“Multi-currency account” is one of the most searched banking terms in Europe, Asia and Africa, and one of the most misunderstood. Some products behind the name only show you balances in different currencies while converting everything under the hood. Others give you real accounts in each currency, with real local coordinates. The difference is what you pay, and what you can do.
Two very different things called the same
The first kind is a single account that displays several currencies. When a client pays you in dollars, the money is converted at the provider's rate, often the same day, and you hold the result. You never really hold dollars.
The second kind is a set of real accounts: a US dollar account with routing and account number, a UK account with sort code and account number, a euro account with an IBAN. Each currency stays in its own account until you decide to convert. This is how iSwiss Pay works, with a physical gold account alongside.
What you can do with real accounts in each currency
- Get paid locally by clients in the United States, the United Kingdom and the euro area, with no international transfer in between.
- Pay suppliers in their own currency from the matching account, without a conversion you did not choose.
- Keep a balance in the currency you will need next, for example dollars for US software subscriptions, and convert only the rest.
- Move part of your balance into physical gold, and back, from the same app.
When one currency is enough
If all your clients and suppliers are in the euro area, a SEPA account is all you need. A multi-currency setup earns its keep when money regularly comes in or goes out in more than one currency, which is the case for most exporters, agencies, online sellers and people working remotely for foreign clients.
How to open it
You open one iSwiss Pay profile, online, after identity verification, and activate the accounts you need. Every balance is held in full reserve: never lent, never invested, available at all times. Accounts are subject to our compliance policy.