Taking Control of International Finances with a Multicurrency Account

In today’s interconnected world, few businesses operate truly domestically. Whether you’re building a distributed team, sourcing goods from overseas suppliers, or facilitating orders from customers who are based abroad, your operations are likely to involve some form of international finance with a multicurrency account.

In this article, we examine how businesses can take control of their international finances and explore multicurrency account solutions that can transform your international financial management. If you’re eager to simplify your income and expenditure while reducing costs and streamlining workflows, read on to find out how we can help.

Managing International Finances with a Multicurrency Account

One of the easiest ways to manage international payments and transfers is via the PayAlly multicurrency account. Instead of having individual accounts for each currency that you routinely trade in, you can centralise your financial management and process transactions from a single digital location.

When to Use a Multicurrency Account

As a multicurrency account can be used to make and receive domestic payments, as well as international transfers, it can become your go-to business account for all your corporate needs. Delivering the same domestic functionality as a regular account but with added features to facilitate international transactions, it enhances your financial management capabilities.

There are many ways that a multicurrency account can be used by businesses, such as:

• Sending payments to employees all over the world
• Receiving funds from customers in their preferred currency
• In-person payments when you’re travelling abroad
• Bulk payments for recurring bills

As you can see, there are a multitude of ways that a multicurrency account can enhance your company’s financial management, but these aren’t the only advantages of taking control of your finances with PayAlly.

Benefits of Managing International Finance with PayAlly

To find out why PayAlly is a first-choice provider of corporate international finance solutions, take a look at some of the benefits on offer:

Bespoke Transaction Fees

Companies can be wary of doing business in multiple jurisdictions as they assume the transaction fees associated with international transfers will increase their expenditure and reduce profitability. However, our commitment to localising international payments and bespoke transaction fees ensures that companies can trade globally in a cost-efficient and cost-effective way.

Real-Time Exchanges

If you’re sending and receiving money in multiple currencies, the funds will need to be converted into the relevant currency before the transfer is sent. When you choose PayAlly as your international finance solutions provider, you can access real-time transfer rates before you complete the transaction. This gives you the opportunity to exchange currencies when the market is offering favourable terms, thus minimising your expenditure and saving you money.

Forward Contracts

If fluctuating exchange rates make you wary of trading in multiple currencies, our forward contract options will allay your fears. Simply lock in an exchange rate via a forward contract and you’ll benefit from predictability and reliability. Giving you the foresight you need to manage your company’s finances, using forward contracts to facilitate international transfers is a savvy way to ensure you get the best rates with optimal security.

Trade in 39 Currencies

Our multicurrency account allows you to trade in 39 currencies, which gives you the freedom and flexibility to expand your operations and reach a global market. However, if you want to trade in a currency that’s not currently listed, simply let your dedicated Relationship Manager know.

Schedule Payments in Advance

Whether you’re making a one-off payment, or you need to make recurring transactions, the ability to schedule fund transfers is critical. Why risk missing important deadlines, letting partners down, or incurring late fees when you can schedule corporate payments in advance with PayAlly?

Debit Cards

Although many transactions are now conducted online, being able to make payments in person is still an important account function. If you’re travelling for business, for example, our MasterCard Business Debit Card allows you to use to make payments or withdraw funds from your multicurrency account in more than 210 countries and territories.

Additionally, you can issue debit cards to trusted employees and keep track of company expenditure in real time. Our client portal makes it easy to track and manage spending, with optional limits and fast freeze functionality to ensure you stay in control.

Simplify Payroll

Managing your payroll can be an onerous task, particularly if you have employees in different countries or you regularly use freelancers who are based overseas. Traditionally, you may have used multiple accounts to manage these payments but now, you can simplify and streamline the payroll process by using one centralised account to pay your teams in a range of currencies.

Transparent Reporting

Keeping track of your company’s finances is essential for operational reasons but it’s also part of your regulatory obligations. Fortunately, PayAlly’s international financial solutions give companies access to tailored and flexible platforms that offer real-time reporting and granular insights.

When you’re using a single account to manage multiple currencies, it’s easier to keep track of company income and expenditure. Furthermore, this approach grants you real-time visibility over your funds and allows you to make informed business decisions based on your company’s current financial position.

Payment Approvals

If you want to keep track of your company’s expenditure, it’s easy to set up payment approvals with PayAlly. As well as using industry-leading security protocols to keep your funds secure at all times, we offer a range of payment approval methods, such as two-password checks, digipass, and SMS-issued codes. Simply choose the approval method that’s best for you and you’ll have complete confidence that every transaction will be verified accordingly.

Localise International Finances with PayAlly’s Multicurrency Account and More

Managing international finances no longer needs to be a burden. With PayAlly’s range of international transfer options, it’s easy for companies to make one-off, recurring, instant, or scheduled transfers in multiple currencies.

As we centralise subsidiary accounts, you can even avoid costly bank charges and reduce the cost to your business. Similarly, enrolling your business network, such as suppliers and customers, into PayAlly allows you to transform international payments into local transfers.

Talk to an experienced Relationship Manager now and find out how PayAlly can provide your business with the tailored international financial solutions you need.