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Multi-currency payments: How to manage business transactions across borders?

Last update: July 1, 2025

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If you’re looking to pay international suppliers or make other kinds of payments internationally, you’ll likely have already faced some of the following challenges:

High foreign exchange fees, poor conversion rates, fees for account setup and maintenance, and banks that aren’t transparent about what they charge
Volatile exchange rates that can eat into your earnings or hurt your cash flow, impacting deals with partners and suppliers
Long settlement times that make receiving and sending payments slow, damaging supplier relationships and leading to inventory shortages

You may also need local account details to do business and receive payments in other countries and currencies. But opening each new bank account means extensive documentation, long wait times, in-person appointments and having a local presence or registration in each country.

Multi-currency payments help to solve these problems, letting you accept and hold funds and make payments in different currencies. With multi-currency payment processing, you can better serve your international customers and suppliers, and scale your business more easily across borders.

In this article, we’ll cover:

How can cross-border businesses process payments in multiple currencies?
What are the benefits of having a multi-currency account?
How much do transfers cost with a multi-currency account? How long do they take?
How many different currencies can a single multi-currency account handle?
Why should I choose WorldFirst for multi-currency payment processing?
How to open a WorldFirst multi-currency account

How can cross-border businesses manage payments in multiple currencies?

There are four main ways that e-commerce stores, digital businesses and other companies operating internationally can typically manage multiple currencies:

1. Multi-currency accounts: A multi-currency account lets a business get paid, hold, manage and transact in multiple currencies, all through a single account. For example, a user based in the United Kingdom can set up their multi-currency account online, then hold and manage funds in GBP, USD, EUR, NZD and JPY and more, all with just one login.

They typically come with local account details, so you can get paid using domestic payment networks. It also makes it faster, simpler and more affordable to pay and get paid in multiple currencies.

2. Multi-currency payment gateways: A payment gateway is the digital equivalent of a POS terminal. It’s a layer of technology that enables merchants to accept online payments. Gateways like Stripe, PayPal, Adyen and Shopify Payments let businesses accept cross-border payments in multiple currencies. However, gateways can’t be used to hold funds, and they can come with high FX fees and markups, limited currency support and settlement constraints.

For example, Stripe automatically converts all payouts into your home country’s currency, often for a hefty fee. If you want to receive payouts in local currencies instead, you need a separate bank account for each currency, and you must meet each foreign currency’s minimum payout amount.

3. Different online stores for different regions: Some businesses handle the currency problem by setting up a different online store in each region where they want to operate. This is an incredibly complex practice that’s usually reserved for large enterprises and marketplaces with different marketing plans for each region (eg. Amazon.com, Amazon.co.uk and Amazon.de, etc.). Businesses who choose this option typically still need to hold separate local business bank accounts for each region.

4. Letting your processor convert currency on the backend: Finally, some businesses take a hands-off approach by accepting only their home currency and leaving the conversion to the customer’s bank. For instance, if your store’s pricing is in GBP but a US customer pays in USD, their card issuer will handle the conversion from USD to GBP. You’ll receive the payment in GBP as usual, while the customer pays any foreign transaction or currency conversion fees. This method is the simplest option for merchants, but usually leads to the poorest checkout experience and conversion rates for customers.

Each of these methods has its advantages and disadvantages, but most growing global businesses should choose a multi-currency account.

Read more: How to pick the best online business bank account (12 options)

What are the benefits of having a multi-currency account?

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.

How much do transfers cost with a multi-currency account? How long do they take?

International wire transfers to and from traditional banks can cost as much as £28–100 each.

Multi-currency accounts typically charge significantly less – usually only a few dollars or a small percentage-based fee. The top online providers max out around £20 a transaction for certain currencies, with most falling closer to £7 to £10.

Transfers take anywhere from seconds to days, depending on the country, currency and service used.

Transfer pricing across top multi-currency payment solutions

Provider	Domestic Transfers	International Transfers	SWIFT Transfers	Transfer Times
WorldFirst	Local payments in GBP, EUR or USD £0.30.	International payments £4 or free for cross-currency payments above £5,000.	Typically uses its own transfer rails, but may use SWIFT in some cases for a predetermined fee.	80% of transfers land on the same day; transfers between World Accounts are instant.
Payoneer	$1.50 or ~£1.10* for same-currency transfers within the same country.	Up to 1% of the transaction amount with a minimum fee of $4 (about £3).	Additional fees may apply; intermediary banks may charge $20–$30 (~£15–22)	Domestic: 1 day; International: 1–3 days; SWIFT: Up to 4 days.
Revolut	No fees for transfers within your paid plan’s allowance. Otherwise, supplementary fees apply.	No fees for transfers within your paid plan’s allowance. Otherwise, supplementary fees apply.	Additional intermediary bank fees may apply; exact fees vary.	Domestic: Hours to 3 days; International: Up to 2 days; SWIFT: Up to 2 days.
Airwallex	Free for local transfers in 120+ countries. Other fees vary depending on method and currency.	Fees vary depending on transfer method and currency.	£10–20 per transfer (SHA and OUR).	Domestic: Real-time to 1 day; International: 1–5 days; SWIFT: 1–5 days.
Wise	Free for local transfers in major currencies (plus £45 account registry fee).	From 0.33% + fixed fee (e.g., $1.84 + 0.62% for USD to INR).	Receiving fees depend on currency. Sending fees are calculated based on transaction amount. May be up to 59% for smaller transfers.	Domestic: Instant to 1 day; International: 1–2 days; SWIFT: 1–5 days.

*Payoneer does not post its pricing in GBP, so figures are approximate conversions from USD based on current mid-market rate.

The total payment amount can also affect the transfer time, with larger global payments causing additional delays, as some banks perform checks before debiting or crediting accounts.

How you can save on multi-currency payments with WorldFirst

Since 2004, WorldFirst has served over a million businesses and handled over $3 billion in transaction volume. Our mission is to help global businesses grow by making it simpler to manage cross-border transactions and global finances.

With a multi-currency World Account, you can collect, hold, pay and transfer funds in a host of different currencies and regions. You can receive funds in 20+ currencies and get local account details for each, all without any fees. Plus, you can get access to some of the best currency conversion rates, with lower markups than other providers.

Open an account with WorldFirst today. It’s one of the easiest ways to handle multi-currency payment processing.

A single World Account, which you can apply for online in just a few minutes, lets you:

Collect funds in foreign currency as you expand globally

With just one World Account, you can receive global payments in 20+ currencies, including GBP, USD, EUR, CNH, AED, AUD, HKD, THB, MYR, SGD, JPY and more. You’ll also get local account details in each currency, so you can get paid using domestic payment rails for faster and cheaper transactions.

These local account details also give you the eligibility you need to sell on marketplaces that require a local bank account. With direct connections to 130+ marketplaces and payment processors, WorldFirst also makes it easier and faster to process and receive revenue from your online sales.

With WorldFirst, it’s free to receive and hold funds, with no setup or monthly fees. You don’t pay anything until you’re ready to withdraw funds or make a payment.

Pay your suppliers faster, for less

WorldFirst lets you pay in 100+ currencies to 210+ destinations. This way, you can pay suppliers in virtually any country where you do business, in their preferred currency, using local payment rails.

This makes it easier and faster to process your outgoing supplier payments. Your suppliers receive their funds faster, which keeps your relationships positive, keeps your inventory flowing, maintains steady cash flow and gives you leverage to negotiate.

When local payment rails aren’t an option, you can use WorldFirst to make faster transfers using SWIFT. Our transaction fees are lower than other transaction service providers, and most transfers are completed within two days, with 80% landing on the same day.

You can also pay suppliers and other business partners instantly, for free, if they hold a World Account. And you can make instant online payments in CNH to suppliers on 1688.com via our direct integration.

Convert at favourable exchange rates

If you’re exchanging currency, WorldFirst gives you access to the mid-market FX rate, with lower markups than other providers. Our fees are transparent, competitive and less than 0.50% for major currencies including USD, EUR, GBP, AUD, CAD and JPY.

You can also use options like firm orders and forward contracts to target specific exchange rates or lock in favourable rates for the future. These services can give you more certainty in calculating profit margins and meeting inventory needs.

And remember, with WorldFirst, you don’t pay any setup fees or monthly fees to hold your account or currencies.

Manage funds with minimal effort

It only takes minutes to apply and set up your WorldFirst account online. Most accounts are approved within 1–2 days, and then you’re ready to start collecting and paying in local currency.

Once you’re in the system, you can easily view all of your funds and currencies in one place. You can also transfer funds, pay suppliers, partners and employees, and monitor incoming and outgoing online payments.

WorldFirst also makes accounting and reconciliation simple with integrations with Xero and NetSuite. It’s incredibly simple to connect to your WorldFirst account for easier bookkeeping, invoicing, regulatory compliance and more.

Find out more: What’s the best business bank account for e-commerce companies? 7 options

How Goldberg Home builds better supplier relationships with WorldFirst’s efficient multi-currency payment processing

In 2020, Faith Lim founded Goldberg Home, an online brand for quality electrical items like lighting and switches. Cross-border commerce has always been central to the business, especially when it comes to sourcing from overseas suppliers.

For Faith, it was important to build trust with overseas suppliers, particularly through fast, reliable e-commerce payments. WorldFirst enabled her to easily source the materials she needed, and pay with simple, efficient online transactions and transparent communications.

“WorldFirst has helped to make business easier,” says Faith, “In terms of its great user experience and short user journey. This means I could use the time to focus on my key business operations and activities that are prime to the business.”

Read the full case study and watch the video here: The e-commerce startup that became a household name.

Streamline your multi-currency payments processing with WorldFirst

For growing businesses that need to transact in multiple-currencies, a multi-currency online account is usually the best choice. You’ll get better rates, faster transfers, more perks and easier account management than with traditional banks or foreign exchange services.

Your World Account is free to set up, easy to manage online and takes the complexity out of opening multiple local accounts. Let us handle the multi-currency payment processing, so you can focus on strategising for global growth.

The simpler way to pay and get paid