The benefits of multi-currency accounts for your business
Last updated: 8 May 2025
Multi-currency accounts are an alternative to local bank accounts, providing a single account to manage multiple currencies. Let’s look at the major benefits.
Key takeaways
- A multi-currency account allows businesses to withdraw, deposit, and hold different currencies
- Businesses can benefit from favorable exchange rates and fast cross-border payments
- A World Account simplifies payments by allowing you to send and receive payments in 100+ currencies
Introduction
Cross-border transactions are necessary for businesses expanding operations globally. But high transaction fees and excessive conversion rates can quickly chip away from the already low profit margins.
Multi-currency accounts are an alternative to local bank accounts, providing businesses with a single account to manage multiple currencies and cross-border payments. Whether you want to pay suppliers in China or collect payments from customers based in Asia or Europe, you can do it all through a single multi-currency account.
Let’s discuss the top benefits of using multi-currency accounts for any business.
Table of Contents
What is a multi-currency account?
A multi-currency account allows businesses to withdraw, deposit, and hold different currencies under a single account. It is useful for businesses operating globally with a requirement of transacting in different currencies.
You can open up multiple local currency accounts within a multi-currency account, each with a different account number and sort code.
For instance, you could use your CNY account to send payments to your suppliers in China and use the EUR account to collect payments from customers through payment gateways or marketplaces.
You can either hold the funds in your multi-currency account to make further payments or withdraw the funds to your bank account, according to the current conversion rates.
WorldFirst offers multi-currency accounts with forward contracts that allow you to lock in exchange rates for up to 24 months. With a World Account, you don’t have to worry about sudden market fluctuations affecting your profit margins.
Take a look at our complete guide to the best foreign currency accounts in Australia.
Top benefits of multi-currency accounts
End-to-end global cash management
Managing multiple currencies through one account means you can track all your global and local transactions in one place. Business accounting becomes much easier, giving you a transparent view of the cashflow.
Favourable exchange rates
Multi-currency accounts usually offer more competitive exchange rates than standard bank accounts, allowing you to get more value out of them. Unlike traditional bank accounts, you can choose to hold foreign currencies to make future payments or convert them when the exchange rates are favourable.
Avoid double conversion and save on costs
Businesses that constantly deal in multiple currencies through standard bank accounts have to incur costs associated with transaction fees and exchange rates. A multi-currency account allows you to make direct transactions in the currency of your choice, which in turn saves costs.
For instance, if you have received payments from customers in CNY, you can hold the funds in your account and use it to pay your Chinese suppliers. You don’t need to convert the funds from CNY to AUD and later from AUD to CNY.
Take your business global
The biggest advantage of using a multi-currency account is that you can take your business global without the extra local banking paperwork. Suppose you are starting to work with a new supplier or expanding your customer base to a new country. In that case, all you have to do is open a new local currency account within the same multi-currency account and start receiving and sending payments like a local.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Manage risks
Currency volatility is one of the most common concerns for businesses operating globally. By holding multiple currencies in a single account, businesses can hedge against sudden unfavourable currency exchange rate shifts.
Forward contracts in multi-currency accounts can enable businesses to protect themselves against sudden currency market volatility by fixing an exchange rate for a set period of time.
Even if the live market rates move against your expectations, your business will not be negatively affected since you have already hedged a fixed rate. These forward contracts can also give your business a reasonable estimate of profit margins and revenue you can expect in the coming year.
WorldFirst offers multi-currency accounts with forward contracts that allow you to lock in exchange rates for up to 24 months.
No unnecessary bank charges
A multi-currency account saves you on unnecessary bank charges usually levied on every transaction. Few multi-currency accounts like WorldFirst don’t charge anything for account setup, monthly maintenance, or receiving payments.
Who can benefit from a multi-currency account?
Those who might benefit from a multi-currency account include:
- Businesses that want to expand their operations and cater to a global audience
- Businesses that have an online storefront and accept customers from across the world
- Businesses that have product suppliers based in China but struggle to make cost-effective and quick payments
Streamline your global business with WorldFirst
WorldFirst multi-currency account simplifies your international operations. With access to 15+ local currency accounts, including USD, EUR, GBP, CNY, and JPY. You can send, receive, and hold over 100 currencies in one platform.
Key features of a World Account include:
- Free to open with no monthly maintenance fees
- Local account details to receive funds like a local business
- No fees for receiving payments either
- Fast, secure international payments with competitive foreign exchange rates
- Ability to hedge currency risk with forward contracts up to 24 months
- Free same-currency transfers between WorldFirst accounts
Whether you’re paying overseas suppliers or collecting payments from international marketplaces, WorldFirst gives your business the tools to grow globally without the usual friction or high costs.
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
Wise Business card review: Features, fees and alternatives
Take a look at our review of the Wise Business card, which supports payments in 55+ currencies. We also compare it with the World Card.
May / 2025
Best multi-currency cards for global businesses to save more
Compare the best multi-currency cards for businesses to save on conversion fees, simplify global payments and manage expenses efficiently.
May / 2025
The benefits of multi-currency accounts for your business
Multi-currency accounts are an alternative to local bank accounts, providing businesses with a single account to manage multiple currencies.
May / 2025Choose a category below for more business, finance and foreign exchange support from WorldFirst.
- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
