Payment systems are becoming increasingly popular in international business. Today, there are several international payment systems, which allow opening a multi-currency account for convenient and secure non-cash payments all over the world.
What is a multi-currency account?
Let’s look at the multi-currency account using Genome Account as an example. This account will allow you to keep money in another currency, as well as to make an online exchange with a much better exchange rate and reduce the risks at times of fluctuations in the foreign exchange market. For example, you can receive money for your services or goods in any currency convenient for your client and then exchange large amounts of funds when the exchange rate is favorable. Then you will not need to make an exchange at each transaction.
Another advantage is that you can transfer money into your account in another currency and keep them there for future use, such as travel or business expenses, without having to convert them into the main currency of the account.
Both individuals and legal entities, including foreign companies, can open a multi-currency account in the payment system. Such an account can be an excellent solution for small and medium-sized companies in Europe, which transfer money in different currencies: USD, EUR, and many others.
The benefits of a multi-currency account:
- Fast international settlements in different currencies (USD, EUR, GBP)
- Possibility to get multi-currency payment cards;
- Remote account management via the Internet;
- Possibility to deposit/withdraw funds from/to bank accounts or accounts in other payment systems.
The procedure of opening a multi-currency account
The procedure of a multi-currency Genome Account opening is quite simple. To begin with, you must understand that to fully work through the payment system and have an online account, you must confirm your identity, that is, go through all stages of KYC verification. And then you should open business account. Only after that, you will have access to business features.
If you already have a business acco unt in the payment system, you do not need to make any complicated operations to open a multi-currency account. On your personal page, use adding an online account in the currency you want. The account will immediately become available to you.
This means that now you do not need to have several accounts for your business, it is enough to open one multi-currency account. It simplifies access to currencies and consequently the management of your income.