Payset prespective
April 28, 2021

What Is a Multi-Currency Account?

A multi-currency account allows you to hold multiple currencies in one account and transfer funds to a bank or other Payset client with low foreign exchange anywhere in the world.

A Payset multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow. From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients.  You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.  When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account. 

Do I need a Multi-Currency Account?

Whether for personal or business use, there is so much more that you can do with a multi-currency account than a traditional bank account. If you make sales or purchases in foreign currencies, work freelance or pay overseas staff, make frequent currency exchanges, or hold funds in more than one currency then a multi-currency account is definitely for you. The era of being restricted by a traditional bank account is over. Modern business and life is international. A multi-currency account allows you to swiftly and cheaply move your money across borders and currencies.

What can you do with a multi-currency account?

  • Make payments in 38 currencies
  • Accept payments in 34 currencies
  • Pay staff around the world with low to no fees
  • Easily withdraw funds to your bank account
  • Send free transfers to/from Payset accounts
  • Use both international and local payment networks
  • Ensure tax and regulatory compliance on global payments
  • Manage all payments from one dashboard
  • Enjoy excellent reporting features
  • Pay partners and staff in their chosen currency
  • Collect global payments in your own currency
  • Reach more clients, staff, and partners in more regions

What types of companies benefit from a multi-currency account?

  • Global payroll
  • Ecommerce
  • Freelancers
  • Affiliate programs
  • Start-ups
  • Marketplaces
  • Import/Export

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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