If your business operates internationally, your bank accounts should do more than just hold funds – they should work as strategic tools to optimise cost, control, and efficiency.
Yet many companies open a multi-currency account and only use it for the basics. However, the truth is, when used properly, these accounts can unlock significant advantages across your entire financial operation – from payroll to supplier payments to broader FX strategy.
Here are seven smart, underused ways to get more from your multi-currency setup.
1. Run Global Payroll Without FX Headaches
Paying employees, contractors or freelancers abroad? A multi-currency account allows you to pay them in their local currency without incurring excessive bank charges or unpredictable exchange rates.
Rather than converting pounds to dollars (or zloty, or rupees) every time payroll runs, you can:
- Hold local currency in advance when the rate is favourable, e.g. hold USD in Q3 for expected Q4 supplier payouts. This allows you to lock in stronger rates, manage spending, and reduce exposure to short-term market volatility.
- Avoid double conversions and hidden intermediary bank fees – by holding and paying in the correct currency, you bypass layers of FX markups and banking fees typically applied during cross-border transfers.
- Speed up delivery with same-day payments in many currencies – reducing payroll delays, improving employee satisfaction, and increasing predictability in cash flow for multi-region teams.
For businesses with international teams, this isn’t just efficient, it’s a way to protect your margins and ensure people are paid on time.
2. Pay International Suppliers in Their Currency
Paying global suppliers in their home currency can unlock better pricing and stronger relationships.
Why?
Because suppliers typically bake FX risk into their pricing when billing in GBP or USD. If you can pay in their local currency, they may offer lower rates or improved terms, and you eliminate unnecessary markups.
With a multi-currency account, you can:
- Negotiate in the supplier’s preferred currency
- Avoid your bank’s high FX conversion fees
- Reduce reconciliation time and accounting complexity
For CFOs and FDs managing cost pressures across the supply chain, this is a quiet but significant win with a measurable impact.
3. Hold Currencies Strategically in Real Time
Your account doesn’t just have to be a pass-through – it can also serve as a holding zone for managing currency exposure.
If you’re invoicing in USD today but paying out in EUR next month, it may be beneficial to hold onto that USD until the timing is right. A multi-currency account lets you:
- Wait for better rates before converting
- Avoid immediate FX losses on incoming revenue
- Take more control over your currency risk
This isn’t speculative trading – it’s a form of natural hedging or strategic FX positioning that allows you to manage timing risk better. For many businesses, this is a practical step toward better FX management without needing complex hedging tools.
4. Segregate Funds by Market, Project or Region
Whether for compliance, reporting, or internal control, segregating funds can be a logistical nightmare when you’re working across currencies.
Multi-currency accounts simplify this, especially when paired with virtual IBANs or sub-accounts. You can:
- Keep client funds separate from operational capital
- Allocate currency to specific regions or projects
- Streamline audit trails and reconciliation
This approach is a critical support for regulatory compliance and internal audit readiness, particularly in sectors subject to client money rules or capital adequacy requirements.
5. Collect Revenue from Global Customers with Ease
If you’re invoicing or selling in international markets, a multi-currency account lets you collect revenue in your customer’s currency, without absorbing their bank’s conversion charges.
Typical cases include:
- E-commerce sales in USD, EUR, or CAD
- SaaS clients across multiple territories
- Freelance or consulting income from overseas
This makes it easier to do business, increases customer trust, and reduces lost value in the payment chain. It’s not just about receiving money; it’s also about doing it efficiently.
6. Prepare for Future Spend with Forward Currency Holds
Many finance teams convert currency as needed, but this exposes them to risk when market fluctuations occur.
With a multi-currency account, you can hold currency now for planned future use, locking in today’s favourable rate and protecting your budget.
For example:
- Convert GBP to USD when the rate is strong
- Hold it until you need to pay an invoice or payroll
- Avoid being caught out by a sudden currency drop
It’s a low-effort way to start embedding a currency strategy into your financial planning and reduce dependence on reactive decisions.
7. Lower FX Fees – Without Lowering Expectations
Most traditional banks charge steep margins on foreign exchange transactions and monthly fees simply to maintain multi-currency accounts. FinTechs may offer lower fees, but their services are often self-serve or automated.
BLK.FX combines the best of both worlds:
- No account fees
- FX margins averaging just 0.5–0.7%
- Dedicated support team – not bots
- Same-day payments in 35+ currencies
That means you get the tools of a global treasury function, without the cost or complexity of building one yourself. You stay in control, and we’re in your corner when you need support.
Final Thoughts
If you’re operating in multiple currencies, whether paying international staff, sourcing from global suppliers, or collecting revenue abroad, a multi-currency account isn’t a luxury. It’s a necessity.
Unfortunately, most businesses are barely scratching the surface of what these accounts can do.
Used well, a multi-currency account gives your business the power to:
- Control FX costs, instead of being controlled by them
- Simplify complex financial workflows across markets and time zones
- Enhance relationships with partners, vendors, and clients by transacting in their currency
- Plan ahead instead of reacting to volatile rates or slow-moving banks
- Free up valuable time by streamlining payments, reconciliation, and reporting
Multi-currency setups also contribute to treasury stack consolidation and real-time global cash visibility – two strategic goals for modern finance teams.
At BLK.FX, we don’t believe in one-size-fits-all accounts – every client is different. We work with CFOs, Finance Directors, and Treasury Managers every day to design practical, customised setups that match your business goals, industry, and FX exposure.
Whether you’re a growing e-commerce brand, a multinational consultancy, a freelancer or a specialist services firm dealing with cross-border complexity, we help make currency work for you, not against you.
Because when your banking infrastructure is frictionless, transparent, and designed with purpose, it stops being a barrier and starts being a competitive advantage.
👉 Book your FX strategy review today and start planning for the future with multi-currency accounts.
