For innovative tech companies, in any area of business, keeping up with dynamic changes requires processes that are automated and agile. Making hard drives in Thailand for your business based in Estonia, selling to customers in North America – it’s a global business model that needs simple support. And a multiple currency account is going to make trading across borders smoother and more efficient for you.
Technology-led businesses know that the best talent and products need to be sourced internationally and their clients aren’t in one location. Paying your software developer to complete your AR plugin whilst invoicing your client across borders requires a bank account in multiple currencies.
What is a multi-currency account?
A multiple currency account is a banking account where you can hold, send, and receive payments in a range of different currencies, depending on your needs.
Rather than having bank accounts in all the countries where your business operates, you have one central store of cash in euros, dollars, pesos, or whichever other currency you need.
You’re able to exchange money from one currency to another whenever you need it. You can do away with security, permissions, and logins for banks in different countries; a multi-currency bank account keeps everything in one place.
Paying suppliers across oceans and continents becomes simplified. You can send payments to employees or businesses in three simple steps:
- Select the currency you need on your account
- Choose your payment method and amount
- Pay the recipient into their preferred account
Unlike traditional banks, Unlimint banking not only allows payments as wire transfers or using IBANs, but also provides options to pay straight to a debit or credit card and even fund local e-wallets. Doing business with micro-entrepreneurs and people without bank accounts becomes doable. Want to start accepting and making payments in multiple currencies with ease? Get in touch today!
Benefits of a multi-currency account
Multi-currency bank accounts make sense when your business knows no borders. Opening bank accounts in different countries can be a headache, with different documentation and permissions required. Here are some of the financial and organizational benefits of a multi-currency account:
- Avoid fees and high exchange rates. With a multi-currency account, you can send and receive payments to suppliers, contractors, agencies, and freelancers around the world in local currencies.
- Send money to cards, e-wallets, and bank accounts. A confusing process of making an international payment can cost you time and money. Therefore, as a business owner, you will benefit from payment solutions that allow paying clients through a variety of different ways. Send multiple payments at once to cards, e-wallets, and bank accounts.
- Make use of local payment methods. With a multi-currency bank account, you can make payouts fast and access hundreds of alternative payment methods your partners are used to.
How to open a multi-currency account
Have you gone through the process of opening a business bank account recently? In many cases, it is a time-consuming task followed by hundreds of irrelevant questions about your business. Being in the same boat, we have a large experience of working with innovative companies and understand how they operate. With Unlimint, you can focus on your core product with no need to waste your time explaining how your business works.
As a tech company developing apps and games for everyone, or a SaaS business targeting a global client-base, you need a more nimble process to get your money moving.
Here’s what you need to do:
- Apply via the application form at the Unlimint’s website.
- Provide business information and corporate documents of your company, as well as the information on UBOs.
- Pass the identification and verification process.
- Receive the account details and share them with your international partners to receive payments.
Ready to make moves? Get your multi-currency account and manage money in multiple foreign currencies.
Your Unlimint multi-currency account
Hitech industries compete on a global market. Your educational app can employ teachers from anywhere to teach students online. A marketing agency in one country can have clients spanning time zones and currencies. Does this international approach sound like your setup?
Working with innovative companies we have no doubts that paying numerous partners in multiple currencies is a necessity for any digital business. We understand that a multi-currency banking account is a game-changing tool that will streamline your financial transactions.
You can top up an e-wallet or send money directly to a card and delight your partners and customers. With Unlimint, you can wipe out the line between banking and online payments and make your global business work locally.