The multi currency account – simple, flexible, cost-effective

The multi currency account – simple, flexible, cost-effective
  • International payments
  • Currency exchange

How can you purchase from foreign suppliers without being charged expensive exchange rates at your local bank or without having to use several different foreign currency accounts? The multi currency account provides the answer and facilitates access to foreign customers and partners.

The most important facts

  • With a multi currency account, you can send and receive multiple foreign currencies with a single IBAN that functions as a multi IBAN account, simplifying payment processing with international suppliers and customers while saving money and administrative effort.
  • A multi currency account offers several benefits, including cost savings compared to traditional foreign currency accounts at banks, low or no exchange fees, and centralized management of multiple currencies.
  • In contrast to a multi currency account, with a foreign currency account at a traditional bank, the long waiting times for setup as well as the opening of individual accounts for each currency and the associated account maintenance fees must be taken into account.
  • Using a multi currency account allows SMEs to do much more: free money transfers, transparent and simplified currency exchanges, and local and centralized incoming payments without intermediary banks.

What is a multi currency account?

Most bank accounts allow account holders to hold only the local currency (for example euro). The reasoning is pretty straightforward: Foreign currencies require increased administrative effort on the part of the financial institution. To outweigh it, foreign currencies are automatically converted by the bank at expensive exchange rates, whether incoming or outgoing.

With a multi currency account, however, account holders are able to pay and receive, besides the local currency, also foreign currencies – all with the same account. This not only facilitates payment processing with international suppliers and customers, but also saves a lot of money and administrative effort.

Benefits of a multi currency account

  • Cost-effective alternative to the regular foreign currency account at the bank
  • No or very low exchange fees
  • Simple and centralized management of different currencies
  • More trading advantages with suppliers and customers (cost reduction when trading local currencies or discounts with the local trading partner)
  • Faster account creation compared to opening multiple foreign currency accounts

Disadvantages of a bank’s foreign currency account

  • Different IBANs for each individual account
  • High administrative burden
  • Long waiting times to open new accounts
  • Account management fees for each account
  • Not designed for the needs of SMEs

Difference multi currency account vs. foreign currency account

At first glance, “multi currency account” and “foreign currency account” sound like synonyms. Behind the terms, however, are completely different structures.

A foreign currency account is created by the traditional house bank as a separate account. As a rule, this account is set up for one currency only. Thus, you receive one complete account including IBAN, but also administrative expenses and corresponding fees for each foreign currency. Especially for small and medium-sized enterprises (SMEs) with a lot of business and trading links abroad, this is anything but an ideal solution.

A multi currency account is different. This is a FinTech solution that often specializes specifically on the needs of SMEs. The possibilities and advantages of a multi currency business account compared to a standard foreign currency account can hardly be listed all: Free money transfer, simplified and cheaper currency exchange, low or no administrative expenses, centralized currency management, and local incoming payments without intermediary banks, to name just a few.

What does a multi currency account cost?

amnis offers 3 different packages, adapted to the changing needs of SMEs.

The starter package is available from as little as 0 euros per month and allows multi currency business account holders to make 1 free international payment and 10 free domestic payments per month. Payments in EUR, CHF, CZK, GBP, CAD and USD are unlimited and completely free of charge. The currency exchange is executed at the mid-rate plus 0.40%.

If you would like to learn more about the advantages of the different packages and amnis’ offerings, you can book here a non-binding demo to see the WebApp live in action!

To explore and test all features yourself for free, you can try amnis with a demo account and open a multi-currency account within a few seconds:

Test multi currency account for free

How does a multi currency account work?

If you want to open a foreign currency account with your bank, you have to create a separate account for each additional currency. Multi currency management via the main account is usually not possible. Each account comes with its own IBAN, which increases the administrative effort immensely, not to mention the additional account management fees.

If you open the multi currency account with amnis, on the other hand, you only get one single IBAN with which you can send and receive multiple currencies – all in one account. Your multi currency business account with amnis comes with one account number that is set up to send and receive more than 20 currencies.

The amnis multi-currency debit card is the perfect complement to the amnis account. The company debit card is connected to the multi currency account, allowing users to pay in multiple currencies using a single card, eliminating the necessity for currency conversion while abroad or making transactions in different currencies, thus providing convenience and cost savings.

How do I create a multi currency account?

To open a multi currency account is not as time-consuming as opening a traditional foreign currency bank account. Instead of waiting for weeks, the account can already be created within 30 to 40 minutes.

The first step is to open an amnis account. The multi currency account is then created automatically. Users receive an e-mail as soon as the amnis account has been activated and the multi currency IBAN is ready.

How useful is a multi currency account / why a multi currency account?

A multi currency account not only offers considerable administrative relief for the entire payment process, but also pays off financially.

House banks charge exorbitant, non-transparent exchange fees, which vary depending on the currency. Minimum fees often amount to double-digit sums just for transfers to other European countries. SMEs that make a large number of international money transfers every month can thus quickly pay hundreds, if not thousands, of euros in transfer fees, which is a significant burden, especially for medium-sized businesses that usually don’t have a chance to get a corporate multi currency account as larger companies can.

Which companies benefit from multi currency accounts?

Companies from a wide range of industries with diverse business models can benefit from multi currency accounts.

In international trade, customer payments from abroad can be received in their local currency. This simplifies the payment process for both parties and minimizes currency exchange costs. In addition, this account allows global transfers to suppliers and contractors in their local currency. This way, you can ensure that the full amount is received by the recipients. Last but not least, a multi currency account also offers advantages for international e-commerce businesses. Customers can make transactions in their currency, which provides convenience and opens up new market opportunities for your business.

Furthermore, amnis provides a business debit card linked to the multi currency account, granting field staff increased financial flexibility on the road and the opportunity to carry out international transactions at domestic rates.

Is a multi currency account safe?

The security of a multi currency account depends on the provider. amnis is a Swiss company whose web application was developed with the latest cyber security standards. Furthermore, the handling is designed to be extremely intuitive, so that even errors from the user side usually do not take place.

amnis is regulated as a payment institution in the EEA and as such is subject to the banking supervision in Liechtenstein (FMA). Client funds are protected via segregated accounts, which are monitored by the supervisory authority and auditors.

What do I need to consider when choosing a multi currency account?

When choosing a multi currency account as a business, you should consider the following factors:

  • Fees: Which providers have competitive exchange rates, low or no transaction fees, and transparent pricing structures?
  • Currencies: Which providers offer the currencies within an account that are relevant to your business needs?
  • Management: Is there access to a user-friendly interface, efficient money transfer options, multi-user management, and reliable multi currency management?
  • Support: Are local customer support resources available to ensure timely assistance?
  • Security: Does the provider adhere to legal regulations to protect your funds and data?

Conclusion: A multi currency account strengthens SMEs

The depreciation of the euro, for example, has put a heavy burden on SMEs. Companies with a lot of international business and, thus, need to exchange currencies are particularly affected. To date, traditional house banks have only offered limited services to cope with this increased administrative and cost burden.

A multi currency business account brings fresh air into the financial world and an immediate solution to international payment related problems. With the right multi currency account from amnis, SMEs can streamline and accelerate their payment processes and save a great deal of money – a win-win situation for all parties involved.

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Sabrina Maly
As a marketing manager at amnis I provide SMEs with fx market, international business and news updates on our blog & FAQ page.
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