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.

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 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 account holders to make 3 free international payments and 30 free domestic payments per month (in EUR, CHF, CZK, PLN, GBP, CAD, USD). 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 open your demo 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.

With the multi currency account from 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 account with amnis comes with one account number that is set up to send and receive more than 20 currencies.

How do I create a multi currency account?

Opening 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 foreign 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.

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.

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 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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