send, receive, and store your business funds in 34 currencies and take advantage of low exchange rates.

How Does a Multi-Currency Wallet Work?

Multi-currency wallets allow you to transact and hold multiple local and foreign currencies in a single digital wallet. This eliminates the need to open an individual account for each currency; it will also help you avoid conversion fees and transaction delays.

Multi-currency wallets are especially beneficial if you operate a business that works with customers, clients, and partners around the world. However, it is a suitable solution for any individual or business that intends to work with multiple currencies on a regular basis.

What Are the Benefits of a Multi-Currency Wallet?

A multiple currency wallet can help you expand your business internationally, allowing you to handle greater transaction volumes and serve more customers.

Secure Payments

Multi-currency wallets provide strong security and authentication features in order to ensure that your transactions and your account are not tampered with. 

Most payment services, including foreign currency wallets, meet industry standards such as PCI DSS and encryption standards. Your account is typically protected through username and password-based login as well as optional two-factor authentication (2FA). 

Reduced Transaction Costs

Multi-currency wallets often provide reduced transaction costs because they allow you to save on conversion fees. If you hold the currency that you intend to transact before you send it, you won’t need to spend money on conversion. Likewise, if you hold any currency that you receive and then spend that same currency, you won’t pay any conversion fees.

However, you will likely pay standard per-transaction fees and other account fees regardless. Most services (including Payset) offer competitive fees in this area.

Convenience & Flexibility

Multiple currency wallets allow you to access a variety of currencies from a single wallet without the need to open multiple accounts. This allows for simple transactions and greatly reduces the time you’ll spend managing your foreign currencies.

Improved Business Payments

Multi-currency wallets allow you to send and receive money through transactions with international business partners, clients, customers, and workers. With a foreign currency wallet, you can quickly swap funds to and from your local currency. Plus, you can save on conversion fees by using the currencies that you receive or have on hand.

Low Foreign Exchange Fees

When you need to convert between foreign currencies, multi-currency wallets typically offer low or competitive conversion rates. Payset’s conversion fees are determined in real time so that you get the best rates possible at any moment. Saving money on these conversion costs can help your international business spend money efficiently.

How to Choose the Right Multi-Currency Wallet for You

Every multiple currency wallet has unique features, and your business will need to choose an option that meets its needs. Consider the following factors when choosing a service.

Choice of Currencies

There are at least 180 currencies worldwide. Unless you have specific needs, it’s important to have support for a wide variety of currencies when transacting. 

Regardless, the ability to handle a variety of currencies will help you work with a greater number of customers, clients, and partners with specific transaction needs. Expanding your business in this way can help you increase your revenue and profits.

Safety & Security Features

It’s important to ensure that your foreign currency wallet of choice offers a strong set of safety and security features. This will reduce the likelihood that you and the parties that you interact with fall victim to fraud or theft, potentially saving your business from legal costs and bankruptcy.

Your Business Needs

When choosing a multi-currency wallet, you should consider your unique needs  — such as the regions in which your company operates, the amount of money that it regularly transacts, the needs of individual employees, and any local laws and regulations. Considering these factors will help determine whether a payment service can fully meet your requirements. 

Enhancements & Additional Offerings

Some multiple currency wallets offer extra services that allow you to work with money in new ways. These extras allow you to accept card payments, spend money with a linked prepaid card, transact on several payment networks, or add integrations with other business tools. Because these features vary between services, your options are potentially endless.

What Can I Do With a Multi-Currency Wallet?

You can use a multi-currency wallet to perform various tasks. For example:

  • Sending funds locally and internationally
  • Spending or withdrawing money from the wallet
  • Receiving funds locally and internationally
  • Storing various foreign currencies
  • Converting between foreign currencies
  • Paying business partners, workers, employees, and freelancers
  • Accepting payments from partners, customers, and clients

In short, a multi-currency wallet will help you carry out your general business activities and transact with various parties almost anywhere in the world.

Why Should Businesses Consider Multi-Currency Wallets as a Solution?

Businesses might want to consider a multi-currency wallet for various reasons. Using a wallet of this type can provide various benefits, such as reduced costs, instant payments and transactions, and ease of use. Below, we’ll explain these possible benefits in detail.

Low Costs

Whereas banks and mainstream financial services typically charge high fees on each payment, multi-currency wallets often have lower fees. 

In addition to low per-transaction fees, multi-currency accounts typically offer reduced cross-currency conversion rates. Sometimes, you can also avoid conversion fees entirely if you already have the foreign currencies you need. You may also be able to avoid conversion fees by holding or spending any foreign currency that you receive.

Though you’ll typically pay some fees no matter which option you choose, choosing a multi-currency wallet is often the most affordable option for any business. Payset offers competitive fees; see our full fee structure here.

Instant Payments & Transfers

Depending on the details of your transactions, multi-currency accounts can offer nearly instant payments and transfers. This can help your business operate at maximum capacity, potentially increasing your revenue and profits through greater transaction flow.

Fast payments will also help you carry out any purchases with other companies or business partners in a timely manner. Plus, fast payments ensure that you have the working capital that you need without having to rely on loans or other temporary sources of funding.

Finally, if customers are involved in the payment process, you will likely see improved customer satisfaction thanks to faster service and fewer failed transactions.

Ease of Use

The best multi-currency wallets provide great convenience by reducing the work you need to do regarding financial and account management.

With a multiple currency wallet, you won’t need to maintain multiple bank accounts for each currency that you use. And, if you maintain balances of every foreign currency that you need, you won’t need to monitor exchange rates when sending or receiving funds. 

More broadly, multi-currency wallet services typically offer a streamlined user experience and can be accessed through most internet-enabled devices. You will likely find the wallet service as easy to use as a traditional banking service — or even easier.

How Do Multi-Currency Wallets Help Businesses Expand Globally?

The best multi-currency wallets can help your business expand globally. These foreign currency wallets allow you to operate in international markets, work with clients and business partners in other countries, and offer incoming and outgoing payments in the currency of your choice.

In short, multi-currency wallets will help you perform any international transaction that you need to conduct in a simple, convenient, and affordable way.

Does My Business Need A Multi-Currency Wallet?

Your business might need a multi-currency wallet if it works with international customers or business partners or if you need access to a variety of foreign currencies. However, businesses that only operate in one local market may find these wallets useful as well.

How Can Payset Help?

Payset can help you meet your payment needs with a convenient and affordable multi-currency wallet that can be used around the world. 

Our accounts allow you to send and receive 34 currencies and exchange 38 currency pairs instantly with support for top assets like the U.S. dollar, the British pound, and the euro. Our accounts also allow you to carry out transactions with supported currencies in 180 countries. 

In addition to sending and receiving money, you’ll be able to take advantage of a built-in currency exchange. Plus, you can spend funds with our linked prepaid debit cards.

Our multiple currency accounts also offer fast settlement times, industry-standard security features, and compliance with safeguarding and GDPR regulations.

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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 allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.

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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