Global trade is on the rise. The OECD estimates 2025 will see the total number of goods and services traded around the world increase by 3.3% – more than double the 1% seen in 2023.
As global commerce continues to expand, businesses of all sizes are facing the increasing challenge of managing cross-border transactions efficiently.
One way businesses can ease the strain of international payments is through a multi-currency account.
But what exactly is a multi-currency account? Why should businesses consider opening one? And how can it help streamline operations, cut costs, and manage currency risks?
In this article, we dig into the benefits of multi-currency accounts, the problems they solve, and how they can give your business a competitive edge.
Table of contents
- What is a multi-currency account?
- Why open a multi-currency account?
- What are the challenges?
- How Privalgo can help
- Conclusion: Is a multi-currency account right for you?
- 10 FAQs about multi-currency accounts
What is a multi-currency account?
A multi-currency account allows businesses to hold, receive, and send funds in multiple currencies within a single account. Instead of juggling numerous accounts in different countries, you can easily manage your global currencies in one place.
For instance, if you’re a UK-based company invoicing US and EU clients, a multi-currency account allows you to hold payments in USD and EUR without converting them to GBP immediately. This not only saves on conversion fees, but also gives you the ability to convert at more favourable exchange rates.
Multi-currency accounts can be opened with banks and payment providers alike. Some well-established examples include Privalgo, Wise, Revolut, Airwallet, and Paypal.
Consolidating all of your payments and currencies in one place gives you the platform to manage your finances smoothly, helping your business thrive in 2025.
Why open a multi-currency account?
We’ve briefly touched on the benefits of a multi-currency account for your business, so let’s break them down in more detail.
Smoother operations
Managing multiple accounts across different countries can be time-consuming, costly, and complicated.
A multi-currency account keeps things simple by bringing all your currency transactions into a single platform. This makes tracking, reconciliation, and reporting far easier for your finance team.
Cost savings on FX fees
Traditional banks may charge steep foreign exchange (FX) fees and unfavourable exchange rates for currency conversions.
With a multi-currency account, you can reduce these costs by holding funds in foreign currencies until conversion rates are more favourable. Some providers, like Privalgo, , often offer more competitive FX rates to further cut costs.
Easy cash flow management
Holding funds in multiple currencies allows you to manage cash flow more effectively.
For example, if you pay suppliers in USD but receive payments in GBP, you can use your account’s built-in currency management tools to schedule conversions and send payments at the right moment.
Reduced currency risk
Currency values are constantly changing, and sudden swings can be the difference between your business making a profit or a loss.
Through a multi-currency account, you can implement foreign exchange tools such as market orders to target an ideal exchange rate or forward contracts to lock in favourable rates for future transactions.
Using these products can be complicated, so it’s worth looking at multi-currency account providers who also offer human support. The disadvantage of using some providers is that they may not offer a dedicated Relationship Manager to assist you through the process.
At Privalgo, our team of Currency Specialists help businesses build risk management strategies using FX products like forward contracts and market orders. You’ll gain your own Relationship Manager who understands and genuinely cares about your business.
Contact us to learn more about how our risk management strategies can protect your business’s profits.
Happier global clients
A multi-currency account gives your business authority as a global player.
You can invoice clients in their preferred currency – and receive payments from them in theirs – improving customer relationships and making your business more competitive in international markets.
What are the challenges?
While multi-currency accounts offer numerous benefits, they’re not without challenges. Here are a few potential drawbacks to consider:
Account fees
Some providers charge fees for opening and maintaining accounts. You may find yourself paying more for a higher number of account users and fees for keeping an account open.
It’s essential you compare costs and offerings to see where the best value lies.
Initial complexity
Although these accounts simplify cross-border transactions, they can require an initial learning curve for finance teams unfamiliar with multi-currency management.
Choosing a provider that offers excellent, human support can help to iron out any issues.
Rules and regulations
Managing multiple currencies may introduce certain regulations that you’ll need to stick to. These might relate to tax, anti-money laundering, and reporting obligations.
The key to overcoming these challenges is choosing a provider that offers transparent pricing, dedicated support, and expertise in navigating international regulations.
How Privalgo can help
At Privalgo, we’ve seen first-hand how multi-currency accounts can transform businesses. Our tailored solutions help clients manage international payments efficiently, reduce costs, and protect against currency volatility.
With a Privalgo multi-currency account, you’ll benefit from:
- Competitive rates for 140 currencies: Access 140 currencies, covering 180 countries with high-value exchange rates.
- Zero account fees: It’s free to open and maintain a Privalgo account with unlimited account users.
- Personalised service: Receive dedicated support from our Currency Specialists with direct access to our technology team for any assistance.
- Rapid account opening: Open a multi-currency account in your business name in as little as 24 hours.
- Seamless integration: Our platform integrates with your existing financial systems, ensuring a smooth transition.
Conclusion: Is a multi-currency account right for you?
If your business operates internationally or deals with foreign clients and suppliers, a multi-currency account can offer unparalleled advantages. From streamlining operations to reducing costs and managing currency risk, it’s an essential tool for businesses looking to thrive in a global economy.
By partnering with a trusted provider like Privalgo, you’ll gain the solutions and support needed to make the most of a multi-currency business account.
Ready to take the next step? Contact a Privalgo Currency Specialist today to explore how a multi-currency account can support your business growth in 2025 and beyond.
10 FAQs about multi-currency accounts
Below are 10 frequently asked questions about multi-currency accounts. Some answers use content already discussed in this article.
What is a multi-currency account?
A multi-currency account allows your business to hold, send, and receive payments in multiple currencies from one central account. This removes the need for separate accounts in different countries, streamlining global payments and helping manage currency conversion costs.
Is a multi-currency account worth it for businesses in 2025?
Absolutely. With international trade on the rise and FX volatility persisting in 2025, a multi-currency account can simplify cross-border transactions, reduce fees, and improve your financial control. It’s a strategic tool for globally minded businesses looking to grow.
What is the best multi-currency account for businesses?
The best account depends on your needs, but Privalgo is a strong choice due to competitive exchange rates across 140 currencies, zero account fees, unlimited users, and dedicated Relationship Managers to support your growth. Alternatives include Wise, Revolut, and PayPal.
How do multi-currency accounts save on foreign exchange fees?
Instead of converting every incoming payment to your local currency immediately, multi-currency accounts let you hold funds in the original currency. You can convert when rates are more favourable, helping you save on unnecessary FX charges.
Can a multi-currency account reduce currency risk?
Yes. Many providers offer FX risk management tools like forward contracts and market orders. These help you lock in rates or target ideal ones, shielding your profits from sudden market swings. At Privalgo, our Currency Specialists help clients build strategies to manage this.
How fast can I open a multi-currency account with Privalgo?
You can open a multi-currency account with Privalgo in as little as 24 hours. Opening an account requires exchanging important documents about your business so we can complete our due diligence and KYC checks. If we can gather all documentation quickly, we can get you up and running in no time.
How does a multi-currency account improve international client relationships?
By allowing you to invoice and accept payments in your clients’ preferred currencies, a multi-currency account removes friction from international transactions. This improves trust, speeds up payment processes, and positions your business as globally accessible.
Are there any downsides to using a multi-currency account?
There can be some challenges, like provider fees, regulatory considerations, or a learning curve for teams unfamiliar with currency management. That’s why choosing a provider with transparent pricing and human support – like Privalgo – is essential.
Can I integrate a multi-currency account with my existing accounting systems?
Yes. Many modern multi-currency accounts – including Privalgo’s – integrate seamlessly with popular accounting platforms and ERP systems. This helps automate reconciliation, improve reporting accuracy, and simplify your financial operations across multiple currencies.
Who should use a multi-currency account?
Multi-currency accounts are ideal for businesses that trade internationally, pay overseas suppliers, receive foreign client payments, or want to protect against currency volatility. Whether you’re a growing e-commerce business or a large-scale importer, these accounts offer flexibility and cost-efficiency.
This article is for information purposes only and should not be regarded as financial advice.
