Multi-currency IBAN accounts are one of the financial products that have been most beneficial to medium-sized companies, as they allow them to receive and send payments in several currencies. Here are some of the benefits of this type of account.
Enables improved customer service
Multi-currency IBAN accounts enhance the customer experience by allowing customers to receive and send payments in their local currency; this significantly improves their user experience by providing greater comfort, flexibility, and convenience in their international financial transactions.
Helps minimize risk
Multi-currency IBAN accounts allow medium-sized companies to keep or safeguard their funds in different currencies, which helps to minimize the risk and volatility associated with some currencies or FIAT currencies, preventing any type of market variation from negatively affecting the company’s activities.
Helps minimize operating costs
Through multi-currency IBAN accounts, medium-sized companies can manage different currencies in a single account, thus avoiding opening and maintaining different accounts in different countries. In addition, by having a multi-currency IBAN account, medium-sized companies can reduce operating costs associated with currency conversions or account maintenance.
Improves supplier relations
Multi-currency IBAN accounts allow medium-sized companies to improve relations with their suppliers, as they can pay these suppliers in their local currency, which improves their user experience, especially by giving them more convenience and flexibility, as well as avoiding some of the problems (losses or delays) caused by using intermediary banks.
Faster transactions
By using a multicurrency IBAN account, the speed of payment processing increases extensively since it does not require to go through correspondent banks or intermediaries when making a transaction; this allows the medium-sized company to make faster and more effective transactions.
Helps to improve financial management
With multi-currency IBAN accounts, medium-sized companies can send, receive, hold, and manage their funds in different currencies within a single account, which simplifies all the company’s financial operations, significantly improving the financial management of the entire organization, as well as optimizing all the company’s accounting processes.
Access to International Markets
Multi-currency IBAN accounts facilitate the entry and participation of medium-sized companies in different international markets since they can send and receive payments in different currencies, which simplifies all the operations of the organization, making it more competitive at a global level, as well as making the company more attractive to foreign business partners.
In addition, if a medium-sized company has employees abroad, multi-currency IBAN accounts facilitate the management of payments in local currencies, avoiding problems associated with exchange rates and simplifying international payroll processes.
What do you think about this topic? Do you want to learn more about multi-currency IBAN accounts?
If you are interested in Pilsenga’s products or services (including multi-currency IBAN accounts), you can visit our website and register on our platform by visiting the following link.
