Unlocking Global Potential with Multi-Currency Business Accounts

As the finance team at a global company, you likely run into some of these key issues: 

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• Opening and managing multiple bank accounts in each country takes time away from focusing on strategic initiatives and makes it difficult to review your company’s global cash position in real time.
• Expensive FX fees from your banks eat into your company’s profit margins.
• Complex regulatory procedures in different countries are mind-boggling and time-consuming.
• Lack of visibility into real-time global cash flow position because funds are separated within different accounts and log-ins. 

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Trying to grow a global business while keeping your financial operations lean and efficient shouldn’t have to be complicated. That’s why we created Jeeves.

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In this article, we’ll share: 

• What are multi-currency business accounts
• The benefits of multi-currency business accounts
• How to create multi-currency business accounts with Jeeves Cash 

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What are multi-currency business accounts?

Multi-currency business accounts function as local currency accounts, bearing your name along with local bank and branch codes and dedicated account numbers. Instead of enduring the hassle of opening accounts in various countries, businesses can skip the long queues and excessive paperwork by simply opening accounts online within minutes. These accounts facilitate seamless transactions, allowing businesses to send and receive funds domestically and internationally across multiple countries and regions. 

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Here's why they are the future for global businesses: 

Simplify global transactions 

Multi-currency business accounts offer a simple solution for global transactions, allowing businesses to effortlessly conduct transactions in multiple currencies. This is particularly convenient for paying global invoices in local currencies. By holding and receiving funds in the currencies crucial to their operations, businesses can simplify their accounts payable and accounts receivable operations while eliminating the need to open multiple foreign bank accounts.

Streamline global cash management with real-time visibility

• A significant challenge in global business operations is the lack of real-time visibility into global cash positions due to funds being segregated by country with their own bank accounts and logins. However, with multi-currency business accounts, finance teams can consolidate their multi-currency accounts within one platform, gaining a clear, real-time view of their global cash position. This supports effective cash flow management, enabling the finance team to proactively make informed strategic decisions. 

Avoid costly conversion and bank fees

• Traditional banks and other financial institutions often charge hefty fees for converting funds into different currencies. Multi-currency business accounts offer a solution by allowing businesses to send, receive, and hold funds in multiple currencies at one time. 
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  By sending and collecting payments in their preferred currency, businesses can effectively eliminate unnecessary conversion fees. 

Mitigate currency risk

• Multi-currency accounts enable businesses to mitigate currency risks by holding balances in various currencies. This flexibility protects against unexpected currency devaluations or fluctuations, ensuring financial stability.
• Platforms like Jeeves provide additional support by allowing users to transfer funds between multi-currency accounts at competitive rates and speeds, offering protection against currency fluctuation, especially with volatile currencies. 

Improve suppliers relationships

• Multi-currency business accounts enhance relationships with international suppliers and customers by simplifying transactions in their local currencies. Making payments in suppliers’ local currency not only streamlines transactions but also potentially enables businesses to negotiate better terms. 

Expand operations globally - quickly

• As businesses expand globally, multi-currency business accounts offer instant financial infrastructure for receiving and managing funds in local currencies. This eliminates the time-consuming task of opening local bank accounts, accelerating market entry, and reducing financial barriers to expansion. 

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How to create multi-currency business accounts with Jeeves Cash

Jeeves is a global spend management platform built for businesses engaging in transactions across multiple countries. Among its array of features, Jeeves Cash, enables its customers to effortlessly open multi-currency business accounts in five currencies: BRL, CAD, EUR, GBP, and USD. 

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In additional to multi-currency business accounts, Jeeves offers flexible options for paying global vendor invoices through Jeeves Pay, its accounts payable solution, and Jeeves Cards, free corporate cards for teams.

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Create multi-currency business accounts today with Jeeves. Sign up here to apply.