One account, many currencies: a multi-currency IBAN (international bank account number) account in your company’s name is a clever solution for cross-border money collection. The same IBAN number can have more than 20 currencies linked. This allows you to collect different currencies in one place with just one single account, making account management incredibly easy.
How does that work?
Typically, your bank account allows you to receive funds in one currency only. Thus, if you plan on receiving foreign currency payments, you'll need to open a separate bank account for each currency. Consequently, you have to manage multiple accounts and provide different account numbers to your clients abroad. Moreover, these foreign currency accounts come at a high cost, involve tons of paperwork and long processing times.
Did you know that there are often even more disadvantages to having a foreign currency account with your bank?
As a business, it's vital to be aware of these drawbacks, understand the various types of bank accounts and assess what needs to be reviewed on a regular basis. Often, there are good reasons to switch business bank accounts!
A multi-currency IBAN account, however, is a type of account that comes with just one account number and is set up to send, receive, and hold more than one currency.
The payments made in various currencies are re-routed into one central account, cutting down on administrative expenses and time.
Hence, no matter which currencies your clients send to you, you are able to receive and store them.
Your multi-currency account at amnis
Also amnis offers to open multi-currency accounts to SMEs. The multi-currency IBAN is added automatically to your amnis account so that you can send and receive money in 20+ different currencies via SWIFT. Learn more here about getting a multi-currency account at amnis.
Check this country list (third column "Virtual IBAN accounts") to see which currencies are included or visit our website for more information on the COLLECT foreign currency account.