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Posted 30th October 2023

PaySaxas, Wise, and Others: Best Multi-Currency Business Accounts in 2024

PaySaxas, Wise, and Others: Best Multi-Currency Business Accounts in 2024  Doing business outside one country and settlements with foreign partners require a solution — to open an international online current account. Such an account will help to make profitable cross-border transfers, avoid expenses due to unfavorable currency conversion rates, increase the speed of settlement business […]

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PaySaxas, Wise, and Others: Best Multi-Currency Business Accounts in 2024

PaySaxas, Wise, and Others: Best Multi-Currency Business Accounts in 2024 

Doing business outside one country and settlements with foreign partners require a solution — to open an international online current account. Such an account will help to make profitable cross-border transfers, avoid expenses due to unfavorable currency conversion rates, increase the speed of settlement business operations, and have a currency reserve on the account. 

What type of account is this, why is it necessary for business owners, and which companies are leading the way in providing this service today? Let’s find out together with David Cowell, the international payment expert. 

What is an international business account? 

A business multi-currency account is not a corporation-centric or corporation-exclusive type of account, as the name suggests. It is usually just a general term referring to an international business account for a limited company used to manage their money including transferring, receiving, and any payment activities related to their day-to-day operations.

Opening a current business account online according to David is convenient because it does not require the personal presence of the client during the registration process. The procedure also provides for the issue of a payment plastic card for comfortable settlements. 

Advantages and disadvantages of such an account

Today, this kind of service has become quite accessible and real. The international financial system is a pledge of reliability, security, and stability. Opening a business multi-currency account is required to organize a business. Best advantages of opening a business account online in Europe:

  • availability of multi currency transactions;
  • remote control and management of funds;
  • absence of currency control;
  • guaranteed safety of deposits;
  • opening of an investment account.

As with any other service, there are always downsides. Let’s familiarize ourselves with them: 

  • They may well cost you in fees. 

Though there’s now a new breed of digital multi currency accounts without monthly fees, most business accounts charge a monthly fee. You’ll also usually pay for cash deposits and withdrawals, and sometimes for making other transactions.

  • The fear of keeping all the money in a virtual multi-currency business account. 

It is best to spread the company’s money across different accounts, in separate banks. You can protect yourself from being deprived of all funds in case of hacking, as well as the ability to compare different bank business accounts. 

These days, many providers offer such an opportunity, namely opening a multi currency business account. Who can users trust, and who is leading this market today? Let’s get to know the companies better. 

Best International Business Bank Accounts Available Worldwide 

I have been fortunate enough to explore many well-known and popular providers in the payment industry. I was able to form my opinion and highlight a few worthy contenders that will definitely help business owners make the best decision when choosing a company to open an online multi-currency business account. Let’s start in order. 

PaySaxas 

PaySaxas is a young company whose sole purpose is to make digital payments more manageable for small and medium-sized businesses. Their deep expertise and understanding of the FinTech market allow them to provide an outstanding range of products and services to meet the needs of the clients. 

They offer multi-currency business account, worldwide payments, and currency exchange with integrated functionality to track, manage and protect company transactions – leaving you to focus on your revenue. Moreover, the company’s clients can freely exchange their fiat money into cryptocurrency. 

Businesses can receive money in dollars or euros, and exchange the funds to USDT for their needs. This process is even faster and easier thanks to PaySaxas. They value innovative technology, user experience, and business service.

Key features

Supported countries We onboard companies from 100+ FATF-cooperative jurisdictions, including Australia, EU-EEA, Ukraine, Georgia, Armenia, Uzbekistan, and others.
Business Account Receive, hold, convert, and make payments in 3 currencies.
Supported currency and cryptocurrency 25+ currencies and USDT
Technical support 24/7 via major messenger platforms.

Revolut Business 

Revolut offers both personal and business multi-currency accounts with a variety of account tiers offered, all of which can hold and exchange multiple currencies. For Revolut Business customers, there are several account options: Free, Grow, Scale and Enterprise.

All accounts including multi currency business ones have some great features, like options to hold and exchange 25+ currencies, linked cards, ways to add team members, local and international payments and ways to get paid by others in person and online.

Key features

Supported currencies Hold and exchange 25+ currencies
Cards All accounts come with linked debit and expense cards
International fees International transfers are free to plan limits, 3 GBP each after that
Account fees Revolut Business fees and features depend on account plan selected

Wise 

Wise is a London based global online money transfer service founded in 2011. Currently, the provider supports more than 11 million customers, thanks to their team of 3,000 professionals working in 21 offices across 19 countries.

In addition to these innovative aspects, the company charges low transfers fees in comparison to many providers in the market. One notable area of improvement for the company is its pay-out options. Currently, Wise permits transfers to bank multi-currency business accounts only, with no cash pickup option available. 

Key features

International Money Transfers Make international payments with interbank rates in 70+ countries.
Business Account Receive, hold, convert, and make payments in 40+ currencies.
Debit Card IEasy access to your multi-currency account with Wise debit cards.
FX Services Low-cost currency exchange services to convert funds between currencies at the mid-market exchange rate.

Airwallex 

Airwallex is a fully licensed and regulated payment system. A business multi-currency account in the Airwallex payment system can be opened by both EU resident and non-resident companies. The main aspect of deciding in favor of a potential client is the business activity and legal form of the company.  

Cards issued by Airwallex are multi-currency and can be used for transactions in any currency supported by Visa, provided there is sufficient balance in the multi currency account to cover the transaction. For a transaction in the selected currency, funds will be directly debited from the Airwallex multi-currency account in that currency without any additional hidden fees or conversion fees.

Key features

Supported currencies Hold and exchange 12+ currencies
Easy Transfer With Airwallex, you can send money to over 150 countries in over 40 currencies in 2 methods: SWIFT and Local Transfers.
Software Integration Airwallex allows businesses to integrate with accounting software such as XERO, Quickbooks, and Netsuite and ecommerce platforms like Amazon, Shopify, and Lazada.
Cards Airwallex’s virtual and physical Visa debit cards allow you to make payments in multiple currencies without foreign transaction fees and other hidden charges. Supported currencies include AUD, SGD, HKD, GBP, USD, EUR, JPY, CAD, NZD, and CHF.

Final comparative analysis of the alternatives 

Now you can familiarize yourself with the final version of the comparison table, where you can see the difference between the best payment systems.

Provider PaySaxas Revolut Business Wise Airwallex
Platform(s) Web platform Web platform; Mobile app Web platform; Mobile app Web platform; Mobile app
Account Opening Fee Free  Free for standard account 16–45 GBP Free
Currencies 15+ 25+ 40+ 12+
Cryptocurrency
Business card
Multi-currency account option

Final Thoughts

Today, we looked at the possibility of opening a multi-currency business account in popular virtual fintech platforms. Companies like PaySaxas, Wise, Revolut, and Airwallex offer a great chance to make transactions in different currencies. 

That is, you can receive, store, and spend money in dollars, euros, pounds, and even in USDT thanks to PaySaxas. Also, if desired, they can be easily converted within the account. Moreover, funds are credited to a multi-currency business account in the currency in which they were sent. 

Thanks to this, you won’t waste money on commissions for additional conversions. This is a huge benefit for business. According to the international payment expert, David Cowell, such multi currency accounts make transactions more flexible and versatile for businesses.

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