Your guide to multi-currency accounts: Why every African business needs it
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anja
Clare Shi
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Key takeaways
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
What is a multi-currency account?
A multi-currency account lets you hold, send, and receive funds in multiple currencies–all through a single account. For each supported currency, you get a unique local account with its own bank account number and bank code (like a SWIFT or sort code), opened under your business’s name.
For example, if you collect funds in USD from your US customers, you can hold that balance in your account and use it directly to pay your marketing agencies or SaaS tools in USD, avoiding double conversions and saving on unnecessary FX fees.
With a multi-currency account, African businesses can:
- Receive payments from customers or marketplaces in multiple currencies
- Hold funds without immediate conversion, protecting against unfavorable exchange rates
- Use the collected funds to pay suppliers, shipping agents, marketing agencies, and other business partners
- Convert and repatriate the funds back to your home account at competitive exchange rates
Why your African business needs a multi-currency account
Whether you’re a startup scaling overseas or an established business managing global supply chains, a multi-currency account can offer several benefits, including:
Fast payments
Multi-currency accounts offer fast payments by giving you access to local payment networks in each supported currency. Domestic payments typically settle on the same day or next, helping you pay suppliers on time, reduce delays, and maintain healthy cash flow.
Build trust with partners
Paying international partners in their local currency shows respect for their preferred way of doing business. It eliminates potential confusion or friction caused by currency mismatches or unexpected conversion losses. By demonstrating that you understand and accommodate their local practices, your business builds stronger relationships.
Better cash flow control
Holding funds in multiple currencies allows businesses to take a more strategic approach to cash management. Instead of being forced to convert currencies immediately, often at infavourable rates, you can wait for favourable conditions, preserving more of your profits. This flexibility supports smarter forecasting and budgeting, enabling businesses to align currency conversion with operational needs.
Seamless global scaling
Expanding into new markets is complex enough without having to deal with banking roadblocks. Multi-currency accounts simplify international operations by giving businesses access to local bank details in multiple currencies and removing barriers to entry. This means your customers can pay you locally, your team can operate without friction, and your business can grow with confidence—without being slowed down by payment challenges or administrative overhead.
These advantages make a multi-currency account not just a convenience, but a powerful tool for driving global business growth. With the right multi-currency account provider like WorldFirst, you can access competitive exchange rates, seamless integration, and expert support tailored to the needs of international businesses.
How to open a multi-currency account
The first step in opening a multi-currency account is choosing a payment provider that supports the currencies you transact in most often. The right provider should be secure, regulated, and offer all the major features your business needs, such as local bank account details, competitive exchange rates, and low or no fees on receiving and sending payments.
Why choose WorldFirst?
The World Account by WorldFirst is a multi-currency account designed for fast-growing businesses in global trade. It gives you access to local account details in over 15+ major currencies, including USD, AUD, CNH, GBP, and EUR, helping you manage cross-border payments seamlessly.
Here’s how to use and open a World Account
● Set up your account
Create an account with WorldFirst by completing a quick online registration. There’s no fee to open or maintain the account, and the setup is typically much faster than opening a traditional business bank account.
● Receive payments globally
For each supported currency, you’ll receive local bank account details. You can collect payments from 130+ global marketplaces and payment gateways, including Amazon, Etsy, and Stripe. Receiving payments is free.You’re only charged for currency conversions.
● Hold funds in foreign currencies
Keep funds in multiple currencies—USD, GBP, EUR, AUD, and more—without forced conversions. This allows you to time your currency exchanges and make same-currency payments easily.
● Convert currencies on your terms
When you’re ready to convert, you can do so at competitive FX rates and protect your margins on every transaction.
● Make global payments
Pay suppliers, freelancers, shipping partners, and partners in their local currency, directly from your multi-currency balance. You can send payments in 100+ currencies.
● Spend anywhere with the World Card
The World Card, linked directly to your World Account, lets you spend your collected multi-currency funds wherever Mastercard is accepted—online or in-store. It’s ideal for managing business expenses across borders using your existing balances.
Simplify African business with one powerful Account
As business becomes increasingly borderless, managing multiple currencies shouldn’t slow you down. A multi-currency account helps you receive, hold, and pay in various currencies without the headaches of traditional banking.
It’s not just about convenience — it’s about staying competitive, reducing costs, and moving money smarter.
One account. Many currencies. Maximum flexibility. Ready to make global business feel local?
Disclaimer: The information contained herein is intended for informational purposes only and does not constitute any advice. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Whilst the information has been obtained from and is based upon multiple sources we believe to be reliable, we make no representations or warranties regarding the accuracy or completeness of the information. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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