Open a multi-currency business account for your business

2 years ago   •   .3 min read

.By Laine Redpath
.Table of contents

A multi-currency business account gives you the best of both worlds. With a multi-currency business account, you can use one account for all your global transactions, which is easier to manage and can help reduce overall costs.

What is a multi-currency business account?

A multi-currency business account is an account type that allows you to hold funds in several different currencies. You can convert the currency of your choice into the currency of the country where you are doing business, or convert funds into other currencies. For example, if you have a business in Spain and it’s important for your customers to pay in euros, then using this type of account would allow you to store those funds as euros instead of having them converted at market rates every time they make a payment on their card or via PayPal.

What is a business bank account with sub-accounts?
Visit our blog for more information about why your business needs sub-accounts and how to easily track business expenses.. Discover more with wamo.

The benefit here is clear: More convenience means more control over how much money goes where—and when it goes there! This can be especially helpful when working with international suppliers who do not accept payments except for certain currencies or payment methods.

Why businesses need multi-currency business accounts

Businesses need multi-currency business accounts simply because they can then trade in multiple currencies from one account, which saves money on transaction fees and currency exchange rates. This is especially helpful for companies that have offices around the world or frequently interact with customers from other countries. Businesses can use their multi-currency accounts to make payments to suppliers, employees, and partners; receive payments from clients; and exchange cash between different currencies.

As your business grows and becomes more globalized, you might want to start accepting payments from customers in different countries or paying your suppliers or employees overseas. In addition to saving time on transactions by using a multi-currency account rather than transfers (which may take days), you'll also save money on transaction fees since most charge extra for cross-border transactions.

How to open a multi-currency business account

A multi-currency business account is an account type that allows you to transact in currencies other than your base currency. This means you can easily convert money between different currencies and transfer funds internationally without having to worry about exchange rates or fees.

Keep your personal and business bank account separate
Separate your business bank account from your personal account. For detailed information about business bank accounts, read the wamo blog.

To open a multi-currency business account, simply contact the bank or financial institution of your choice and request an application form for the product. Once you've completed it and returned it to them, they should send over any additional information they require before processing your application.

Open a business account with wamo and get your multi currency business account easily. To open a multi currency business account, visit the wamo registration page now.


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