Multicurrency accounts are demand deposit accounts (DDAs) that are domiciled in the United States and hold foreign currency instead of U.S. dollars so your business can make and receive payments in 30 major and emerging market currencies without the need to open accounts with foreign banks. Multi-currency accounts enable you to simply send and receive money from abroad with ease. Perfect for travelers.
What are the Advantages of a Multi-currency Account?
- Multi-currency account holders enjoy risk reduction when it comes to losses and rate spread because of timing differences between incoming and outgoing multi-currency flows.
- Multi-currency accounts offer a better customer service experience as there’s less of a want to contact foreign customer service centers, and more.
- Multi-currency accounts empower firms to make and receive payments in native and foreign currencies without the need to convert as a result of every transaction.
- With some money institutions, you can even receive a payment card tied to multi-currency accounts.
- There are many benefits of a multi-currency account, including favorable foreign exchange rate opportunities.
What are Some More Possible Benefits of a Multi-currency Account?
- You can hold your money in multiple currencies all in one account
- You can switch between multiple currencies and save on conversion fees
- If your account is offered by a provider regulated by the Financial Conduct Authority (FCA) or the FDIC, for instance, you might enjoy insurance on certain deposits.
- Streamline your foreign currency cash flow management.
- Simplify collections and disbursement of funds without converting to U.S. dollars.
- Initiate wire transfers for your multi-currency account(s).
Why do I Need a Multi-currency Account?
- Your business engages in international trade, including both exports and imports.
- You sell goods online across borders.
- You run an e-commerce store in many currencies.
- You employ staff foreign or work with freelancers in other countries.
- You’re a sole proprietor that works with international customers.
Multi-Currency Accounts Offer Flexibility
- Be sure to check out the following before deciding upon a multi-currency account:
- Do the foreign currencies offered by the bank align with the currencies in which you do business?
- Does the bank charge for currency conversion charges?
- Are there any transaction limitations?
- How long do transactions usually take from home banks and accounts overseas?
- Can you transfer, deposit, and withdraw funds over the phone, online, or at a branch? What are the fees?
Is Reporting Multi-Currency for Accounts Easier?
Reporting on international assets may be easier with a multi-currency account, as you may hold more than one asset in a single location. Keeping track of deposits and withdrawals could be as easy as one monthly statement, regardless of the currency. Multi-currency accounting software could make managing your foreign assets and liabilities easier. Many small businesses might not even need foreign currency accounts, depending on their international transaction volume.
Where am I able to get a Multi-Currency Account?
EQI Bank offers a multi-currency account from an offshore monetary centre. This borderless account is provided with the options you enjoy in most different accounts. It is regulated by the regulator during a leading Caribbean offshore monetary centre, Dominica, and is regulated by the central bank there as well as the Eastern Caribbean Central Bank.
Here are some of the benefits of an EQI Bank multi-currency account:
- Access your multi-currency account(s) online
- Enjoy personalized service from a obsessive Personal Banker
- Enjoy the tax neutrality that comes with an offshore monetary centre
- Lightning fast transfers to 180 countries.
For any more details,contact us.