Best foreign currency accounts in South Asia
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Explore the best foreign currency accounts for South Asian businesses operating globally
Key takeaways
- Freelancers, exporters and e-commerce sellers across South Asia can use foreign currency accounts to receive and hold international payments
- Traditional foreign currency accounts are often structured for NRIs, returning residents or fixed deposits rather than day-to-day business payments
- Multi-currency accounts can help businesses reduce repeated FX conversions on international transactions
- The World Account supports marketplace collections, supplier payments and multi-currency business operations across 200+ countries and regions
Freelancers, exporters, SaaS businesses and e-commerce sellers across South Asia often deal with high FX charges, delayed international transfers and the hassle of converting payments into local currency too early. Managing overseas supplier transfers and marketplace payouts through regular bank accounts can quickly become expensive and time-consuming.
Foreign currency accounts help businesses receive, hold and manage payments in currencies like USD, GBP and EUR without constant conversions. In this article, we compare the best foreign currency accounts in South Asia for international payments and global business operations.
What is a foreign currency account?
A foreign currency account allows businesses and freelancers to hold, send and receive funds in currencies other than their local currency. Instead of automatically converting incoming international payments into the user’s local currency like PKR or BDT when funds arrive, the balance remains in the original currency until the account holder chooses to convert or spend it.
For businesses working with overseas clients or suppliers, this can help reduce double conversions and provide more flexibility and control over currency exchange.
Types of foreign currency accounts in South Asia
Here are the different types of foreign currency accounts you’ll find in Bangladesh, and Pakistan
Resident Foreign Currency (RFC) account
An RFC account is designed for returning non-residents who have lived abroad and permanently returned. It allows eligible residents to continue holding foreign currency earnings, pensions or overseas asset sale proceeds after returning.
Foreign Currency Non-Resident (FCNR) account
An FCNR account is a foreign currency fixed deposit account available to non-residents and overseas citizens. Funds remain in foreign currency for a fixed tenure.
Businesses involved in general global trade (paying overseas suppliers, receiving payments from international customers, managing SaaS subscriptions or handling marketplace payouts) may find that traditional banks are not always aligned with day-to-day operational needs or multi-currency payments.
→ Learn more about how to open a foreign currency account for a freelancer
Foreign currency accounts for global businesses
Here are some of the most commonly used foreign currency account options for freelancers, exporters and businesses operating internationally across South Asia:
1. World Account
WorldFirst is an international payments provider that allows businesses to receive marketplace payouts, pay overseas suppliers and manage balances across multiple currencies–all through a single account.
The World Account is a multi-currency account that allows businesses to open local receiving accounts in 15+ currencies including USD, GBP, EUR and CNH. For each account, businesses get a unique account number and bank account.
The account details can then be used to collect payments from marketplaces and payment gateways and manage supplier payments.
The account also comes with the World Card, a Mastercard-powered business payment card that supports spending in 150+ currencies for SaaS subscriptions, supplier payments, logistics, advertising spend and marketplace operations. When making payments in any of the 15 supported currencies, no fee is charged as long as you have sufficient balance in that currency.
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*Fees checked in May 2026
2. Wise Account
Wise is a global payments provider that supports multi-currency accounts and international transfers for individuals and businesses.1
In Pakistan and Bangladesh, only personal accounts are supported and these can be used for outbound transfers, but not for receiving funds.2,3
For eligible users, Wise personal account send fees start from 1.16%.6 Wise also offers a Mastercard-powered debit card though this is not available through personal accounts in Pakistan or Bangladesh.
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*Fees checked in May 2026
3. Payoneer
Payoneer is a cross-border payments provider operating in Pakistan and Bangladesh.7 It offers both personal and business accounts in South Asia.7
Businesses can also access Mastercard-powered cards, but it’s a single currency card, linked to one of the four supported currencies.8
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*Fees checked in May 2026. Payoneer fees may vary by region and account type
4. Elevate Pay
Elevate Pay offers only USD receiving accounts for freelancers and businesses in Pakistan and Bangladesh.10 The platform supports USD collections through ACH and wire transfers. It does not offer multi-currency balances or business cards.10
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*Fees checked in May 2026
5. Razorpay
Razorpay supports international payment collections for businesses accepting overseas payments in 130+ currencies through payment gateways and business accounts.13 Its multi-currency account supports selected currencies including USD, GBP and EUR and each account has a dedicated bank account number and code.13
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*Fees checked in May 2026
6. SadaPay
SadaPay is a Pakistan-based personal banking and remittance platform offering debit cards and international remittance support.17 The platform does not support multi-currency accounts and holding balances in foreign currencies.
SadaPay is primarily designed for personal banking and remittances rather than business transactions.
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*Fees checked in May 2026
How to choose a foreign currency account
The right foreign currency account depends on how your business receives, holds and spends international payments. A freelancer receiving occasional USD client payments may need something very different from an e-commerce seller managing supplier transfers, marketplace payouts and advertising spend across multiple currencies.
Here are the steps to choose the right foreign currency account for your business:
1. Choose the right account structure
Traditional accounts like RFC and FCNR mainly suit NRIs or returning residents. While global business accounts and multi-currency accounts are better suited for cross-border payments, marketplace collections and supplier transfers.
2. Compare FX and transfer costs
Check conversion markups, international transfer fees, SWIFT charges and withdrawal costs, especially if your business receives frequent overseas payments.
3. Review supported currencies and payment capabilities
Ensure the account supports the currencies your business regularly uses, along with features like local receiving/sending accounts, supplier payments and marketplace integrations
4. Check business features and integrations
Some providers also offer business cards, accounting integrations and e-commerce payment support, making reconciliation and international operations easier. If you’re a business operating in South Asia, opt for a provider that supports business features as personal account features may not be enough.
Find the best foreign currency account for your business
Foreign currency accounts now play a central role for South Asian businesses managing international clients, supplier payments and marketplace operations across multiple currencies.
That is why many South Asian businesses are moving beyond traditional bank accounts and choosing multi-currency setups designed for everyday international operations. When comparing providers, focus on how easily the account supports your actual workflows like receiving international payments, holding multiple currencies, paying overseas suppliers, managing marketplace collections and controlling FX costs as the business scales globally.
FAQs
Can I open a foreign currency account in Pakistan or Bangladesh?
Yes. Pakistan and Bangladesh offer online foreign currency account options through local banks and payment providers, though eligibility and supported transaction types vary. Some online business bank accounts are designed for remittance holding, while others support international business payments.
How is a USD account different from a multi-currency account?
A USD account refers to an account specifically denominated in US Dollars. A multi-currency account allows businesses to hold and transact in several currencies such as USD, EUR and GBP within the same platform.
What are the benefits of a foreign currency account?
The benefits of a foreign currency account can include holding balances in original currencies, reducing repeated conversion costs, receiving international payments more efficiently and managing overseas supplier payments without converting funds immediately.
Sources:
- https://wise.com/in/business
- https://wise.com/us/send-money/send-money-to-pakistan
- https://wise.com/gb/send-money/send-money-to-bangladesh
- https://wise.com/in/account/
- https://wise.com/in/pricing/business
- https://wise.com/in/pricing/
- https://www.payoneer.com/en-in/
- https://www.payoneer.com/en-in/resources/general-payments/cards/
- https://www.payoneer.com/en-in/about/pricing/
- https://www.elevatepay.co/pakistan
- https://www.elevatepay.co/business
- https://help.elevatepay.co/hc/en-us/articles/18040869186833-How-does-Elevate-Pay-s-pricing-work
- https://razorpay.com/accept-international-payments/
- https://razorpay.com/pricing/
- https://razorpay.com/s/terms/partners/aggregator-and-platform/
- https://razorpay.com/accept-international-payments/bank-transfers/
- https://sadapay.pk
- https://sadapay.pk/soc
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
Hu Wenzhan is the Emerging Markets Country Manager at WorldFirst. He brings expertise across Fintech, Payments, Banking, New Markets Growth to help clients grow their global business.
Hu Wenzhan
Author
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