What is a multi-currency account? Growth benefits for business

Key takeaways: 

• Multi-currency accounts allow you to send, receive, and hold funds in different currencies so you can do business anywhere in the world. 

• Airwallex’s Global Accounts provide access to local account details around the world so you can send and receive money quickly anywhere you operate. 

• Multi-currency accounts reduce the need for currency conversions, reducing fees.

The total global volume of cross-border payment revenue is expected to reach $280 billion by 2030¹, with business-to-business transactions making up the lion's share. As international trade accelerates, businesses need smarter ways to manage payments across borders without losing money to conversion fees and delays.

With a multi-currency account (also called a global currency account), your business can receive and send payments in multiple currencies, allowing you to transfer money with more speed and efficiency. As your business grows, a multi-currency account for business becomes more important as you expand into new markets.

Below, we explore how multi-currency accounts work and the key benefits for expanding businesses.

What is a multi-currency account?

A multi-currency account (or a foreign currency account) allows you to hold, send, and receive local and foreign currencies in one place. It lets you manage funds in various local currencies within a single account, so you don't have to open separate bank accounts in different countries to access multiple local currency accounts.

Some fintechs offer this capability by providing multiple local currency accounts within one business account. For example, you could open a USD currency account, a GBP currency account, and a JPY currency account on one platform.

These local accounts come with local account details such as local IBANs, sort codes, or routing numbers. This enables faster and cheaper transactions since payments are processed via the domestic payment infrastructure.

With a multi-currency account, businesses can accept and hold different currencies, then pay out from those same balances. This helps avoid the foreign currency conversion fees common with other international payment methods, and eliminates the need for intermediary banks that add time and costs to the process.

Key features of a multi‑currency business account in Australia

For businesses in Australia, multi-currency accounts offer a number of features:

• Hold multiple currencies in a single account. While standard Australian business accounts only let you hold one currency in your account, a multi-currency account is different. You are able to send, hold and accept payments in as many currencies the bank or financial institution allows.

• Bank and pay like a local. Multi-currency accounts also give you local bank accounts for major currencies including AUD, USD, GBP, EUR and HKD. This means you can offer local IBANs, sort codes and routing numbers to suppliers, customers and employers to keep your business moving quickly and smoothly.

• Competitive currency conversion. With multiple currencies held in the one account, you can convert within your account at competitive, transparent fees and rates (often close to the interbank rate).

• Manage your FX. Optimise your foreign currency exchange for when it's most advantageous and keep more money in your business account. For example, you can choose to convert funds when the exchange rate is favourable or when you have a larger amount of funds ready. You can then save your money to grow your business.

• Faster payments. Paying partners, customers and suppliers on time is crucial, and it all comes down to fast transfers. Multi-currency accounts are able to offer the fastest transfer method available to you, including through local transfer rails.

How do multi-currency accounts work for businesses?

A multi-currency account holds multiple currency accounts so you can access multiple currencies in a single primary account. You can convert between currencies at real-time exchange rates, send, and receive payments in local currencies, and benefit from lower transaction costs.

Meanwhile, some financial service providers offer local currency accounts that you can open in multiple locations and manage within a single wallet. These local currency accounts provide local banking details in the countries you operate or transact in, and each local bank account number lets you send, receive, and keep foreign currencies via local rails.

Multi-currency account: Benefits and considerations

For Australian businesses operating internationally, understanding the advantages and limitations of a multi-currency account for business is essential to making the right financial decision.

Benefits

• Reduced transaction costs Lower exchange rates and reduced fees for currency conversion compared to traditional banks help you keep more revenue in your business.

• Faster transfer times Multi-currency account providers often have partnerships with local banks and financial institutions, enabling quicker payments through domestic rails rather than international wire transfers.

• Better cash flow management Hold funds in the currencies you need them in, paying suppliers and receiving customer payments without unnecessary conversions that tie up working capital.

• Streamlined financial operations Access and manage multiple currencies on one platform, simplifying reconciliation, reporting, and day-to-day financial management.

• Foreign exchange flexibility Convert currencies when rates are favourable rather than being forced to convert at potentially unfavourable rates when payments arrive.

• Simplified expansion Enter new markets without the complexity of opening local bank accounts in every country you operate in. A global currency account gives you the infrastructure to scale internationally.

Considerations

• Limited local account details with some providers Not all multi-currency accounts come with specific local account details, such as a local bank sort code or routing number, which are typically required for certain types of local transactions. Some providers only offer a single account number for international use, which may still expose you to currency conversion and transfer fees.

• Account and transaction limits Some providers impose restrictions on transaction amounts, daily transfer limits, or maximum balance caps for particular currencies.

• Fee structures vary While multi-currency accounts generally offer better rates than traditional banks, fee structures can differ significantly between providers. Consider conversion fees, monthly fees, and transaction charges.

• Currency availability Depending on your provider, you may not have access to every currency your business needs, particularly less common or emerging market currencies.

What's unique about Airwallex's Global Accounts is that it gives you the added benefit of allowing multi-currency management on a single platform instead of managing each local account individually. Because you can collect money in local currencies, you can also pay out in those currencies. Not only does this help you minimise unnecessary cross-border fees, it also helps speed up your transfers since you're able to leverage domestic payment rails.

Quick comparison: Multi-currency accounts vs Traditional banking

How to compare multi-currency account providers

Multi-currency accounts help you do business anywhere in the world, but how do you choose among all of the cross-border providers available?

When evaluating providers, consider these key factors:

Currency coverage

Does the provider support the specific currencies you need? While major currencies like USD, EUR, and GBP are standard, check whether they offer less common currencies relevant to your markets.

Fees and exchange rates

Look beyond headline rates to understand the total cost. Compare conversion fees, transaction charges, monthly account fees, and any minimum balance requirements. Transparent pricing is essential for accurate budgeting.

Speed and payment methods

Payment speed depends on whether providers use local payment infrastructure (like ACH, SEPA, or Faster Payments) or rely solely on international networks like SWIFT. Local rails typically offer faster, more cost-effective transfers.

Integration capabilities

Check whether the account integrates with your existing accounting software (such as Xero or QuickBooks) and e-commerce platforms (like Shopify). Seamless integration saves hours of manual reconciliation.

Scalability

As you compare business account providers and check out demos, consider your future goals. While you might only operate in a few countries now, an all-in-one solution like Airwallex can support continued international growth. Beyond collecting, managing, and moving money globally, you can control and track international business expenses, and accept payments from your international customer base through a single platform.

How to open a multi-currency account

Opening multi-currency accounts is simple.

1. Choose a provider like Airwallex and submit know-your-customer (KYC) documents to open a Business Account

2. Open a multi-currency account for each currency you transact in

3. Receive, keep, and transact money in that local currency

As you grow, you can continue to open multi-currency accounts in new countries to support operations. It only takes a few clicks.

What features does a multi‑currency business account offer at Airwallex in Australia?

An Airwallex Multi-Currency account comes with a number of features designed to support your growing business. This includes the ability to instantly open local bank accounts to easily pay suppliers or customers in your chosen currency, competitive FX transfers at market-leading rates and the ability to hold multiple currencies in the one account.

An Airwallex business account comes with features to make business expense management seamless, including approval workflows and multi-currency corporate cards, as well as tools to help grow with you, such as integrations with Shopify and Xero.

What is multi‑currency support in business banking?

In Australia, multi-currency support in business banking means being able to hold AUD alongside other currencies such as GBP, USD and EUR in the same account. It also means being able to access low-cost and frictionless foreign transfers, having access to local bank accounts in your business name for easy transfers, and having access to fast foreign transfers when you need them.

Operate anywhere with fast, cost-effective multi-currency accounts

Modern technology has made the world much smaller than it was before. Your international business can easily convert and send money to global suppliers and employees within hours – often instantly – using multi-currency accounts.

The best international finance solutions lets you do it all in one place. Sign up for an Airwallex Business Account to open Global Accounts and make cross-border payments in multiple currencies quickly and affordably.

Multi-currency account: Frequently asked questions

Is a global currency account the same as a multi-currency account?

Yes, global currency account and multi-currency account refer to the same type of account. Both terms describe an account that lets you hold, send, and receive multiple currencies in one place. Some providers may use "global" to emphasise worldwide accessibility, but the core functionality is identical.

What's the difference between a multi-currency account and a foreign currency account?

A multi-currency account lets you hold and manage multiple currencies within a single account, while a foreign currency account typically refers to an account that holds just one foreign currency. Multi-currency accounts offer greater flexibility for businesses operating across several markets.

Do I need a multi-currency account for business if I only do business in 2–3 countries?

If you regularly send or receive payments in those countries' currencies, a multi-currency account can save you money on conversion fees and speed up transactions. Even with limited international activity, the cost savings and operational efficiency often justify having one.

How long does it take to open a multi-currency account?

With digital providers like Airwallex, you can typically open a multi-currency account within a few business days after submitting your KYC documents. Traditional banks may take longer, sometimes several weeks.

Can I integrate a multi-currency account with my accounting software?

Many modern multi-currency account providers offer integrations with popular accounting platforms like Xero, QuickBooks, and NetSuite. This allows for automatic reconciliation and streamlined financial reporting across currencies.

Are there regulatory requirements for Australian businesses using multi-currency accounts?

Australian businesses must comply with standard financial regulations, including AML/CTF requirements and tax reporting obligations. Your multi-currency account provider should be licensed and regulated by relevant Australian authorities such as ASIC.

Sources:

1. https://convera.com/blog/payments/cross-border-payment-revenues-to-reach-280-billion-by-2030/

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.