Holding multiple currencies 

With a foreign currency virtual IBAN account, companies can hold multiple currencies at the same time. This allows them to pay their clients, contractors and suppliers in their local currency, which makes transactions easier and more convenient.

‍Reduced Exchange Rates and Conversion Costs

One of the largest benefits of having a multi-currency account is that it allows you to save on exchange rates; this prevents you from incurring unnecessary and unpredictable costs that would come with regular bank transfers. For example, if you are trading in USD, you can then use the same account to make payments in other currencies without first converting to your local currency. This avoids the high fees that can come with conversion and short-term currency fluctuations.

‍Leverage Exchange Rates

Banks that offer multi-currency accounts often allow you to switch among currencies. Through this, you can take advantage of stronger currency exchange rates, especially for larger transactions.

‍Confidence and Security

Foreign currency accounts are easy to manage, given that all the currencies you’ll be dealing in are managed in one place. This means that your monthly budgeting and account management is less complicated overall; you’ll also no longer need to have separate accounts with a variety of banks.

‍Earn interest on all of the different currencies you trade in

Many banks pay you interest on certain major currencies with fixed deposit rates. Interest is usually higher on larger balances.

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Currency Choice 

If you want to make transactions with a minor currency, it may be worth ensuring this currency is available to transact within your foreign currency account.

‍Foreign Exchange Fees - FOREX fees

Foreign Exchange Fees are surcharges that are applied to your bill when you make a purchase in a currency that is different to your local currency. They also apply when your purchase passes through a foreign bank. With a multi-currency account, you can quickly and easily make global payments securely without having foreign exchange fees added to your overall fees. Payset supports fee-free transactions to other Payset users..

‍Overdraft Options

It may be good to know if your foreign currency account provider offers an interest-free overdraft to help you to cover unexpected expenses. This way you can be risk-free and have more security.

Foreign currency accounts allow you to handle multiple currencies. They’re useful for business owners and individuals who do business globally or travel internationally.

With a foreign currency account, you can send and receive money to and from various countries. You can transfer funds in the form that you require or swap between currencies.

Foreign currency accounts typically support a wide variety of assets. There are about 162 fiat currencies in circulation today. Payset offers support for nearly a quarter of those assets: we support 38 different foreign currencies and allow you to hold 34 currencies at once.

Yes. You can open a foreign currency account in the UK and in many other locations. Payset is based in the UK and regulated by the Information Commissioner's Office, making it a convenient option for UK-based users. We also serve customers in over 200 other countries.

You can hold 38 different currencies in your Payset account and transact like a local using local payment networks for USD, CAD, Euro, and GBP transactions.

Payset allows you to hold up to 38 different currencies in the same account. The main types of currency accounts tend to be USD, GBP, and Euro accounts. 

When you hold these currencies at Payset, you are able to bank like a local in each individual currency, meaning you can make US dollar payments using American banking channels, avoiding currency conversion and international payment fees.

By maintaining a foreign currency account, you’ll be able to spend money more easily and affordably, no matter where your transaction partner is located and no matter which currency they use.

When you maintain a foreign currency account, you can hold the currencies that you require and spend them as needed — converting between currencies only when necessary. 

This approach will help you avoid conversion rates and high transfer fees. Additionally, you will not need to make separate accounts for each currency that you need.

In short, a foreign currency account can save you time and money.

When you open a Payset account, you’ll receive an IBAN number. To deposit funds, you will need to send funds to that number from an external account that you already own. You can also add to your Payset balance by having others send money to your new account.

Payset supports transactions over many networks including SEPA, SWIFT, FPS, CHAPS, BACS, Fedwire, and ACH. Payset users can also send funds directly to one another.

Withdrawals work in the opposite way. To move money out of your Payset account, you can send a transaction from your Payset account to any other account that you own.

Payset’s multi-currency accounts have no limits on transactions.