What Is a Multi-Currency Account & Do You Need One? 

You’re growing. New clients. New markets. New currencies.

But here’s the catch: crossing borders also means crossing wires, especially when it comes to payments.

One invoice in USD. Another in EUR. A supplier wants CNY. And every bank transfer chips away at your time, money, and patience.

That’s why more freelancers, SMEs, and digital nomads are turning to multi-currency accounts, a better way to manage money globally.

With just one account, you can:
✔ Get paid in currencies like USD, EUR, GBP, or CNY
✔ Hold funds until you're ready to convert
✔ Pay suppliers and teams in their local currencies.

In this article, we’ll explain how multi-currency accounts work, the pros and cons, why businesses are switching, and how to know if it’s the right move for you.

A multi-currency account is a bank or fintech account that allows you to hold, send, and receive different currencies under one account. Unlike a standard foreign currency account, which holds only one currency (such as USD or EUR), a multi-currency account lets you manage several currencies side by side, often with dedicated balances for each.

This eliminates the need to open and maintain separate local bank accounts in different countries or convert funds with every international transaction.

For a quick, visual walk-through of multi-currency accounts, you can also watch this short video:

Let’s say you’re running an ecommerce business based in Hong Kong that sources products from mainland China, with customers purchasing from the US, Europe, and Australia.

With a multi-currency account, you can:

• Receive payments in USD, EUR, and AUD from international customers
• Hold balances in those currencies without immediate conversion
• Pay your suppliers in RMB directly from the same account

This setup removes the need to open separate accounts for each currency. It helps reduce currency exchange risks and lets you avoid unnecessary conversion fees. You also get to choose when to exchange money, based on better rates, not when payments come in.

A multi-currency account can be a powerful tool, but it isn’t right for everyone. Let's take a look at the scenarios to help you decide whether opening a multi-currency account is needed or not.

For Growing Businesses

• Cost efficiency & cash flow control – Hold balances in different currencies to avoid constant conversions, reduce FX fees, and simplify reconciliation.
• Payment flexibility – Pay suppliers, contractors, and employees in their preferred currency, improving relationships and sometimes unlocking better terms.
• Reduced exposure to rate swings – Holding balances lets you choose when to convert, though it’s not the same as professional hedging tools like forwards.

For International Lifestyles

• Living or working abroad / digital nomads – Avoid paying conversion fees every time you spend or receive income.
• Family support and remittances – Send money home quickly and at lower cost; though for one-off payments, services like Wise or OFX may still be cheaper.
• Property & education costs – Manage rent, tuition, and allowances directly in the local currency.
• Investments – Keep track of international holdings across multiple currencies in one place.

You’re probably better off with simpler tools if you:

• Only travel occasionally or send a few transfers each year → a no-FX-fee credit/debit card or a remittance app is usually enough.
• Run a domestic-only operation with less than 5% of spending or revenue in foreign currencies.
• Work mainly with a single foreign currency → a single foreign account or remitter is often cheaper and easier.
• Already keep FX costs minimal with existing solutions and fall below the thresholds in the diagnostic above.

Now that you learn what a multi-currency account is and when you might need it, let’s compare the pros and cons of a multi-currency account in detail.

Before you open a multi-currency account, there are a few important things to consider to make sure the account fits your business needs. Ask yourself the following questions to evaluate your options.

1. Do You Send or Receive Payments in Multiple Currencies?

If you regularly invoice clients overseas or pay international suppliers, holding multiple currencies in one account can help you avoid constant conversions and cut FX costs

2. Which Currencies Do You Actually Use?

Make sure the provider covers the currencies most relevant to your business. Some accounts support only major ones like USD, EUR, or GBP, while others also include less common currencies such as THB (Thai Baht), VND (Vietnamese Dong), or MXN (Mexican Peso).

3. What Are the Real Costs?

Compare more than set up and monthly fees. Look at FX markups, transfer fees, and any minimum balance or inactivity fees. Transparent pricing helps manage your cash flow ahead.

4. How Easy Is It to Send and Receive Money?

Look for accounts that support local payment methods like FPS, ACH, or SEPA, not just SWIFT. Local transfers mean faster payments for you and your partners.

5. Are There Limits on Transfers or Balances?

Some accounts impose daily or per-transaction limits, including minimum and maximum amounts. These may be fine for small businesses, but can cause issues as you scale.

6. Will This Account Grow With Your Business?

Beyond currency handling, consider whether the account offers helpful features like debit cards, accounting integration, or an account manager, especially if your business is expanding.

If you’re an SME or startup expanding in Hong Kong or operating across the region, we can help simplify your cross-border payments.

Statrys is a licensed payment service provider in Hong Kong, offering multi-currency business accounts for businesses registered in Hong Kong, Singapore and the British Virgin Islands (BVI).

With Statrys, you can hold and manage funds in 11 major currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD from one account number. Apart from SWIFT payments, you have an option to send local payments in 12 currencies. Statrys also offer competitive rates based on real-time mid-market rates, with fees starting from 0.1%

You’ll also gain access to virtual cards for team expenses, with funds deducted directly from your HKD business account without manual top-ups required. 

Every business account comes with a dedicated account manager. Our multilingual team is available through channels like WhatsApp, WeChat, and phone, making it easy to get help when issues arise.