The Reality of Going Global

Key Takeaways:

• Learn the real applications of a Multi-Currency Account (MCA) with sample use cases

• Discover reasons why any business could benefit from the solution

• Analyze whether MCA is the right option for you

Aspiration. The very root of any business. It takes businesses to new markets – global markets. It opens access to new customers, talent, opportunities, and challenges.

The financial challenges that come into play could be anything from currency conversion costs, FX risks, volatile markets, to the logistics of managing the red tape and paperwork of multiple bank accounts.

To handle all of this, you need a smarter payments solution. This is where a Multi-Currency Account gives you control. You get to send, receive, and convert payments when you feel the time is right, without the push to automatically convert to the base currency.

This blog post breaks down the who and when of this award-winning solution.

What is a Multi-Currency Account?

A multi-currency account (MCA) centralizes the payment process. You get to take your business globally while still being able to pay locally. Monitoring multiple currency accounts can be done at your fingertips, on a single platform. It saves you the burden of opening multiple bank accounts, reduces the paperwork, and surpasses the obvious language barriers and regulatory complexities. The reconciliation process becomes simple, and payments are often received in full value.

With most multi-currency accounts, you can handle international transactions easily, create new foreign domiciled accounts as you scale and operate seamlessly.

To fully understand how a Corpay MCA can help your business, read our article here.

Scroll to the end of the article to see our quick checklist, and determine if an MCA is right for you.

Who needs a Multi-Currency Account?

The benefits of a multi-currency account can impact any business that has large global transactions. Almost any business that deals with global transactions. But let’s narrow it down with examples.

Exporters/ importers

For exporters and importers, transactions must move as swiftly as their shipment. Hence a multi-currency account can be the perfect solution.

The story: A Scandinavian furniture brand sells in the US and Australia, sources materials from China, and works with designers in Italy - juggling USD, AUD, CNY, and EUR. Multiple conversions and transfers across currencies drive up fees, distort margins, and complicate cash flow management, and transfers across currencies drive up fees, distort margins, and complicate cash flow management.

MCA advantage: With a multi-currency account, the brand can hold, pay, and receive in each currency directly. They convert on their schedule or when rates are favourable, reducing FX losses and keeping global payments simple and cost-efficient.

E-commerce and online sellers

When you sell all over the world, tracking payments that come in multiple currencies can become hectic very soon. A multi-currency account centralizes that.

The story: A US based e-commerce brand sells to customers across the US, Europe, and Asia, collecting payments in USD, EUR, and JPY through multiple platforms. Each automatic currency conversion cuts margins and delays payouts, making it hard to track real earnings.

MCA advantage: With a multi-currency account, the business can receive and maintain liquidity in different currencies without instant/forced conversions. It can then consolidate balances, convert strategically, and reinvest faster.

Companies with global payroll and partnerships

Every payment has to reach quickly and at full value. A multi-currency account takes care of that while also reducing FX costs.

The story: A tech company that makes payroll across North America, Europe, and Asia and invoices in multiple currencies. Constant conversions and international transfer fees can increase costs and cause delays in global payroll processing.

MCA advantage: It can maintain balances in USD, EUR, and SGD, and pay each team or partner in their local currency directly. This streamlines payouts, reduces FX costs, and ensures faster, more reliable global payments.

Education industry

A multi-currency account helps institutions collect and manage these payments seamlessly without losing money to unnecessary FX conversions.

The story: An international university receives payments from guests and students across the US, Europe, and Asia in multiple currencies. Frequent conversions lead to high fees, delayed settlements, and complex cash flow tracking.

MCA Advantage: With a multi-currency account, they can accept USD, EUR, and JPY directly, paying vendors or staff in local currencies as needed. This reduces FX losses, speeds up settlements, and simplifies global financial management.

When Do You Need a Multi-Currency Account?

For some businesses, as soon as you start setting foot globally.

But to offer a broader perspective, here are a few common reasons.

Regular earnings in foreign currency

When you notice your account team scrambling to handle payments in several international currencies causing noticeable delays, that's when you need a multi-currency account. Easy reconciliation, personalized SSIs and improved beneficiary setup all in one package.

FX costs eating margins

You get lost while calculating your profits: every time you expect a number, but end up seeing a slightly different one, now, you need help – a multi-currency account! Get your payments in full, gain visibility, and lock exchange rates to plan for unreliable markets.

Handling many foreign accounts

Dealing with paperwork and staying compliant with several nuanced regulatory regimes from all over the globe can regularly consume a full workday. That’s when a multi-currency account can make life easier. It can offer a centralized location to manage and track incoming and outgoing payments.

Reconciliation and delays

When this starts interrupting regular business, you need to have a multi-currency account. Near instant payments become simpler, creating new foreign currency accounts is streamlined, and transparency multiplies.

Expansion

When you think global, you also need to think local and having a multi-currency account makes sense. You can handle all the above, plus you get access to new currencies, scale with ease, and avoid payment delays—and offer an easier and more efficient payments option for customers abroad.

Go Global the Smarter Way

To put all of this in a nutshell, Multi-Currency Accounts can save you time, money and effort. You get to control how you operate without financial uncertainty looming over your shoulder.

Corpay Multi-Currency Accounts helps you send and receive payments in up to 25 different currencies under your business name. Your global clients’ trust increases when they see your brand name rather than a nostro account. Adding new accounts can happen quickly, offering you greater flexibility when you scale. You get to convert when you like, if you like. There is no rush. You get to choose a strategy that works for you. As an added advantage, you gain access to several other cross-border payment tools on Corpay’s online platform.

If you’re exploring whether a multi-currency account fits your international strategy, our team can guide you through the options and help you scale confidently.