Start using amnis for fast, secure business payments

Yes! amnis is a multi-currency account that supports multiple currencies and lets you open new currency accounts in seconds. Convert funds instantly at transparent, 24/7 enterprise-level rates — and automate conversions for maximum convenience.

One account, many currencies: a multi-currency IBAN (international bank account number) account in your company’s name is a clever solution for cross-border money collection. The same IBAN number can have more than 20 currencies linked. This allows you to collect different currencies in one place with just one single account, making account management incredibly easy.

How does that work?

Typically, your bank account allows you to receive funds in one currency only. Thus, if you plan on receiving foreign currency payments, you’ll need to open a separate bank account for each currency. Consequently, you have to manage multiple accounts and provide different account numbers to your clients abroad. Moreover, these foreign currency business accounts come at a high cost, involve tons of paperwork and long processing times.

A multi-currency IBAN account, however, is a type of virtual IBAN account that comes with just one account number and is set up to send, receive, and hold more than one currency. The payments made in various currencies are re-routed into one central account, cutting down on administrative expenses and time with benefits like simplified and cheaper currency exchange as well as local incoming payments without intermediary banks.

When transferring money abroad, you can choose between two different payment routes:
a) SWIFT payments
b) Local payment routes

Which option you select, may depend on factors such as cost savings, ticket size, traceability, speed of execution, or simply the availability at the payment institution.

SWIFT

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global messaging system largely used by banks and financial institutions for cross-border payments. A SWIFT transfer, also called an international money transfer, is a secure and internationally standardised method for sending or receiving money from banks all around the globe, which is why they can be received by almost everyone everywhere.

SWIFT payments come, however, at high cost, since banks usually charge transfer or recipient fees. The type of SWIFT transaction (BEN, OUR or SHA) will determine who incurs the fees.

Note that some banks may route your money via an intermediary bank if there is no direct relationship. This means that payment processes can get slower and more expensive, since there are more parties involved who charge fees. Minimizing these, sometimes quite significant, fees is a big part of the reason why companies look for local payment routes.

Local payment routes

Local payment routes are a relatively new, cost-effective payment method, which have been growing in availability in recent years. Local payment providers use a network of local bank accounts all over the world to get access to domestic payment schemes. By doing so, they can cut out intermediary banks and, thus, unnecessary fees.

Examples of domestic payment schemes include SEPA in Europe, Faster Payments in the UK and ACH in the United States.

Local payment routes allow you to execute and receive local payments in the domestic currency as if you were based domestically. This means that you can settle payments locally, without cross-border fees typically charged for SWIFT payments. You or your beneficiaries will therefore receive the full transaction amount, without any deduction.

Yes! With our PEER feature, you can transfer money to other amnis users instantly and for free, 24/7. It’s quick, easy to set up, and perfect for saving time and costs with your business partners.

amnis safeguards your funds and data with multiple layers of protection, including segregation, strong European banking partners, and statutory deposit insurance. We follow strict compliance and security standards trusted by leading financial institutions. Learn more