How to open a foreign currency account in South Asia
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Find out how to open a foreign currency account in South Asia and take control of when and how your international earnings are converted.
Key takeaways
- Without a foreign currency account, every international payment is auto-converted to local currency at whatever rate the bank applies, with no control over timing or markup
- A foreign currency account lets businesses and freelancers open dedicated accounts in 15+ currencies from a single platform, with full control over when and how funds are converted
- The World Account provides local currency accounts in 15+ currencies with zero setup fees, zero monthly fees and zero receiving fees
Most domestic bank accounts in South Asia give freelancers and businesses allow freelancers to only hold funds in the local currency. So even when international payments in different currencies land in the bank account, the funds get converted into local currency instantly at whatever the bank’s exchange rate is that day. There is no way to hold the funds or time the conversion.
A foreign currency account solves this by giving you a dedicated account in a single currency (whether it’s USD, GBP, EUR or another) where funds can land and stay until you decide what to do with them. A multi-currency account takes this further by letting you open multiple foreign currency accounts from a single platform, so a USD account, a GBP account and a EUR account can all sit under one login.
A foreign currency account gives businesses dedicated local currency accounts in USD, GBP, EUR or another currency where funds can be held to. This guide covers how to open a foreign currency account and what to look for when choosing one.
What to look for in a foreign currency account
Here are the main factors to consider when choosing a foreign currency account
- Supported currencies: The foreign currency account should support the specific currencies you receive or pay in
- Fees on receiving and holding: Some providers charge fees on incoming payments or for holding balances in foreign currencies. For businesses receiving frequent international payments, these fees compound quickly. So it is better to look for accounts with zero fees on receiving and holding
- Conversion rates: When you do convert to local currency, the exchange rate and conversion fee can directly decide how much of your money you’ll actually receive in your account. Ideally, the foreign currency account should let you choose when to convert and offer competitive exchange rates when you do
- Account setup process: Opening a foreign currency account shouldn’t require a dozen steps and a month’s time where you are riddled with in-person verification and extensive documentation
- Integration with marketplaces and platforms: If you sell on Amazon, Etsy or Shopify, or freelance through Upwork or Fiverr, the account should let you add your foreign currency account details directly to those platforms so payouts land in the right currency
- Card access: If you can get a business payment card linked to your foreign currency balances, you can pay for USD-billed SaaS tools, ad platforms, subscriptions and more from the collected funds without needing double conversions.
How to open a foreign currency account with WorldFirst
WorldFirst is an international payments provider that offers the World Account, a multi-currency account that lets you open dedicated local currency accounts in 15+ major currencies from a single online platform. Each currency account comes with its own local bank details, so clients, marketplaces and platforms can pay you as if you were local. You can also use the collected funds to make further payments and spend using the World Card, a Mastercard-powered business payment card.
Here are the key features of the World Account
- Zero fees on receiving funds, regardless of payment volume or currency
- Zero monthly fee and zero minimum balance requirement
- Send payments in 100+ currencies across 200+ countries and regions at competitive exchange rates
- Collect from 130+ global marketplaces and payment gateways, including Amazon, Etsy and Stripe
- Spend with the World Card, a Mastercard-powered business payment card with up to 20 virtual cards at zero issuance cost
- Pay 1688 suppliers in CNH through World Pay, the authorised international payment provider for 1688.com
- Xero and NetSuite integrations for automatic reconciliation across currency balances
- Multi-user access so finance teams and authorised users can manage the account at the right permission level
- Free and instant transfers between World Account holders
Here is how to set up your foreign currency accounts through the World Account:
Step 1: Sign up for a World Account
Register online through the WorldFirst website. The entire application is fully digital with no branch visits, no requirement for a foreign business entity or address. There is also no setup fee.
Step 2: Verify your details
Upload the required identification and business documents. WorldFirst will verify your identity and business information. Approval timelines vary, but most applications are processed within a few business days.
Step 3: Open local currency accounts
Once approved, you can open virtual local currency accounts in 15+ major currencies, including USD, GBP, EUR, CNH, AUD and NZD. Each account comes with a dedicated account number and bank code.
Step 4: Add your account details to marketplaces or share them with your clients
If you sell on Amazon, Etsy or Shopify, add the corresponding local currency account details to your seller account. So if you are selling on Amazon US, you can add the USD account details. You can collect payments from 130+ global marketplaces and payment gateways.
If you freelance through Upwork or Fiverr, or invoice clients directly, share the relevant account details so payments arrive in the original currency.
Step 5: Receive, hold and convert on your terms
When you receive payments, the funds stay in the original currency until you have decided what to do with them. Receiving funds is free with a World Account. You can hold balances in the original currency, convert to local currency at competitive rates, or use the funds directly to pay suppliers and cover expenses.
FAQ
Can I open a USD foreign currency account in Pakistan and Bangladesh without a US bank or US address?
Yes. WorldFirst’s World Account lets you open a USD account, along with 14+ other local currency accounts, without requiring a US-registered business, US bank account or US address. The application is fully online, and the accounts are activated once verification is complete.
What is the difference between a foreign currency account and a multi-currency account?
A foreign currency account holds funds in a single currency other than your domestic currency. A multi-currency account like the World Account lets you open multiple foreign currency accounts (15+ currencies) from a single platform, so you can manage USD, GBP, EUR and other balances under one account.
Do I need a registered business to open a foreign currency account with WorldFirst?
WorldFirst supports both businesses and freelancers. During the application, you will be asked to provide proof of identity and, where applicable, business registration documents. Requirements vary based on the type of account and the supporting documents provided.
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
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