Pay Like a Local: The Complete Guide to Multi-Currency Accounts with Payset
In today’s global economy, small and medium-sized businesses (SMBs) increasingly rely on international payments to work with local and overseas partners. Managing payments across multiple currencies—whether in Euros, Dollars, or beyond—can quickly become a hassle, with fluctuating exchange rates, high fees, and complex cross-border payment processes adding unnecessary stress.
Payset’s multi-currency account takes the headache out of global payments. This online account allows businesses to store, send, and exchange funds in up to 34 currencies, including U.S. dollars, all from a single platform.
For even greater flexibility, domestic IBANs offer localized payment capabilities without the need for businesses to establish a physical presence in another country. Together, these features enable you to "pay like a local" wherever your business takes you.
Ready to simplify your global payments? Let’s dive into everything you need to know about Payset’s multi-currency solutions.
An Indispensable Tool for Global Business Success
For businesses with suppliers, customers, or partners abroad, handling payments in local currencies saves time and money. With a multi-currency business account, you can send and receive payments in local currencies, eliminating extra fees and delays. Payset’s account offers an easy solution for managing multiple currencies, helping SMBs streamline global transactions and stay in control of international payments.
Designed to Solve the Challenges of International Business Payments
- Unpredictable Exchange Rates: Exchange rates fluctuate constantly, affecting costs for businesses. Payset’s real-time currency conversion feature helps you manage these costs by offering full transparency and the best available rates.
- High Fees with Traditional Payment Providers: Traditional banks and payment providers often charge high fees for currency conversion and cross-border payments. Payset addresses this with affordable rates clearly displayed before every transaction, so you know exactly what you’re paying upfront.
- Complex Accounting: Keeping track of payments in different currencies complicates your accounting processes. Payset’s centralized reporting and automated transaction tracking simplify the management of multi-currency operations.
Payset: A Holistic Solution for All Your Business Payment Needs
Payset’s multi-currency accounts and domestic IBANs work together to simplify and streamline international payments.
- Multi-Currency Accounts for Global Financial Management: Manage up to 34 currencies, including USD, EUR, and GBP, all from one account. This eliminates the need for multiple banking relationships across different countries and centralizes your financial operations.
- Domestic IBANs for Seamless Local Payments: Send and receive payments as if you had a local bank account in key markets. Domestic IBANs are currently available in the UK, USA, Germany, Denmark, Israel, and throughout the European Economic Area (EEA), allowing you to avoid international transfer fees and delays.
Local IBANs and Multi-Currency Accounts: Better Together
By combining a multi-currency account with domestic IBANs, Payset offers a complete solution for global payments. Use the multi-currency account to hold and manage funds in various currencies, and leverage domestic IBANs to execute fast, cost-effective local transactions. This powerful duo empowers your business to reduce fees, streamline processes, and expand confidently into international markets.
The Payset Difference: Premium Service You Can Count On
With Payset’s corporate multi-currency account, your business gains unique benefits to make global payments smooth and efficient:
- Affordable Fees and Competitive Conversion Rates: Payset’s transparent pricing and real-time exchange rates offer value on every transaction.
- Fast, Reliable Transactions: Payments between Payset users are instant, while other payments are processed quickly through networks like SWIFT, SEPA, and the UK’s Faster Payments Service (FPS).
- Global Financial Access: Available in over 180 countries, Payset supports SMBs with international operations.
- Wide Currency Selection: Hold and exchange funds in 34 currencies, including USD, EUR, and GBP, across 38 currency pairs.
- Localized Payment Capabilities with Domestic IBANs: Domestic IBANs let you send and receive funds as if you had a local bank account in key markets, avoiding international transfer fees and delays.
- Security and Anti-Fraud Protections: With two-factor authentication (2FA), KYC, AML protocols, safeguarding, and fraud prevention measures, Payset keeps your transactions secure.
- Regulatory Compliance: Payset complies with FCA safeguarding rules and GDPR, ensuring that funds and private data remain secure.
- White-Glove Service: Enjoy dedicated personal account managers, expert consultations, and responsive support via chat, call, or IM to help streamline your global financial operations.
A Multi-Currency Account You Can Set Up in Minutes
Unlike other providers, Payset offers a fast, simple, and transparent onboarding experience designed to eliminate the typical frustrations of setting up a multi-currency account. Our streamlined KYC process minimizes delays and complexities, helping SMBs navigate regional documentation standards with ease. Clear communication at every step ensures you’re never left guessing about the status of your application. With Payset, your account is verified and live in no time, so you can focus on growing your business without unnecessary interruptions.
Once set up, Payset’s user-friendly platform makes managing payments simple. You can easily track all your transactions across multiple currencies in one place. Should you encounter any issues or have questions, Paysetters are just an IM, chat, or call away, always ready to assist you.
Empower Your Global Business and Open a Payset Account Today!
Ready to take the next step? Open your Payset account today or book a demo to see how Payset can transform your global payments.
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*The EEA includes the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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