What are Multi-Currency Accounts?
Multi-Currency Accounts (often referred to as a virtual IBAN or single IBAN account) feature a single IBAN (bank account number).
Traditionally, in order to send, receive and hold multiple currencies you would need a separate bank account for each currency you wish to deal with.
A Multi-Currency Account enables you to have 1 account meaning a single IBAN or account number which can send, receive and hold multiple currencies.
How much does it cost to use a Multi-Currency Account?
With a PathFinder FX Multi-Currency Account (MCA), there are no account opening fees and no maintenance fees.
Balances can be exchanged within the account at extremely competitive exchange rates. You will also have a currency expert on hand at all times to help with any questions regarding the account but more importantly to help you with currency exchange decisions.
How long does it take to set up a Multi-Currency Account?
At PathFinder FX we can open an MCA within 24 hours. As soon as the account is open our clients can immediately start sending and receiving funds in over 30 currencies.
How can Multi-Currency Accounts help?
In an era where speed and efficiency define success, Multi-Currency Accounts emerge as the ultimate business solution when looking to simplify international payments.
This innovative option not only streamlines the process of sending and receiving funds in different currencies, but also enhances safety, speed and overall effectiveness of international money transfer, leaving you free to concentrate on your business.
Why choose Pathfinder FX for your Multi-Currency Account?
One of the main additional benefits of opening an MCA with PathFinder FX is that the MCA is setup in your own/business name. This means your beneficiaries will always see the funds have come from you and when receiving or collecting funds the payer will see they are paying you. This provides greater visibility and clarity when sending and receiving funds.
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With PathFinder FX, our MCA’s are safe, simple and secure. And we don't charge you for maintaining the setup - as long as you use it.
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You will also have your own dedicated currency expert on hand at all times to help with any questions regarding the account but more importantly to help guide you on any currency exchange decisions. By providing context on the current market conditions and taking time to fully understand your business we can ensure you always make informed choices when it comes to exchanging your funds.
Top 5 Benefits
01.
Efficiency
An MCA enables you to open and manage a single account regardless of which currencies you intend to transact
02.
Reliability
A single set of account details reduces the risk of errors when providing details to receive funds.
03.
Visibility
​All your balances and transactions can be viewed in the same place on a single account regardless of the currency involved.
04.
Increased Customer Satisfaction
Providing a single set of account details to receive funds and ensuring consistency when sending funds to beneficiaries removes many of the complexities traditionally present with international payments thus ensuring your clients are happier.
05.
Adaptability
In the past a business would need to decide or be aware well in advance which currencies are going to be involved in a transaction to ensure they have the correct currency accounts setup. With an MCA currency decisions can be made at the very last minute which can be especially beneficial when considering the volatility experienced in the FX market on a daily basis.