Multi-Currency Accounts
Corpay Multi-Currency Accounts allows you to receive and pay out foreign currencies with a secure account in your business’ name. Our solution lowers the barriers to global business, simplifying the payments process for your customers and suppliers — and for you.
Helping you expand your business into global markets
As businesses diversify and look for new and untapped markets, many will look for opportunities to expand to new areas of the globe, but making FX transactions can be challenging. You likely want an onshore, locally domiciled account in local currency of the country or territory where you are doing business, but opening and managing a foreign bank account can be complex. Layers of red tape, unclear regulatory requirements, language barriers and opaque costs can all present challenges. Enter Corpay Multi-Currency Accounts.
Offering your business autonomy and convenience
Step 1:
Gain Access
Take advantage of a simple, one-time account onboarding to become a Corpay customer.
Step 2:
Open an Account
Instantly open as many Multi-Currency Accounts as you require, in your business’s own name.
Step 3:
Send Settlement Instructions to Remitters
Self-serve online access to retrieve your settlement instructions and monitor incoming payments.
Step 4:
Receive and Send
Select your payee(s) to validate their banking information and verify their local regulatory and compliance requirements.
Mitigate the challenges of opening local bank accounts in
foreign countries
Gain a competitive advantage
Spend less time reconciling your remitter inflows, freeing up resources and allowing you to diversify your supply chain more easily. Plus, you’ll be able to reduce unnecessary currency conversions, enabling you to explore new markets more simply.
Take advantage of our footprint
Tap into local payment rails, and often give your beneficiaries or remitters the flexibility to choose between several settlement options. Plus, Multi-Currency Accounts are designed to make cross-border transactions faster and more efficient, giving you greater control.
Harness efficiency and security
Access and manage all your Multi-Currency Accounts at Corpay from a single intuitive online platform, including associated statements and settlement instructions. Payors’ comfort with and confidence in you can increase, knowing that payments are processed securely and at full value. Plus, there are no minimum volumes required.
Adding flexibility and transparency
With Multi-Currency Accounts, you can:
Mitigate the need to open local bank accounts in foreign countries
Pay suppliers in their local currencies
Receive payments from in payors in their own local currencies
Receive foreign currency payments into your ‘Named Account’ and convert to another currency
Reduce unnecessary currency conversions by managing your FX in one place
Multi-Currency Accounts can also help protect against:
Extended amounts of time spent in opening multiple accounts with foreign banks
Higher markup on exchange rates, leading to increased costs
Intermediary bank fees and multiple transaction fees that can lead to significantly less than full value of a payment being delivered to a payee
Cumbersome process for receiving funds from payors abroad
Please note: At this time the Corpay Multi-Currency Account only supports incoming USD and EUR. More currencies will be added in future releases.
Discuss your needs with one of our consultants
To learn how we can tailor solutions for you