{"id":28486,"date":"2024-05-29T08:51:19","date_gmt":"2024-05-29T08:51:19","guid":{"rendered":"https:\/\/www.worldfirst.com\/au\/?p=28486"},"modified":"2024-10-21T03:48:11","modified_gmt":"2024-10-21T03:48:11","slug":"what-is-multi-currency-account","status":"publish","type":"post","link":"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/","title":{"rendered":"What is a multi-currency account and How Does it Work?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"28486\" class=\"elementor elementor-28486\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4d291c4c e-flex e-con-boxed e-con e-parent\" data-id=\"4d291c4c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4fad2079 elementor-widget elementor-widget-text-editor\" data-id=\"4fad2079\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><a class=\"x-crumbs-link\" href=\"https:\/\/www.worldfirst.com\/au\/\">Home<\/a>\u00a0 &gt;\u00a0\u00a0 <a class=\"x-crumbs-link\" href=\"https:\/\/www.worldfirst.com\/au\/insight\/\">Guides to grow your business<\/a> &gt;\u00a0 <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/\">Business Banking Insights<\/a><i class=\"x-icon\" aria-hidden=\"true\" data-x-icon-l=\"\uf105\"><\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-56d12a57 e-flex e-con-boxed e-con e-parent\" data-id=\"56d12a57\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7ce1ca72 e-flex e-con-boxed e-con e-parent\" data-id=\"7ce1ca72\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0cba2e7 elementor-widget elementor-widget-heading\" data-id=\"0cba2e7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">What is a multi-currency account? And how does it work?<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f7bc59c elementor-widget elementor-widget-text-editor\" data-id=\"1f7bc59c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: center;\">Pay, collect, and hold funds in multiple currencies with a multi-currency account. Discover the smart way to manage cross-border payments.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1617910 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"1617910\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/portal.worldfirst.com\/register?region=AU\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open a WorldFirst multi-currency account<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b82f1a elementor-widget elementor-widget-text-editor\" data-id=\"3b82f1a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Key takeaways:<\/p><ul><li>A multi-currency account allows businesses to transact, hold, and manage multiple currencies<\/li><li>Hold funds to pay suppliers and repatriate them to your bank account anytime<\/li><li>You can get a local account number and sort code for each currency without needing a local address.<\/li><li>WorldFirst allows Australian businesses to open free multi-currency accounts<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6b2562c6 e-flex e-con-boxed e-con e-parent\" data-id=\"6b2562c6\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3b9a53cf elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"3b9a53cf\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"588\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526-768x588.png\" class=\"attachment-medium_large size-medium_large wp-image-28487\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526-768x588.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526-300x230.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526-360x276.png 360w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526.png 1024w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-29c70598 e-flex e-con-boxed e-con e-parent\" data-id=\"29c70598\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f75d277 elementor-widget elementor-widget-text-editor\" data-id=\"7f75d277\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Introduction<\/b><\/p><p><span style=\"font-weight: 400;\">Imagine you have a business in Australia with a product supplier in China and customers in Australia, China, and Europe.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">When you receive payments from customers in EUR or CNY into your standard bank account, these funds are first converted into the base currency of your bank account \u2013 AUD. The conversion rate offered by banks is usually high, and there are also transaction fees levied.<\/span><\/p><p><span style=\"font-weight: 400;\">When you need to pay suppliers in China, you must convert the received funds back from AUD to CNY. The double conversion, high exchange rates, and transaction fees significantly impact your profit margins and business\u2019s bottom line.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Enter multi-currency accounts.<\/span><\/p><p><span style=\"font-weight: 400;\">A multi-currency account helps global businesses manage multiple currencies through a single account. You can pay international suppliers like they are just around the corner and collect payments from global customers in their preferred local currency. You avoid double conversions and get access to competitive exchange rates, all of which lead to improved profit margins and streamlined cross-border payments.<\/span><\/p><p><span style=\"font-weight: 400;\">Let&#8217;s explore everything you should know about multi-currency accounts.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e443c9e elementor-widget__width-initial elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"e443c9e\" data-element_type=\"widget\" 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.elementor-toc__header-title{color:var(--header-color)}.elementor-widget-table-of-contents.elementor-toc--collapsed .elementor-toc__toggle-button--collapse,.elementor-widget-table-of-contents:not(.elementor-toc--collapsed) .elementor-toc__toggle-button--expand{display:none}.elementor-widget-table-of-contents .elementor-widget-container{min-height:var(--box-min-height);border:var(--box-border-width,1px) solid var(--box-border-color,#9da5ae);border-radius:var(--box-border-radius,3px);background-color:var(--box-background-color);transition:min-height .4s;overflow:hidden}.elementor-toc__header{display:flex;align-items:center;justify-content:space-between;padding:var(--box-padding,20px);background-color:var(--header-background-color);border-bottom:var(--separator-width,1px) solid 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.elementor-toc__list-wrapper{margin-top:.5em;margin-inline-start:var(--nested-list-indent,1em)}.elementor-toc__list-item-text{transition-duration:var(--item-text-transition-duration)}.elementor-toc__list-item-text:hover{color:var(--item-text-hover-color);-webkit-text-decoration:var(--item-text-hover-decoration);text-decoration:var(--item-text-hover-decoration)}.elementor-toc__list-item-text.elementor-item-active{color:var(--item-text-active-color);-webkit-text-decoration:var(--item-text-active-decoration);text-decoration:var(--item-text-active-decoration)}.elementor-toc__list-item-text-wrapper{display:flex;align-items:center}.elementor-toc__list-item-text-wrapper:before,.elementor-toc__list-item-text-wrapper i{margin-inline-end:8px;color:var(--marker-color)}.elementor-toc__list-item-text-wrapper svg{margin-inline-end:8px;fill:var(--marker-color);height:var(--marker-size,.5em);width:var(--marker-size,.5em)}.elementor-toc__list-item-text-wrapper i{font-size:var(--marker-size,.5em)}.elementor-toc__list-item-text-wrapper:before{font-size:var(--marker-size,1em)}.elementor-toc--content-ellipsis .elementor-toc__list-item-text{white-space:nowrap;overflow:hidden;text-overflow:ellipsis}.elementor-toc__list-items--collapsible>.elementor-toc__list-wrapper>.elementor-toc__list-item>.elementor-toc__list-wrapper{display:none}.elementor-toc__heading-anchor{position:absolute}.elementor-toc__body .elementor-toc__list-item-text{color:var(--item-text-color);-webkit-text-decoration:var(--item-text-decoration);text-decoration:var(--item-text-decoration);transition-duration:var(--item-text-transition-duration)}.elementor-toc__body .elementor-toc__list-item-text:hover{color:var(--item-text-hover-color);-webkit-text-decoration:var(--item-text-hover-decoration);text-decoration:var(--item-text-hover-decoration)}.elementor-toc__body .elementor-toc__list-item-text.elementor-item-active{color:var(--item-text-active-color);-webkit-text-decoration:var(--item-text-active-decoration);text-decoration:var(--item-text-active-decoration)}ol.elementor-toc__list-wrapper{counter-reset:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item{counter-increment:item}ol.elementor-toc__list-wrapper .elementor-toc__list-item-text-wrapper:before{content:counters(item,\".\") \". \"}<\/style>\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__e443c9e\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__e443c9e\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__e443c9e\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87e6083 elementor-widget elementor-widget-heading\" data-id=\"87e6083\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a multi-currency account?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f313e04 elementor-widget elementor-widget-text-editor\" data-id=\"f313e04\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A multi-currency account allows businesses to transact, hold, and manage multiple currencies. Unlike traditional bank accounts, which only allow you to hold a single currency, a multi-currency account allows you to hold multiple currencies simultaneously. You can get a local account number and sort code for each currency without needing a local address.<\/span><\/p><p><span style=\"font-weight: 400;\">The number of currencies your account supports will depend on your service provider. While some multi-currency or foreign currency accounts are offered by leading banks, others are offered by global payment service providers like WorldFirst.<\/span><b>\u00a0<\/b><\/p><p><span style=\"font-weight: 400;\">Take a look at the ultimate guide to the <\/span><span style=\"font-weight: 400;\">best multi-currency accounts in Australia.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-37d3aad elementor-widget elementor-widget-heading\" data-id=\"37d3aad\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How does a multi-currency account work?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f28ad30 elementor-widget elementor-widget-text-editor\" data-id=\"f28ad30\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A multi-currency account works similarly to a normal bank account, but you can send, receive, or hold multiple currencies through it.<\/span><\/p><p><span style=\"font-weight: 400;\">When you receive payment in a foreign currency, you can either repatriate those funds back to your bank account or hold the funds to make further payments.<\/span><\/p><p><span style=\"font-weight: 400;\">For example, let&#8217;s say you have an online e-commerce business based in Australia with a supplier and shipping partner in China and customers in the US, Europe, and China.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Here\u2019s how a multi-currency account can streamline cross-border payments for your business:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>To pay your suppliers and shipping partners<\/b><span style=\"font-weight: 400;\"> in China, you must convert AUD into CNY. With a multi-currency account, you can keep a sufficient balance in your CNY account when the exchange rates are favourable and then use that to pay suppliers and shipping agents. Your suppliers and shipping partners get paid like they would from a local Chinese bank account. It also takes less time for the payments to get cleared.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>When you receive customer payments<\/b><span style=\"font-weight: 400;\">, the funds will go into their respective local currency accounts. You can directly repatriate funds into your bank or hold them to make further payments.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d230d3a elementor-widget elementor-widget-heading\" data-id=\"d230d3a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Pros and cons of a multi-currency account<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6006f09 elementor-widget elementor-widget-heading\" data-id=\"6006f09\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Pros <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2a691f elementor-widget elementor-widget-text-editor\" data-id=\"a2a691f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Hold and manage multiple currencies: <\/b><span style=\"font-weight: 400;\">You can manage several currencies through a single account. It&#8217;s also possible to send and receive money directly in these currencies.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low currency exchange rates: <\/b><span style=\"font-weight: 400;\">Multi-currency accounts usually offer a lower conversion rate than standard bank accounts. You can also hold the currency in your account and exchange it when the exchange rates are favourable.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Send and receive payments like a local: <\/b><span style=\"font-weight: 400;\">Whether you have suppliers in China or customers in Australia, you can manage transactions like a local without any transfer delays or banking complications.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Risk management:<\/b><span style=\"font-weight: 400;\"> By locking currency exchange rates with future contracts, businesses can hedge against sudden shifts in exchange rates.<\/span><\/li><li><b>Extend profit margins:<\/b><span style=\"font-weight: 400;\"> When you don\u2019t have to pay unnecessary conversion costs and transaction fees, it directly leads to cost savings and extended profit margins. <\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9af4900 elementor-widget elementor-widget-heading\" data-id=\"9af4900\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Cons<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc6554f elementor-widget elementor-widget-text-editor\" data-id=\"bc6554f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited payment providers:<\/b><span style=\"font-weight: 400;\"> There are only a limited number of banks and payment providers that offer multi-currency accounts.\u00a0<\/span><\/li><li><b>Not all providers support all currencies:<\/b><span style=\"font-weight: 400;\"> While most banks and payment providers offer some major currencies, you may struggle to find one that supports all the currencies you require. For instance, only a handful of providers support the Chinese Yuan (CNY). <\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dea555 elementor-widget elementor-widget-heading\" data-id=\"6dea555\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What does it cost to setup a multi-currency account?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d467a95 elementor-widget elementor-widget-text-editor\" data-id=\"d467a95\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The fees for a multi-currency account will depend on the service provider you partner with. Before signing up for a new account, the first step should be to check the pricing. Here are the costs that you should look for when setting up a multi-currency account:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Account setup fees: <\/b><span style=\"font-weight: 400;\">There can be fees for creating and setting up a new account.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Monthly\/ annual fees:<\/b><span style=\"font-weight: 400;\"> These are regular account maintenance fees.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transaction fees:<\/b><span style=\"font-weight: 400;\"> It includes fees for sending and receiving payments. Ideally, you should look for a multi-currency account that allows you to receive payments for free without any extra charges.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Conversion fees:<\/b><span style=\"font-weight: 400;\"> These include the usual conversion rate for different currencies.\u00a0<\/span><\/li><\/ul><p><b>Fund holding fees:<\/b><span style=\"font-weight: 400;\"> Some multi-currency account providers may also charge you for holding large sums of money in your account.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c5fc2f elementor-widget elementor-widget-heading\" data-id=\"5c5fc2f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to open a free multi-currency account with WorldFirst?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce2d363 elementor-widget elementor-widget-text-editor\" data-id=\"ce2d363\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">WorldFirst allows businesses to open free multi-currency accounts. You can open 15+ local currency accounts and collect payments from 100+ marketplaces and payment gateways. The exchange rates are competitive and there are zero costs for receiving payments. Transfers between World Accounts is free and instant.<\/span><\/p><p><span style=\"font-weight: 400;\">Here are the steps to open a multi-currency account with WorldFirst:\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">1- Sign up for a WorldFirst account\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">2- To open local currency accounts, go to the International collections account dashboard \u2192 Navigate to Currency accounts<\/span><\/p><p><span style=\"font-weight: 400;\">3- Fill out the \u2018Request a currency account\u2019 form by selecting the local currency account you require and a currency account name.<\/span><\/p><p><span style=\"font-weight: 400;\">4- Most local currency accounts, except EUR and JPY accounts, can be instantly generated, which needs verification.<\/span><\/p><p><span style=\"font-weight: 400;\">5- Get your local currency account details and start making international transactions.<\/span><\/p><p><span style=\"font-weight: 400;\">Ready to get started?<\/span><\/p><p>\u00a0<\/p><p><a href=\"https:\/\/portal.worldfirst.com\/register?region=AU\"><span style=\"font-weight: 400;\"> Open a World Account today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7e34e4 elementor-widget elementor-widget-spacer\" data-id=\"d7e34e4\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b1b570 elementor-widget elementor-widget-text-editor\" data-id=\"5b1b570\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><i><span style=\"font-weight: 400;\">Disclaimer: The information contained is general only and largely our views.\u00a0 Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products\/services and referenced material constitute the author\u2019s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.<\/span><\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d863803 e-flex e-con-boxed e-con e-parent\" data-id=\"d863803\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e5ea810 elementor-widget elementor-widget-template\" data-id=\"e5ea810\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"33378\" class=\"elementor elementor-33378\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-331752e3 e-flex e-con-boxed e-con e-parent\" data-id=\"331752e3\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-dca6f5e e-con-full e-flex e-con e-child\" data-id=\"dca6f5e\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1364442 elementor-widget elementor-widget-heading\" data-id=\"1364442\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Open a World Account for free<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f9ffda0 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"4f9ffda0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Open 20+ local currency accounts and get paid like a local<\/li><li>Pay suppliers, partners and staff worldwide in 100+ currencies<\/li><li>Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify<\/li><li>Save with competitive exchange rates on currency conversions and transfers<\/li><li>Lock in exchange rates for up to 24 months for cash flow certainty<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52c9cdb7 elementor-widget elementor-widget-button\" data-id=\"52c9cdb7\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/portal.worldfirst.com\/register?region=AU\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get started<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2a2b85cd e-flex e-con-boxed e-con e-parent\" data-id=\"2a2b85cd\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-b9a2215 e-flex e-con-boxed e-con e-parent\" data-id=\"b9a2215\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6de63659 elementor-widget__width-inherit elementor-pagination-type-bullets elementor-arrows-position-inside elementor-pagination-position-outside elementor-widget elementor-widget-n-carousel\" data-id=\"6de63659\" data-element_type=\"widget\" data-settings=\"{&quot;carousel_items&quot;:[{&quot;slide_title&quot;:&quot;Slide #2&quot;,&quot;_id&quot;:&quot;40d6353&quot;}],&quot;slides_to_show&quot;:&quot;1&quot;,&quot;slides_to_show_tablet&quot;:&quot;1&quot;,&quot;slides_to_show_mobile&quot;:&quot;1&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;autoplay_speed&quot;:5000,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;infinite&quot;:&quot;yes&quot;,&quot;speed&quot;:500,&quot;offset_sides&quot;:&quot;none&quot;,&quot;arrows&quot;:&quot;yes&quot;,&quot;pagination&quot;:&quot;bullets&quot;,&quot;image_spacing_custom&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]},&quot;image_spacing_custom_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;image_spacing_custom_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-carousel.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.worldfirst.com\/app3\/plugins\/elementor-pro\/assets\/css\/widget-nested-carousel.min.css?ver=1736731740\">\t\t<div class=\"e-n-carousel swiper\" dir=\"ltr\">\n\t\t\t<div class=\"swiper-wrapper\" aria-live=\"off\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" data-slide=\"1\" role=\"group\" aria-roledescription=\"slide\" aria-label=\"1 of 1\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b674e62 e-flex e-con-boxed e-con e-parent\" data-id=\"5b674e62\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5e71031c e-flex e-con-boxed e-con e-parent\" data-id=\"5e71031c\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-40cb28e5 e-flex e-con-boxed e-con e-parent\" data-id=\"40cb28e5\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-74b8d811 e-con-full e-flex e-con e-parent\" data-id=\"74b8d811\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79723681 elementor-widget elementor-widget-image\" data-id=\"79723681\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"230\" height=\"230\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/03\/20240521053340895.png\" class=\"attachment-large size-large wp-image-28022\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/03\/20240521053340895.png 230w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/03\/20240521053340895-150x150.png 150w\" sizes=\"(max-width: 230px) 100vw, 230px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3c7adac2 e-flex e-con-boxed e-con e-parent\" data-id=\"3c7adac2\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5636a8a7 elementor-widget elementor-widget-heading\" data-id=\"5636a8a7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Written by Jim Vrondas, Country Manager ANZ at WorldFirst <\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-230680c5 elementor-widget elementor-widget-heading\" data-id=\"230680c5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Based in Sydney, Jim is responsible for the WorldFirst business across Australia and New Zealand. He brings with him over 25 years of experience helping Business Owners, CFO\u2019s and Treasury Managers overcome the challenges with cross border payments and navigating volatile foreign exchange markets.<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7764c6c0 Last3Articles elementor-widget elementor-widget-shortcode\" data-id=\"7764c6c0\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"blogs_container\">\n                    <div class=\"blogs_item\">\n            <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-a-forward-contract\/\" class=\"blog_img_box\">\n                <img decoding=\"async\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/12\/20241227015836303.jpg\"\n                     alt=\"cover_img\" class=\"cover_img\" loading=\"lazy\">\n            <\/a>\n            <div class=\"blog_abstract\">\n                <h1>\n                    <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-a-forward-contract\/\">What is a forward contract?<\/a>\n                <\/h1>\n                <p>A forward contract is an agreement where your payment provider guarantees a specific exchange rate for international transactions for a predetermined period of time.<\/p>\n                <span>Dec \/ 2024<\/span>\n            <\/div>\n        <\/div>\n                    <div class=\"blogs_item\">\n            <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/taking-a-brand-to-new-market\/\" class=\"blog_img_box\">\n                <img decoding=\"async\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/12\/20241220081712426-scaled.jpg\"\n                     alt=\"cover_img\" class=\"cover_img\" loading=\"lazy\">\n            <\/a>\n            <div class=\"blog_abstract\">\n                <h1>\n                    <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/taking-a-brand-to-new-market\/\">Taking a brand to a new market<\/a>\n                <\/h1>\n                <p>Explore why businesses should consider taking their brand to new markets and how they can go about it.<\/p>\n                <span>Dec \/ 2024<\/span>\n            <\/div>\n        <\/div>\n                    <div class=\"blogs_item\">\n            <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/mid-market-exchange-rate\/\" class=\"blog_img_box\">\n                <img decoding=\"async\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/12\/20241219025136298-scaled.jpg\"\n                     alt=\"cover_img\" class=\"cover_img\" loading=\"lazy\">\n            <\/a>\n            <div class=\"blog_abstract\">\n                <h1>\n                    <a href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/mid-market-exchange-rate\/\">What is the mid-market exchange rate?<\/a>\n                <\/h1>\n                <p>The interbank or mid-market exchange rate is the rate banks and financial institutions use to trade currencies with each other.<\/p>\n                <span>Dec \/ 2024<\/span>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-312e5d5 e-grid e-con-boxed e-con e-parent\" data-id=\"312e5d5\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-89353cc e-flex e-con-boxed e-con e-parent\" data-id=\"89353cc\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f6099a2 elementor-widget elementor-widget-template\" data-id=\"f6099a2\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"33372\" class=\"elementor elementor-33372\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-77daa760 e-flex e-con-boxed e-con e-parent\" data-id=\"77daa760\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-38dabfdb e-flex e-con-boxed e-con e-parent\" data-id=\"38dabfdb\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-38ed93bc elementor-widget elementor-widget-heading\" data-id=\"38ed93bc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-heading-title elementor-size-default\">You might also like<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3707262e elementor-widget elementor-widget-text-editor\" data-id=\"3707262e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Choose a category below for more business, finance and foreign exchange support from WorldFirst.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-45c49ae8 e-flex e-con-boxed e-con e-parent\" data-id=\"45c49ae8\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1385b5e5 elementor-widget elementor-widget-button\" data-id=\"1385b5e5\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.worldfirst.com\/au\/insight\/global-business-expansion\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Business expansion<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element 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WorldFirst<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71c5b731 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"71c5b731\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li>Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004<\/li><li>Your money is safeguarded with leading financial institutions<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b99f8bf elementor-widget elementor-widget-image\" data-id=\"b99f8bf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"271\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/04\/20240418082639248-1024x347.png\" class=\"attachment-large size-large wp-image-26848\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/04\/20240418082639248-1024x347.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/04\/20240418082639248-300x102.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/04\/20240418082639248-768x260.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/04\/20240418082639248-1536x520.png 1536w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/04\/20240418082639248.png 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Home\u00a0 &gt;\u00a0\u00a0 Guides to grow your business &gt;\u00a0 Business Banking Insights What is a multi-currency account? And how does it work? Pay, collect, and hold funds in multiple currencies with a multi-currency account. Discover the smart way to manage cross-border payments. Open a WorldFirst multi-currency account Key takeaways: A multi-currency account allows businesses to transact, [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":28487,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[52],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a multi-currency account and How Does it Work? | WorldFirst AU<\/title>\n<meta name=\"description\" content=\"A multi-currency account allows businesses to transact, hold, and manage multiple currencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a multi-currency account and How Does it Work?\" \/>\n<meta property=\"og:description\" content=\"A multi-currency account allows businesses to transact, hold, and manage multiple currencies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/\" \/>\n<meta property=\"og:site_name\" content=\"WorldFirst AU\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-29T08:51:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-21T03:48:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"784\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"anja\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"anja\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/\"},\"author\":{\"name\":\"anja\",\"@id\":\"https:\/\/www.worldfirst.com\/au\/#\/schema\/person\/ba9944195926cfc2df667d3c4fef880d\"},\"headline\":\"What is a multi-currency account and How Does it Work?\",\"datePublished\":\"2024-05-29T08:51:19+00:00\",\"dateModified\":\"2024-10-21T03:48:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/\"},\"wordCount\":1309,\"publisher\":{\"@id\":\"https:\/\/www.worldfirst.com\/au\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/8\/2024\/05\/20240529081457526.png\",\"articleSection\":[\"Business Banking Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/\",\"url\":\"https:\/\/www.worldfirst.com\/au\/insight\/business-banking-insights\/what-is-multi-currency-account\/\",\"name\":\"What is a multi-currency account and How Does it Work? 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