Five Benefits Of Using A Multi-Currency Account In Singapore

Business

If you are doing business in other countries, then you already know the procedure of exchanging currencies is hectic. It demands a lot of time and money. And, when you deal with several currencies, the process is much more complicated for you. There you have to deal with multiple bank accounts all over the world. Keeping track of your money and taking advantage of the prevailing exchange rates become challenging in these situations.

A multi-currency account can be your savior here! If you frequently use foreign currencies, this type of account can help to reduce the complexity, difficulty, and cost of dealing with several currencies regularly.

Sounds exciting, right? Let us tell you more about it.

First off, what is a multi-currency account?

A multi-currency account, often known as a foreign currency account, is mainly a demand deposit account. It lets you send, hold, and receive multiple currencies in one place. People can send and receive payments in foreign currencies without having multiple accounts in several foreign banks with the help of a multi-currency account. It lets the user transact between two currencies using a single account number.

Here are the currencies that the multi-currency accounts include:

  • SGD-Singapore dollar
  • CAD-Canadian dollar 
  • AUD-Australian dollar
  • EUR-Euro
  • USD-U.S. dollar
  • HKD-Hong Kong dollar
  • JPY-Japanese yen 

What Are The Key Advantages Of Using A Multi-Currency Account In Singapore?

  1. Reduced transaction fees:

Using a traditional bank account makes it so expensive to move money over borders often. A multi-currency account allows you to keep all the currencies you deal with in one account and pay only one minimal account cost. 

  1. Affordable and accessible foreign exchange:

A Singapore multi-currency account can help you save money and time with foreign exchange in various ways. FX is one of the most significant advantages a foreign currency account brings. A multi-currency account allows you to receive payments in your client or partner’s preferred currency. You can also send payments without moving money into different currency accounts.

  1. Faster transactions:

The faster you can complete your transactions, the less money you will lose. Generally, cross-border payments are slower than domestic transactions when using a traditional bank account. A multi-currency account allows you to make cross-border payments utilizing local payment networks.

Moreover, your time gets saved as you don’t have to transfer money from one currency account to another. You can immediately move to and from other foreign currency account holders with a multi-currency account.

  1. It is customer-friendly:

Many clients demand payment in their chosen currency. That’s how many organizations lose numerous potential customers. You can drive that issue forever from your operations. Your customers can pay effortlessly in their preferred currency with a multi-currency account. Now you know the key to plentiful happy customers.

  1. Suppliers will appreciate it:

Just as your customers prefer paying in their favourite currency, your suppliers prefer to be paid in their preferred currency. A foreign currency account helps businesses to adapt their clients, partners, and suppliers. As an outcome, you get a more substantial business network and sales.

 

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