7 key benefits of multi currency account

Previously, businesses would have to open separate accounts for different countries and currencies. Each of these banks would charge an account maintenance fee. Foreign banks often also require hefty minimum balances for you to be eligible for account openings. There may also be transaction-level charges, especially for any foreign wire transfers.

A foreign currency account helps you reduce these business banking charges, as all you need to pay is a nominal single account fee. No minimum account balance is required and forex conversions are offered at extremely competitive rates.

Multi-currency accounts make your end-of-month accounting seem like a breeze. You or your finance team will have to spend much less time reconciling.

Because these cards give you the ability to issue invoices in one currency and get paid in the same, you will have no more obstacles in trying to match invoiced and paid amounts in different currencies. Moreover, there will also be fewer accounting adjustments required to accommodate exchange rate differences.

If your company only has a single currency account (i.e. an account that can hold only your home currency and no other), you are losing out on money via foreign exchange charges per international currency transaction.

Every time you receive money in a different currency your bank will convert the amount to your home currency. For every transaction, the bank has to do this for it charges a substantial foreign exchange commission to convert these funds.

For a business that receives regular payments in different currencies, these costs can snowball. One of the biggest advantages of a foreign currency account is that because it can hold multiple currencies this conversion becomes redundant. Therefore, the need to charge conversion fees itself is eradicated.

A happy supplier means better deals on material, consistent service, and a budding business relationship. Also, a supplier who gets paid in their preferred currency doesn’t have to wait or pay for conversions is bound to be a happy supplier.

A multi-currency account helps keep your business in the good books of your partners, suppliers, and clients. Everybody likes to get paid in their own currency without the burden of conversion costs, a foreign currency account helps do all this with ease.

The faster your turnaround speed is the more streamlined your cash flow will be. We all know how slow cross-border payments can be. Instead, if you can carry out transactions in local currencies your process will not only be more efficient, it’ll also be quicker because you’re technically accessing local payment networks.

With a multi-currency business account being used online or via an app, you can leverage digital wallets to carry out faster transactions ensuring a smoother cash flow in your business.

An international currency account is also extremely useful in making expense management a whole lot easier for your finance teams. These accounts cancel the need to match invoiced and paid amounts in different currencies. Accounting adjustments required to accommodate exchange rate differences also become much easier.

Moreover, because these accounts function similar to holding accounts, you can wait it out until exchange rates are favorable enough for you to convert currencies.

Basically, multi-currency business accounts provide you with a single platform to conduct all forex transactions; this also means all your transactions are logged in one structured place from where your finance teams can manage expenses.

As we’ve already observed, a multi-currency account consolidates all your forex transactions, across currencies and geographies, into one singular platform from where you can manage it all. It helps you protect revenue from high, obligatory, transaction and conversion costs that negatively impact both cash flow and workflow.

With a multi-currency wallet, this process becomes even more seamless, as it allows you to hold and manage multiple currencies in one place, making transactions simpler and more cost-effective.

These accounts ensure that all the obstacles that usually come when dealing with various currencies are taken care of without your effort being needed. So, all these when put together make for an international trading experience for you that is both easy and convenient.

Volopay’s corporate card facility is another useful feature to consider. You can issue unlimited virtual and physical cards to your teams or employees and never have to worry about expense reimbursements, invoice management, or credit lines anymore.

We are strong believers in the happy customer policy. We make sure that from onboarding to the years you’ll spend working with us there will be complete support and dedicated service from Volopay. Our teams are always present, all hands on deck, to tackle any issues you might face and answer all questions you may have.

When you open multi-currency accounts with Volopay you also get the benefit of application integration services. This means that if and when you move to Volopay you do not have to transfer data or move on from your older accounting software. In fact, Volopay can be fully integrated with pre-existing software, e.g. Xero, Quickbooks, etc., without the fear of data loss or corruption.

The system also comes fitted with a streamlined automated approval workflow. Multi-layered approvals with the capacity to have customized parameters preset by you for auto-approvals are now real, yes. You can now have subscriptions to services from multiple countries and preset your multi-currency account to pay them all at the same time without you having to lift a finger.

Volopay is especially great because of how rare obstacles are when trying to complete a transaction smoothly. Unlike most other providers, ours has no cap whatsoever on how much you can or how much you have to spend in a transaction, both forex and domestic.

In fact, with Volopay you can trade in over 100 different currencies. Being able to trade in so many currencies also means that you can conduct pretty much all your forex transactions on one unified platform.

Volopay comes with a highly nuanced spend management software that is equipped with a whole list of features that make expense management seem like a breeze. Not only can you consolidate all currency transactions in one place you can also get tools that help you analyze and make the most of your transaction data.

You can track expenses, manage invoices and create detailed spend reports for your expenses. You can also enjoy automated approval workflow and receipt mapping.

Volopay stands right up there with the best when it comes to how seriously we take our security measures. Multiple layers of code and regular, rigorous, checks on our security system ensure the absence of any mishaps or fraudulent incidences. Our security systems are on par with, if not better than, the tightest bank-grade securities out there.