Every entrepreneur wishes to establish their business internationally. It has now become easier to connect with global suppliers and sell your products around the world.
With the expansion in business, you need to optimize the way you will receive and send money as you will be dealing in multiple currencies. For such purpose, it will be ideal to have a multi-currency account.
Multi-currency account is a type of bank account that allows companies to send, receive, and hold more than one currency.
This is now you know and today in this video we will tell you why every international business must have a multi-currency account.
Saves money on foreign exchange commission
While doing business internationally, you will be receiving a lot of payments in foreign currency, and if you have a single currency account, then bank has to convert every payment in your home currency before deposition. Your bank will charge a foreign exchange commission to convert these funds.
Speedy cash flow
Cross-border payments take longer than domestic payments, if you wish to have international payments as quick as local payments, then with multi-currency accounts you can access local payment networks online and you will have immediate access to your account wherever you are.
Easy communication and accounting
The communication for account details with customers will be hassle free as you will use the same account details for all the currencies held in your account. Your accounting will also become easier as there will be no headache of matching invoiced and paid amounts in different currencies.
so, have you considered opening a multi currency account?