A multi-currency account allows a business to behave as though it has accounts in multiple countries, without having to actually open those accounts. 

Multi-currency accounts make it easy to receive funds from customers and marketplaces, pay suppliers, vendors and partners or hold currency to wait for favourable currency exchange rates.

Some of the most important benefits of using a multi-currency account are:

• Hold, receive and transact in multiple currencies without opening accounts in different countries. Multi-currency accounts let you do business in multiple countries without the hassles associated with registering your business, forming a local business entity or applying for an account in person. These processes can otherwise take weeks or months, as well as mountains of documentation. With a multi-currency account, you can complete an application within minutes and start using it within a day or two.
  
• Local account details and access to global marketplaces. In some cases, you need a local bank account or local account details in order to do business or get paid in another country. For example, if you want to sell on Amazon.com, you need USD account details. A multi-currency account gives you local account details without needing to register your business abroad or apply for a traditional bank account. This means you can start selling and getting paid, without complicated workarounds or high fees for conversion services.
• Pay your suppliers in their local currencies using local payment rails. Without a multi-currency account, you have to rely on SWIFT and other international transfer networks to pay your suppliers. These transfers can take as many as six business days to process, and can hurt supplier relationships and stall inventory procurement. A multi-currency account lets you pay suppliers using faster transfers or local payment rails, with most cross-border payments landing on the same or next day. Some multi-currency accounts, like WorldFirst, let you make free instant transfers to other account holders.
• Handle many different currencies. Many accounts let you pay in hundreds of currencies, though you might only hold or receive a few dozen. Some only let you work with four or five currencies in total. Many accounts also offer lower exchange rates for major currencies like GBP, USD, EUR and JPY.
• Access better FX rates, lower currency conversion fees and lower account fees in general. With a traditional bank account, you typically have to pay the bank’s currency conversion fees, or use an expensive conversion service. Either way, you might be given unfavorable exchange rates of up to 1–3%, plus transaction costs for each transaction. With a multi-currency account, you get access to the most competitive exchange rates, typically with lower percentage-based fees (around 0.5–6%). Some providers, like WorldFirst, also give you more ways to save by targeting or locking in exchange rates.
• More liquidity and protection against risk. The market can pivot quickly, especially in the midst of unpredictable changes in global trade policy. If you’re holding your earnings in only one currency, sudden fluctuations can hurt your margins or send supplier costs skyrocketing. A multi-currency account can shield you against these types of shifts and give you more liquidity, letting you hold multiple major currencies at once and exchanging them when you need to.
• Online sign-up and management. Many multi-currency accounts are fully online, enabling you to sign up without visiting a bank branch. Some also offer round-the-clock support and 24/7 access to your funds. That means no waiting when you need to manage your money, put in a transfer request or speak to a representative when you need advice. And, you can access all your currencies from the same platform, instead of having to log in to multiple online portals.