Corpay Multi-Currency Accounts: The What, Why, How and Who
Corpay Multi-Currency Accounts:
The What, Why, How and Who
Flexible. Easy. Quick.
These words define many of our goals in this overwhelmingly fast-paced world. In our personal lives, we want flexibility, ease and efficiency.
Now the bigger question: How do we want our global payments processes to operate? Flexible. Easy. Quick.
Enter Corpay Multi-Currency Accounts.
What is a Multi-Currency Account?
Imagine having a centralized remote that controls/operates all the electronics at home. That’s what Corpay Multi-Currency Accounts (MCA) is for global payments. It gives you the power to send, receive, convert and monitor multi-currency payments securely-- with an account in your business’ name.
Multi-Currency Accounts complements your existing banking relationships in an efficient and streamlined manner. You can skip the red tape that’s generally involved in opening foreign bank accounts, making it less time-consuming. And you can open Corpay Multi-Currency Accounts in minutes!
MCA offers businesses the flexibility to expand into new markets, lifting geographical FX risk barriers while enabling them to receive customers’ payments and pay vendors in their local currencies. It helps manage currency risks and protect profit margins.
Corpay MCA is also a cost-effective choice. And what we mean by that is, we offer competitive FX rates, and most cases, you won't need to maintain a specified minimum balance in your account.
Go Global. Pay Local. One point of access for 25 different currencies.
Why are Multi-Currency Accounts beneficial?
As businesses’ opportunities evolve globally, traditional payment modalities can be limiting. But that shouldn’t hold you back. Tapping into new geographies, engaging with a more diverse customer base, expanding operations--all are positive triggers of growth. Transactions can be more cost-efficient when you receive and pay in local currency, and that is where Multi-Currency Accounts comes in handy.
Here are the benefits:
You can open a Named MCA (under your business name) which increases confidence and trust among vendors and customers.
You can reduce FX conversion costs by receiving or sending payments in local currencies, and funds are more likely to arrive in full value and on time. MCAs can be opened almost instantaneously once you’re a Corpay customer, with no additional paperwork or red tape.
You can take advantage of a wide range of additional, highly impactful products like forward contracts, hedging solutions, FX risk visualization tools, and more-- to help further streamline your international payment processes.
Access and manage your Multi-Currency Accounts from a single point - our intuitive online platform. On your dashboard, you’ll also find, including associated statements and settlement instructions.
Take advantage of our extensive global footprint to harness cost savings and streamline your supply chain payments and rely on our global customer service teams for any ongoing support you need.
Listen to an insightful webinar where Mark Frey, Group President, Corpay Cross-Border speaks in detail about MCAs.
How does a Multi-Currency Account work?
You can open Multi-Currency Accounts from your Corpay platform, or call your Client Manager for assistance. There is no limit to how many foreign currency accounts you can open; you can have multiple accounts for the same currency as well.
Once you’re all set up, you can share your account details with your payors and beneficiaries and start sending or receiving payments.
The simple four-step process:
Step 1: Access. Take advantage of our one-time onboarding process and become a Corpay customer to access all our products
Step 2: Account opening. Instantly open as many Multi-Currency Accounts as you need under your business’s name
Step 3: SSIs to Remitters. Gain access to the settlement instructions for your Named accounts which you can send to your remitters
Step 4: You’re all set! Send and receive payments in your account and schedule a conversion process according to your needs
Who can benefit from Multi-Currency Accounts?
Businesses of all sizes and niches are able to start using MCAs at any time – get in touch with your Client Manager or connect with Corpay to find out more information and identify if MCAs are right for you.
In the meantime, read on for a couple of examples of businesses for which Multi-Currency Accounts is already creating value.
Importers & Exporters: An Asian textile exporter sells to buyers in the US and Europe. With Corpay’s Multi-Currency Accounts, they can receive payments in USD and EUR, choose when to convert those funds, and pay their international suppliers in the same currencies — avoiding double conversions and saving on FX fees.
Companies with Overseas Vendors & Freelancers: A marketing agency in Singapore hires designers and writers from different countries. Using Corpay MCA, they can pay each freelancer in their local currency directly, for quick, hassle-free payments and better relationships.
Companies with Global Payroll: A tech company with remote employees in the US, UK, and Australia needs to run monthly payroll in different currencies. Corpay can help them manage multi-currency balances and pay salaries directly in local currencies, helping the AP team with streamlined multi-currency payroll management.
Businesses Managing Foreign Investments: A private equity company in the UK bringing on US investors for a project can keep the funds in a Corpay Multi-Currency Account until the fund closes, and pay out redemptions in USD when the project is completed.
Travel & Hospitality Businesses: A luxury hotel chain receives bookings from customers worldwide. Corpay’s Multi-Currency Account allows them to accept payments in multiple currencies without paying high bank conversion fees every time.
Here is an intuitive Podcast that you can listen to while you make your decision!
To Conclude...
We’ve given you the whole picture! Now to put it in brief: Multi-Currency Accounts can save you time, money and resources. You can maintain and monitor cash flows efficiently, collect, convert and pay on your schedule, on time with no lifting fees. You gain access to new geographies and can leverage our payment rails to your advantage.
Do you want to take the leap?
Contact your Client Manager or click here to set up your account today!