The Missing Piece in Your Global Expansion Strategy
The Missing Piece in Your Global Expansion Strategy: Multi-Currency Accounts
Discover how multi-currency accounts can help global businesses cut FX costs, speed up payments, and simplify cross-border cash management.
Your global expansion plans may feel a bit like assembling a jigsaw puzzle: fitting different components together to form a smooth and pleasing picture of global success.
Finding a way to manage incoming and outgoing cashflows in multiple currencies efficiently, safely and transparently can help complete the puzzle.
Understanding Multi-Currency Accounts
Multi-currency accounts could be that missing piece. With them, you can send, receive and convert payments in desired currencies. They can reduce FX risk, make your payments faster, allow greater visibility and put you in control.
What multi-currency accounts are and how they work
There are several options with MCAs. Many banks and payments providers offer access to multi-currency capabilities, either through a network of intermediary banks or directly through their own banking partners.
With these accounts, you can send and receive different currencies and maintain liquidity in one account without the need to convert funds immediately to your base currency.
However, each of these options has trade-offs.
Multi-Currency Accounts: Strategic Advantages for Global Businesses
Identifying your unique business needs is Step One. And that could be cost savings, convenience, familiarity – or something else entirely.
Cost Savings on Foreign Exchange
Have a look at what your current provider charges for wire transfers and FX exchange rates. The rates you see online are interbank rates; corporate clients pay a ‘spread’ – a mark-up typically based on volume, frequency, and your currencies traded. Some providers also charge set-up fees and monthly maintenance fees. That will give you a starting point.
Scenario |
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SaaS company based in Germany invoices clients in the US, the UK, and Canada. Payments are traditionally received in the company’s EUR bank account. |
Problem: Each incoming payment loses money due to forced conversions Total FX losses could increase rapidly impacting profitability directly Timing of conversions are dictated by the bank usually, limiting the company’s ability to optimize for favorable exchange rates |
Solution with a MCA: The company opens a multi-currency account supporting USD, GBP, and CAD Payments are received and held in their original currencies rather than being auto-converted to EUR The ability to schedule conversions when FX rates are favorable |
Faster Cross-Border Payments
How quickly do funds need to get where they’re going, be it into your account or into your vendor’s? Some providers offer access to local payment rails; others work through intermediary banking partners which can delay delivery, resulting in additional fees.
Scenario |
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A mid-sized e-commerce company based in France sells products across Europe, the UK, and the US. It sources goods from suppliers in the UK, the US, and Germany, paying in GBP, USD, and EUR respectively. |
Problem: Previously, payments were sent from the French EUR bank account via traditional SWIFT transfers Payments took 2–4 business days to arrive, depending on the corridor and intermediary banks Delays caused occasional supply disruptions, late shipment penalties, and strained supplier relationships |
Solution with MCA: The company sets up an MCA supporting EUR, GBP, and USD Payments to UK and US suppliers are made directly in their local currency, using local account details provided by the MCA The platform enables near-instant or same-day transfers in key corridors, bypassing multiple intermediary banks Suppliers no longer incur additional intermediary fees or waiting times The company avoids shipment delays and strengthens supplier relationships |
Simplified Global Cash Management
Managing and reconciling multiple accounts can be time-consuming and challenging. And if your banking network crosses time zones, communication and processing delays can add to the frustration.
Scenario |
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A Singapore-based software company sells enterprise solutions across Japan, Australia, and the US, invoicing clients in JPY, AUD, and USD. The company maintained separate bank accounts in each country Finance teams manually tracked incoming payments and reconciled balances across three banks Converting funds into SGD for reporting and operational purposes incurred extra FX fees and administrative overhead |
Problem: Fragmented cash positions made forecasting and liquidity management difficult Reconciliation delays led to occasional mismatches between invoiced and received payments Manual FX conversions increased the risk of mistakes and unnecessary costs |
Solution with MCA: The company opens an MCA supporting USD, AUD, and JPY Client payments are collected directly into the MCA in their original currencies Integration with the company’s ERP system provides real-time visibility into all currency balances Finance teams now manage all multi-currency revenue from one dashboard, eliminating the need for multiple foreign bank accounts |
Enhanced Flexibility and Scalability—and Trust
In a perfect world, your multi-currency account would accommodate your business growth. You may start with just a few currencies and find you need to add more capabilities as your business expands. Scalability and flexibility can be deciding factors when choosing a payment provider.
Scenario |
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A boutique winery in, New Zealand exports premium wines to Japan, Singapore, and Germany. As demand grows, they want to scale into new markets quickly and pay suppliers in local currencies. |
Problem: Setting up new local bank accounts is time-consuming and expensive, creating friction in expansion plans Overseas distributors hesitate to pay into a foreign NZD-only account, leading to delays and occasional lost deals Finance teams struggle to reconcile multiple payments in different currencies and manage cashflow visibility |
Outcome with a Multi-Currency Account: The winery opens an MCA to receive payments in JPY, SGD, and EUR directly, while still managing funds centrally from New Zealand Distributors gain confidence and trust by paying into a local-style account in their own currency. This is where white labeling your bank accounts helps New markets are entered faster and with fewer barriers Treasury gains real-time visibility into global balances, while reconciliation is automated across currencies The winery scales smoothly into new regions, strengthens distributor relationships, and builds a reputation as a trusted, professional global supplier |
Need more proof? Read our blog post to learn more about criteria to consider before choosing the right multi-currency account for your business.
To wrap up
Managing international payments doesn’t have to be complex. Multi-currency accounts can empower businesses to receive, hold, and pay in multiple currencies, unlocking benefits across cost savings, faster settlements, streamlined cash management, and strategic flexibility.
By centralizing currency balances, automating reconciliation, and enabling local payments without multiple bank accounts, businesses gain control, visibility, and operational efficiency-all while reducing exposure to FX volatility. Whether you’re a SaaS provider, e-commerce platform, exporter, or global payroll operator, a multi-currency account can support smarter, more scalable international operations.
For finance leaders and CFOs looking to simplify global payments, optimize foreign exchange, and accelerate growth, exploring a Corpay Multi-Currency Account could be a strategic first step.
Get in touch with our team and transform how your business transacts internationally.