The 7 Benefits Of An Online Multi-Currency Business Account

As the business owner of a growing company, you have to take care of multiple things to ensure that your company operates well. One of the most important tasks of a business owner is to handle and monitor all the things and activities related to payments. Yes, you can have a finance team onboard to help you with that, but it’s you who has to initiate all transactions.

The task of business account opening is extremely crucial, as you have to go with the option that aligns best with your goals and provides the perks and tools to help you grow your business. If you are operating in a big city like Singapore and have international clients, it is always wise to go with a multi-currency business account. You would need to have online access to your business account so you can make money-related decisions on the go. This article will list the various reasons why you opt for a multi-currency online business account.

Perks of opening a multi-currency online business account.

  • Quick & Hassle-free Account Opening

The business account opening process should be quick. You should not have to waste your valuable time taking multiple round trips from your home to the bank. Going for an online business account will provide the luxury of a 100% remote account opening. The best part is you can get your multi-currency account details within hours.

  • Transparent and low-cost FX

If you have international customers, making and accepting international payments will be a regular thing. However, the bulky additional charges on each international make it hard to hold on to these clients. With a multi-currency bank account, you get the benefits of up to 3x cheaper rates on international payments than banks.

  • Earn cashback

You also get the opportunity to earn 1% cashback from select merchants stacked on top of FX gains when you opt for a multi-currency corporate card.

  • Send and receive money securely in multiple currencies.

An online multi-currency business account will help you receive and make international payments. Here, you will receive your own local and international account numbers, like a bank. Adding to that, you don’t have to worry about the safety of your money. All your funds will be safeguarded with Tier-1 banks, and you can use them at any given point in time. 

  • Enjoy fast payments with no hidden charges.

You no longer have to wait a lengthy period to make international payments. All the payments can be made online within minutes. Plus, as already mentioned, there’s low transaction fees. You will know exactly what you are paying for. 

  • They are excellent for domestic transfers as well.

You can also make quick and easy domestic SGD transfers via FAST and PayNow. The account will also enable you to make PayNow transfers to anyone via QR code or to mobile numbers, NRIC, UEN, or VPAs. Plus, you can send and receive USD and IDR domestic transfers for free.

  • Reduces Human Error

When you switch to an online banking account, it gets easy to track all your spending. Plus, the automated transfer processes reduce the possibility of human error to a large extent. Gone are the days when you had to stick around an Excel sheet and spend hours to keep track of the spending. A business account makes the process easy, quick, and efficient. You can always find receipt attachments with text recognition, line items, and payment status updates. Plus, you can also integrate your business account into other accounting platforms.

The Bottom Line

Being a business owner is tough and requires a lot of effort and hard work, but if you have access to the right tools, the whole process can become a little easier. A multi-currency online bank account is one such tool that will help you manage international payments with ease. It is easy to start and requires only a few hours to be activated. Plus, you can enjoy the benefits of cheap transfer fees on all international payments. Now that you know the secret to achieving quick and easy international business payments, seize the opportunity of opening a multi-currency account, and take your business to new pedestals of growth. 

pramod kumar

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