Multi-currency mastery: Unlocking faster international scaling with smarter accounts

Your business is ready to expand globally, but managing multiple currencies across different markets feels like navigating a financial maze. International transfers are expected to increase five percent per year until 2027 ¹, yet many businesses still struggle with outdated payment systems that slow down their growth. The solution lies in mastering multi-currency accounts – a strategic approach that transforms complex international finances into streamlined operations.

The Hidden Costs of Traditional International Scaling

When businesses expand internationally using traditional financial services, they encounter significant obstacles. Banks can charge up to 4% on international transfers ², creating substantial costs that eat into profit margins. These institutions often claim they don't charge fees or commissions but profit significantly from the spread between the mid-market rate and the conversion rate they offer to customers ².

According to data analytics company LexisNexis, up to 50 percent of payments that don't complete or are delayed are due to simple data entry problems such as incorrectly typing the bank name and address, or getting the account numbers, IBAN or Swift BIC codes wrong ¹. These errors compound the challenges businesses face when scaling internationally.

Offshore bank accounts often come with high fees, complex setups, and strict regulatory checks ³, making them impractical for businesses that need agility and speed in their international operations. The traditional approach to international expansion creates friction at every step, from opening accounts to processing payments.

Understanding Multi-Currency Accounts: Your Gateway to Global Markets

Multi-currency accounts allow you to receive, hold, and send funds in different currencies, allowing you to do business anywhere in the world ⁴. These accounts represent a fundamental shift in how businesses manage international finances, eliminating many traditional barriers to global expansion.

The global B2B payments market size reached US$ 1,108.6 Billion in 2023 ⁵, highlighting the massive scale of international business transactions. The market is expected to reach US$ 2,117.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032 ⁵. This growth reflects the increasing need for sophisticated financial tools that can handle complex international operations.

Consumer inclination toward real-time payment solutions over traditional payment methods, such as wire transfers and automated clearing house (ACH) payments for immediate access to funds, is significantly supporting the market ⁵. Businesses are demanding the same speed and efficiency in their international operations.

The Speed Advantage: Real-Time Processing Changes Everything

Speed matters in international business. Currently, 89 percent of the payments that flow through the Swift network arrive at the destination bank within an hour, half make it all the way to the beneficiary account in less than five minutes ¹. About 80 percent take six hours, with virtually all the rest coming within the 24-hour time frame ¹.

Real-time payments (RTP) systems are expected to generate $173 billion in additional economic output by 2026, according to the Center for Economic and Business Research (CEBR) ¹. This economic impact demonstrates the transformative power of faster payment processing on business growth and efficiency.

Airwallex provides high-speed international transfers ⁶, enabling businesses to move money quickly across borders. The platform's Global Accounts provide access to local account details around the world so you can send and receive money quickly ⁴.

Technology Driving the Multi-Currency Revolution

The digital payment market is expected to grow at a CAGR of 15.62% during 2024-2032 ⁷, driven by technological innovations that make international transactions more accessible. Major market players are leveraging technologies such as blockchain, artificial intelligence, machine learning, and the Internet of Things (IoT) for making transactions more convenient for consumers ⁷.

Studies show that 75% of consumers use mobile banking apps and digital wallets for their daily transactions ⁸, indicating a broader shift toward digital financial solutions. This consumer behavior is influencing business payment preferences as well.

Blockchain technology is fundamentally transforming payment systems by addressing critical inefficiencies and limitations of traditional financial infrastructures ⁹. Blockchain enables seamless direct transfers between parties across global borders without relying on traditional banking intermediaries ⁹.

Real-World Success: How Leading Companies Scale Internationally

McLaren Racing modernized cross-border payments with Airwallex ⁶, demonstrating how even complex international operations can be streamlined with the right financial infrastructure. The racing team's global presence requires sophisticated payment solutions that can handle multiple currencies and jurisdictions efficiently.

RYSE transformed complex cross-border finances into streamlined, cost-saving, and efficient global operations with Airwallex ⁴. Their success story illustrates the practical benefits of adopting modern multi-currency solutions for international scaling.

Stockford Limited, a holding company with businesses situated all over the world, achieved savings across the group over the last six-month period that have been into USD six figures ². Will Wallis, Investment Director at Stockford Limited, has recommended their solution to numerous contacts and group companies ².

The Integration Advantage: Connecting Your Tech Stack

Modern multi-currency accounts integrate seamlessly with existing business systems. Airwallex integrates with eCommerce platforms ⁶, allowing businesses to accept payments in multiple currencies without complex technical implementations.

The integration of enterprise resource planning (ERP) systems to manage operations, including finance, supply chain, and customer relationship management, is creating a positive market outlook ⁵. This connectivity ensures that multi-currency capabilities extend throughout the entire business infrastructure.

Shopify Checkout powers 10% of US ecommerce ¹⁰, and platforms like this are increasingly supporting multi-currency transactions. Shopify's overall conversion rate outpaces the competition by up to 36% and by an average of 15%, based on a study completed in April 2023 ¹⁰, showing how integrated payment solutions drive business results.

Managing Risk and Compliance in Multiple Markets

International expansion brings regulatory complexity. The FCA released its Policy Statement on 29th November 2024 following feedback received by the Consultation paper in June 2024 ¹¹, highlighting the evolving regulatory landscape for international financial operations.

Businesses need to comply with regulatory requirements and protect their payment systems from fraud and cyber threats ⁵. Leading companies in the B2B payments space are introducing compliance and security solutions that are reliable and efficient ⁵.

Airwallex offers multi-currency company & employee cards ⁶, providing controlled spending capabilities across different markets while maintaining compliance with local regulations. The platform also provides automated accounts payable management ⁶, reducing manual errors and improving compliance tracking.

The Future of International Scaling

Looking ahead, 90 percent of central banks globally are currently working on developing a Central Bank Digital Currency, according to Jason Clinton, Head of Financial Institution Group Sales Europe at J.P. Morgan ¹. This development will further transform international payments and multi-currency management.

Singapore has recently integrated its real-time PayNow network with faster payment networks in India, Thailand and Malaysia ¹, demonstrating the trend toward interconnected global payment systems.

Scaling too early is a leading cause of startup failure ¹². A recent Harvard Business School analysis found that scaling within the first 12 months of founding increased a startup's risk of failure by up to 40% ¹². Having the right financial infrastructure, including multi-currency capabilities, is essential for sustainable international growth.

Building Your Multi-Currency Strategy

Successful international scaling requires a deliberate approach to multi-currency management. Currently, 84 percent of global payments are now either direct payments or they have one intermediary, according to Thierry Chilosi, Chief Strategy Officer at Swift ¹. This streamlining of payment routes creates opportunities for businesses to optimize their international payment strategies.

The growing adoption of mobile payment solutions that are secure and easy to use for reducing transaction costs and improving cash flow is positively influencing the market ⁵. Businesses should prioritize solutions that offer both desktop and mobile capabilities for maximum flexibility.

An Airwallex Global Account empowers your business to enhance its financial operations on the international stage ¹³. It's a modern alternative to a traditional business bank account, giving you the ability to open domestic and foreign currency accounts in minutes ¹³.

Why Airwallex Stands Out for International Scaling

Airwallex was recently named a finalist for the Best Business Payments System category at the 2025 PayTech Awards ¹⁴, alongside major players like Corpay, FIS, and Payhawk. This recognition reflects the platform's comprehensive approach to international business payments.

The platform offers a complete suite of international financial services. Beyond multi-currency accounts, Airwallex provides expenses & reimbursement management and a conversion-optimized prebuilt payment form ³. These integrated features create a unified financial operations platform for global businesses.

For businesses ready to scale internationally, Airwallex offers the infrastructure needed for success. The platform combines speed, integration capabilities, and comprehensive multi-currency support to eliminate the traditional barriers to global expansion. With proven success stories from companies like McLaren Racing and RYSE, Airwallex demonstrates its ability to handle complex international financial operations while reducing costs and improving efficiency.

Conclusion: Your Path to Global Success

International scaling no longer needs to be hindered by complex currency management and slow payment systems. Multi-currency accounts represent a fundamental shift in how businesses approach global expansion, offering speed, efficiency, and cost savings that traditional solutions cannot match.

The evidence is clear: businesses using modern multi-currency solutions achieve significant cost savings, faster payment processing, and smoother international operations. With international transfers expected to grow five percent per year until 2027 ¹, having the right financial infrastructure is more critical than ever.

Airwallex stands out as the comprehensive solution for businesses serious about international scaling. By combining multi-currency accounts with integrated payment processing, expense management, and global card capabilities, Airwallex provides everything needed to master international expansion. The platform's proven track record with global brands, recognition in industry awards, and comprehensive feature set make it the clear choice for businesses ready to unlock faster international scaling through smarter multi-currency management.

FAQ

What is a multi-currency account and how does it benefit international businesses?

A multi-currency account allows businesses to hold, receive, and send money in multiple currencies from a single account. This eliminates the need for separate accounts in different countries, reduces currency conversion costs, and enables faster international transactions. Businesses can receive payments in local currencies and convert them when exchange rates are favorable, providing better cash flow management and cost control.

How fast are modern cross-border payments compared to traditional methods?

According to J.P. Morgan data, 89% of payments flowing through the Swift network now arrive at the destination bank within an hour, with half reaching the beneficiary account in less than five minutes. About 80% of payments are completed within six hours, with virtually all remaining transfers completed within 24 hours. This represents a significant improvement over traditional banking methods that could take several business days.

What are the main cost savings of using multi-currency accounts for international scaling?

Multi-currency accounts reduce costs through lower foreign exchange fees, elimination of multiple account maintenance fees, and reduced intermediary bank charges. Businesses can avoid the "conversion trap" by holding funds in local currencies and timing conversions strategically. Additionally, direct payment processing reduces the need for intermediary banks, with 84% of global payments now being either direct or having only one intermediary.

How do multi-currency accounts help avoid currency conversion challenges in e-commerce?

Multi-currency accounts help e-commerce businesses avoid the conversion trap by allowing them to collect payments in customers' local currencies and hold those funds without immediate conversion. This strategy reduces foreign exchange costs and provides flexibility to convert currencies when rates are most favorable. Businesses can also offer local payment methods and pricing, improving customer experience and conversion rates in international markets.

Why are international transfers expected to grow significantly in the coming years?

International transfers are expected to increase by 5% per year until 2027, driven by growing global commerce, digital transformation, and improved payment infrastructure. The modernization of cross-border payment systems, including faster processing times and reduced intermediary requirements, is making international business more accessible and efficient for companies of all sizes.

What should businesses consider when choosing a multi-currency account provider?

Businesses should evaluate factors including supported currencies, exchange rates and fees, processing speed, regulatory compliance, and integration capabilities with existing systems. It's important to choose providers that offer transparent pricing, robust security measures, and comprehensive support for the specific markets you're targeting. Consider providers that offer additional services like local account details and payment processing to streamline international operations.

Citations

1. https://www.jpmorgan.com/payments/payments-unbound/volume-3/cross-border-payment-modernization

2. https://www.moneymover.com/customer-stories/stockford-limited/

3. https://www.airwallex.com/ca/blog/offshore-bank-account

4. https://www.airwallex.com/ca/blog/what-is-a-multi-currency-account

5. https://www.imarcgroup.com/b2b-payments-companies

6. https://www.airwallex.com/ca/blog/swift-bic-number-code

7. https://www.imarcgroup.com/top-digital-payment-companies

8. https://www.airpayfintech.com/

9. https://www.bytefederal.com/byteu/13/157

10. https://www.shopify.com/uk/checkout

11. https://dwfgroup.com/en/news-and-insights/insights/2025/1/fca-releases-policy-statement-confirming-changes-to-the-financial-crime-guide

12. https://vivatechnology.com/news/how-to-scale-a-startup-signs-your-company-is-ready-to-grow?ca=MEDIA

13. https://www.airwallex.com/ca/blog/what-is-an-airwallex-global-account

14. https://informaconnect.com/paytech-awards/the-shortlist/