The Merits of Local Currency Accounts
Why would a business consider opening a foreign currency account? In this episode of FX in Focus, we explore how companies making regular payments to international suppliers or employees, or receiving payments from customers in multiple countries, could benefit from a multi-currency account or a local currency account.
Organizations ranging from multinationals with regional offices and subsidiaries and tech and SaaS companies with international clients, manufacturers with global supply chains, traditional importers and exporters, and many other types of businesses can leverage foreign currency accounts to support local currency transactions—from customers or clients or to vendors and suppliers.
John and Philippe also dive into the reasons why a multi-currency account can help businesses circumvent the costly and time-consuming process associated with opening local currency accounts with foreign banks.
All cross-border providers are not created equal – and that extends to their multi-currency account capabilities. Tune in today to learn what to look for in such a product, as well as the providers who offer them.
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