Key Takeaways
A multi-currency account lets you hold, send, and receive funds in different currencies using a single account, often with one account number or interface.
If your business operates in multiple currencies and works with clients or suppliers abroad, a multi-currency account can help reduce currency conversion fees, streamline international transactions, and simplify cash flow management across markets.
You’re growing. New clients. New markets. New currencies.
But here’s the catch: crossing borders also means crossing wires, especially when it comes to payments.
One invoice in USD. Another in EUR. A supplier wants CNY. And every bank transfer chips away at your time, money, and patience.
That’s why more freelancers, SMEs, and digital nomads are turning to multi-currency accounts, a better way to manage money globally.
With just one account, you can:
✔ Get paid in currencies like USD, EUR, GBP, or CNY
✔ Hold funds until you're ready to convert
✔ Pay suppliers and teams in their local currencies.
Think of it as a passport for your business finances — less hassle, more control.
In this article, we’ll explain how multi-currency accounts work, why businesses are switching, and how to know if it’s the right move for you.
What is a Multi-Currency Account?
A multi-currency account, also known as a foreign currency account, is an account that allows you to hold and manage multiple currencies in a single account. Most banks and fintech firms offer this type of account to business clients.
The additional feature is that you can conveniently manage your money across currencies without the need to maintain several local accounts in different countries.
Tip: Multi-currency accounts typically include essential account details such as account name, number, and SWIFT code for making international transfers.
How a Multi-Currency Account Works (With an Example)
Let’s say you’re running an ecommerce business based in Hong Kong that sources products from mainland China, with customers purchasing from the US, Europe, and Australia.
With a multi-currency account, you can:
- Receive payments in USD, EUR, and AUD from international customers
- Hold balances in those currencies without immediate conversion
- Pay your suppliers in RMB directly from the same account
This setup removes the need to open separate accounts for each currency. It helps reduce currency exchange risks and lets you avoid unnecessary conversion fees. You also get to choose when to exchange money, based on better rates, not when payments come in.
Tip: Some banks also offer foreign currency or multi-currency savings accounts. However, if you're more interested in currency investment, you might want to look into forex trading.
Pros and Cons of a Multi-Currency Account
Now that you learn what a multi-currency account is. Let’s compare the pros and cons of a multi-currency account in detail.
✅Pros
- Simplified global transactions – No need for multiple foreign currency accounts
- Lower conversion costs – Reduce or avoid automatic FX conversions.
- More control – Convert when rates are favourable, not by default.
- Better visibility – Easier reconciliation and reporting across currencies
❌ Cons
- Varied fees – Some providers might have high monthly maintenance fees and potential inactive fees.
- Minimum Balance Requirement – Some financial institutions require an initial deposit or a minimum balance, which can be between HKD 10,000 and 200,000.
- Currency limitations – Not all accounts support exotic or less-used currencies
- Low interest – Typically not suited for earning on idle balances compared to traditional savings accounts
Things to Consider Before Opening a Multi-Currency Account
Before you open a multi-currency account, there are a few important things to consider to make sure the account fits your business needs. Ask yourself the following questions to evaluate your options.
1. Do You Send or Receive Payments in Multiple Currencies?
If you regularly invoice clients overseas or pay international suppliers, holding multiple currencies in one account can help you avoid constant conversions and cut FX costs.
2. Which Currencies Do You Actually Use?
Make sure the provider covers the currencies most relevant to your business. Some accounts support only major ones like USD, EUR, or GBP, while others also include less common currencies such as THB (Thai Baht), VND (Vietnamese Dong), or MXN (Mexican Peso).
4. How Easy Is It to Send and Receive Money?
Look for accounts that support local payment methods like FPS, ACH, or SEPA, not just SWIFT. Local transfers mean faster payments for you and your partners.
3. What Are the Real Costs?
Compare more than set up and monthly fees. Look at FX markups, transfer fees, and any minimum balance or inactivity fees. Transparent pricing helps manage your cash flow ahead.
5. Are There Limits on Transfers or Balances?
Some accounts impose daily or per-transaction limits, including minimum and maximum amounts. These may be fine for small businesses, but can cause issues as you scale.
6. Will This Account Grow With Your Business?
Beyond currency handling, consider whether the account offers helpful features like debit cards, accounting integration, or an account manager, especially if your business is expanding.
How Can Statrys Help?
If you have a business in Hong Kong or are doing business in the region, we recommend Statrys.
Statrys is a licensed payment service provider in Hong Kong, offering multi-currency business accounts for businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI).
With Statrys, you can hold and manage funds in 11 major currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD from one account number. Apart from SWIFT payments, you have an option to send local payments in 12 currencies. Statrys also offer competitive rates based on real-time mid-market rates, with fees starting from 0.1%
You’ll also get access to virtual and physical cards for team expenses, as well as built-in Xero integration to reduce your admin workload.
Every business account comes with a dedicated account manager. Our multilingual team is available through channels like WhatsApp, WeChat, and phone, making it easy to get help when issues arise.
Here’s a quick overview of what Statrys offers:
FAQs
What is a multi-currency account, and how does it work?
A multi-currency account lets you hold, send, and receive different currencies under one account. You can manage payments without opening separate accounts for each currency or country.
