What are Multi-currency accounts

A bank account enables your business to accept, transfer, and keep many currencies. Most importantly, all currencies use the same account information (beneficiary name, account number, SWIFT code). The majority of banks in Hong Kong provide multi currency account for business.

 What business benefit

When your company sends and receives payments in many currencies, a multi-currency account can help you save time, money, and effort. A multi-currency account is advantageous for any international firm working with several currencies.

An advantage of a multi-currency account, for instance, is:

1. Your company conducts international business, whether it be by exporting, importing, or both. You run an online store that accepts payments in a variety of currencies.
2. You work with freelancers or employ personnel abroad
3. You frequently work as a freelancer or independent contractor for clients from abroad.

Benefits of multi-currency

Some advantages are plain to see and simple to comprehend. Others demand knowledge of currency exchange (FX). The main advantages of managing a multi-currency account are listed below, based on the rising level of FX complexity:

Give your clients a single bank account number.

The days of communicating various account information for each currency are long gone.

Use the exact account details for all the currencies you hold in your account to save your consumers the effort.

Save time on accounting and reconciling

Your month-end accounting is made much simpler with a multi-currency account.

Due to the flexibility to send out invoices in one currency and receive payments in that same currency, you (or your accountant) will spend less time reconciling: comparing invoiced, and paid amounts in several currencies is no longer a headache. The exchange rate difference requires fewer accounting changes.

Summary

Your risk management plan may include a multi-currency account to maintain your competitiveness in a global market.