What are local currency accounts used for?
Local currency accounts make it easy for you to conduct your business operations in multiple currencies. They come with account numbers and banking details that allow you to easily receive funds in specific currencies. You'll be able to collect funds in your international customers' preferred currency and then use those proceeds to pay local expenses in that same currency. By comparison, a regular transaction account may forcibly convert funds in and out of your home currency with every transaction, incurring costly FX fees in both directions.
How can local currency accounts help me save on transaction fees?
Local currency accounts can be used to avoid unnecessary conversion fees and to save on everyday expenses. You can collect payments from your international customers in their preferred currency and then spend those proceeds later in the same currency (for example, to pay global suppliers and employees), thereby eliminating unnecessary conversion fees. You can also benefit from holding funds in a foreign currency until FX rates are favourable enough to convert these funds to your home currency.
Are my funds secure?
Relax knowing that your money is secure and protected with end-to-end encryption and bank-level security.
Is there any fees involved?
There are no account opening fees, monthly maintenance charges, or minimum transaction requirements.