Accounts · Multi-currency
Business currency accounts for holding, receiving and paying in more than one currency
Ocean Capital Exchange helps you organise foreign-currency receipts and payments with dedicated support to check the account features your business needs. Holding a supported currency balance can let you pay from existing receipts instead of converting each movement immediately.
Definition
What a currency account is
A business currency account is a partner-provided account, often e-money or payment-institution based, that holds balances in one or more currencies and can receive and send payments in them.
Holding currency lets you choose when to convert, and pay suppliers from money you already received in that currency.
These are generally not bank deposit accounts. Protection of funds depends on the partner's safeguarding arrangements, which differ from bank deposit protection.
At a glance
- Holds
- Balances in currencies the partner supports
- Account type
- Usually e-money or payment-institution accounts
- Protection
- Partner safeguarding; not bank deposit protection
- Named accounts
- Availability depends on partner and currency
- OCE's role
- Account-feature checks and ongoing support; provider-held balances
Suitability
Who benefits
Most useful where a business both earns and spends in the same foreign currency.
Usually a fit
- Businesses receiving and paying in the same foreign currency.
- Exporters wanting to choose when to convert income.
- Firms with overseas suppliers and customers in the same region.
- Groups moving funds between entities in several currencies.
Usually not a fit
- Businesses expecting bank deposit protection on balances.
- Those needing lending, overdrafts or interest on balances, unless a partner specifically offers it.
- Currencies or countries outside the partner's coverage.
- Personal accounts.
Process
How accounts work
Typical setup and use:
- 01
Apply
The partner checks your business and confirms which currencies are available.
- 02
Receive details
Account details are issued for supported currencies.
- 03
Receive funds
Customers or platforms pay into the relevant currency balance.
- 04
Hold or convert
Keep the balance, or convert when you choose.
- 05
Pay out
Pay suppliers directly from the currency balance.
In practice
Typical uses
Ways businesses use currency balances:
- Natural offsetting
- Paying euro suppliers from euro receipts without converting twice.
- Timing conversions
- Converting income when it fits your cash-flow plan.
- Regional trading
- Running a currency balance for a market you serve.
- Reconciliation
- Separating flows by currency for clearer records.
- Euro balance to convertSource currency: EUR
- €60,000.00
- Transfer feeDeducted before conversion
- €20.00
- Amount converted
- €59,980.00
- Hypothetical rateGBP per €1
- 0.8520
- Sterling received€59,980 × 0.8520
- £51,102.96
All figures are hypothetical, chosen to show the arithmetic. They are not current, typical or offered rates or fees.
Weighing it up
Benefits and material limitations
Consider protection and coverage carefully.
Benefits
- Fewer conversions
- Avoids converting in and out of the same currency.
- Control over timing
- Convert when it suits you.
- Local-style receiving
- Where named or local details are available, customers can pay more easily.
Material limitations
- Not a bank deposit
- Safeguarding is not the same as deposit protection.
- Rate exposure on balances
- Held currency changes in sterling value.
- Coverage varies
- Currencies and named details differ by partner.
- No interest by default
- Balances may earn nothing.
Due diligence
What partners assess
Opening an account requires the partner's due diligence:
- Business identity
- Registration, directors and owners.
- Expected flows
- Currencies, counterparties and volumes.
- Countries involved
- Where funds come from and go to.
- Source of funds
- Origin of balances held.
Information often requested
- Certificate of incorporation or equivalent registration *non-UK only
- Identification for directors and beneficial owners
- Proof of business address *non-UK only
- A description of expected payment volumes, currencies and counterparties
Each partner sets its own criteria, may ask for more information and can decline an application. We cannot confirm which partner, currencies or countries will be available to you until it has reviewed your business.
Pricing structure
Costs and settlement
Account costs vary by partner. Ask for the account-opening, maintenance, collection, conversion and transfer charges in writing; do not assume any of these are free.
- Account fees
- Any opening, monthly or inactivity fees in the partner's tariff.
- Conversion margin
- Applied whenever you convert between balances.
- Payment fees
- For sending or, in some cases, receiving payments.
- Third-party charges
- Possible deductions on incoming international transfers.
Funding and withdrawals
- Incoming payments are credited once received and checked.
- Withdrawals to your bank are subject to partner cutoffs.
- Balances are held under the partner's safeguarding arrangements.
Checklist for comparing quotes
- 1.Which currencies can be held and which have account details
- 2.Account, payment and conversion fees
- 3.Safeguarding arrangements and the legal entity holding funds
- 4.Limits on balances or payments
- 5.Cutoff times for withdrawals
Hypothetical illustration
Check a balance conversion
Enter a balance in the source currency, a quoted rate and any fee. The fee is deducted in the source currency before conversion.
Hypothetical result
Complete every field to see a result (0 of 2 entered).
0 of 2 required figures entered
Assumptions, and what this leaves out
- Direction: you sell the source currency and buy the destination currency.
- The full source amount is converted; no separate individual transfer fee is modelled.
- The rate you enter is assumed to already include any margin; no separate spread is added.
- Third-party or intermediary bank charges may apply in particular circumstances and are excluded from this illustration.
- Excluded: provider margin not reflected in your rate, intermediary or receiving-bank charges, card or platform fees, tax and any credit or margin calls.
Results are arithmetic on your inputs only. They are not a quote, an offer or advice, and no provider has priced them.
Want to discuss these figures? Open our enquiry form (opens in a new tab). Calculator figures are not transferred automatically, so please include any you want us to review.
Currency account questions
Still unsure? Call +44 20 7183 2026.
Is a currency account a bank account?
Usually not. Most are e-money or payment accounts provided by partner firms, with funds safeguarded rather than covered by deposit protection.
Which currencies can I hold?
Ask OCE to check the currencies you need to hold. Access to over 130 currencies for FX and payments does not mean all can be held in an account or have local receiving details. Account features depend on the provider, currency and your eligibility.
Can I get account details in my company name?
Some partners offer named accounts for some currencies. Confirm availability during onboarding.
Are balances protected?
The provider's account terms explain any applicable safeguarding arrangements and their limitations. Safeguarding is different from bank deposit protection and is not a promise of instant repayment or no loss. OCE does not hold your funds; ask your account manager to help you locate the relevant terms.
Do balances earn interest?
Not by default. Check the partner's terms.
Are accounts free?
There is no universal free-account commitment on this page. Ask the specific partner whether opening, maintenance or inactivity charges apply, and check conversion, collection and payment fees separately.
Independent background reading
These independent sources explain general concepts. They do not endorse Ocean Capital Exchange or confirm our providers, product availability or terms. Your provider’s agreement takes precedence over an illustration.
Important information
Currency accounts are provided by third-party partners. They are generally not bank accounts and are not covered by deposit protection schemes.
Ocean Capital Exchange Ltd introduces clients to third-party providers of foreign exchange and payment services and does not itself hold client money or execute payments. The provider responsible for your account, its regulatory status and complaint route are set out in its terms and on our Security and legal page.
This page is general information, not financial, legal or tax advice. Examples and calculator results are hypothetical arithmetic, not quotes, offers or predictions. Exchange rates move and no outcome is guaranteed.
Hold the currencies you trade in
Tell OCE which currencies you receive and pay. Your account manager helps check holding balances, receiving details and costs with the provider before you apply.
- Or call
- +44 20 7183 2026
- Office
- 73 Watling Street, London, EC4M 9BJ