Go global, act local: Giving you flexibility that can help you expand your business into global markets
Going Global, act local:
As businesses diversify and look for new and untapped markets, many will look for opportunities to expand to new areas of the globe. Exploring new markets, engaging new customers, and expanding operations and workforces internationally can be achievable, but making local currency transactions can sometimes be challenging.
The Challenge:
Often, expanding businesses will want to have an account denominated in local currency and domiciled in the local country where they are doing business to help smooth out the process; however, opening and managing a foreign bank account can be complex. Layers of red tape, unclear regulatory and licensing requirements (which vary by jurisdiction), language barriers and opaque rates and fees can all present challenges when businesses are looking to expand into new markets.
Corpay Multi-Currency Account Answer:
Corpay’s Multi-Currency Accounts solution is designed to solve some of these challenges by allowing you to securely receive and pay out foreign currencies, all in a secure account in your business’s name. This solution, with a unique account identifier for each currency you trade, lowers the barriers to global business, simplifying the payments process for your customers and suppliers — and for you. Take advantage of a simple, one-time onboarding experience to become a Corpay customer in which you can then instantly open as many Multi-Currency Accounts as you require.
We are proud to offer 25 currencies under our Named Accounts solution.*
*More currencies will be added in future. If you don’t see a currency you need here, Corpay’s Standard Accounts provide access to additional currencies through our global banking network.
**Our Chinese Yuan accounts are offshore Renminbi (also known as CNH) located in the UK. The ISO currency code as used by SWIFT is CNY.*
Get a competitive advantage. Offer products and services to new customers and diversify your supply chains more easily. You’ll be able to receive in and pay out local currencies, reducing unnecessary currency conversions.
Increase trust and security. A secure local currency account in your business’s name can increase payors’ comfort and confidence in sending payments to you via that account.
Harness simplicity and efficiency. A single point of access to manage all your Multi-Currency Accounts at Corpay – including associated statements and settlement instructions, which can simplify accounting processes.
Take advantage of our footprint. Leverage local payment rails to reduce costs and expedite transactions; Multi-Currency Accounts include access to local account representatives and a wide range of currency account transaction types.
Challenges Multi-Currency Accounts can help you mitigate
Fees and expenditures. Not only do many local banks require a high initial deposit or minimum balance and maintenance fees, but they also often charge higher exchange rates and local transaction fees for foreign account holders.
Time delays. Opening accounts with global banks can be time-consuming, and there may also be extended wait times for sending and receiving foreign funds.
Payment investigations. Increased risk of incoming payments going astray when travelling through multiple intermediaries.
Practicality barriers. Businesses may face language barriers with onboarding documents and customer service, and there may also be complexities in reconciling foreign currency accounts across multiple banks.
Simple account opening process
Opening a Corpay Multi-Currency Account is easy! There is no minimum balance or frequency of trading required. Each currency (that you use for payors to pay your business via Corpay) gets a unique identifier in your business’ name.
Leverage Corpay’s operational productivity
Corpay’s secure and robust infrastructure and extensive local payment rails streamline the transaction processing to and from even many otherwise quite challenging payment corridors.
Incoming and outgoing payments
Access settlement instructions online and share them, including your currency account identifier, with your payors; payors submit payments to your ‘Named Account’. Payments to your beneficiaries abroad can come from your ‘Named Account’, which can reduce delays and intermediary bank lifting fees.
Round the clock online access
Our online platform gives you access to your ‘Named Accounts’ round the clock, facilitating global communication, multicurrency management, reporting, and reconciliation.
*Please note that the type of incoming payments to reference numbers that Corpay Multi-Currency Account currently supports is incoming USD and EUR. We are actively working on supporting more currencies in our future releases.
Corpay Cross-Border's Multi-Currency Accounts are designed to solve some of these challenges, allowing you to securely receive, and pay out foreign currencies in a secure account in your business’s name. This solution, with a unique account identifier for each currency you trade, lowers the barriers to global business, simplifying the payments process for your customers and suppliers — and for you.
If you would like to discuss how you can utilize Corpay’s Multi-Currency Accounts offering, please reach out to your account manager.
