Foreign exchange · Accounts
Multi-currency business accounts: holding foreign currency until you need it
Ocean Capital Exchange helps you match foreign-currency receipts to payments and assess whether holding balances would reduce unnecessary conversions. Your account manager helps check supported balances, collection details and payment features for the way your business trades.
Definition
What a multi-currency account is
A multi-currency account is an e-money or payment account, provided by a regulated payments institution, that holds balances in several currencies and can send and receive payments in each.
Depending on the provider and currency, the account may come with local collection details so overseas customers and marketplaces can pay as if paying a domestic account.
An e-money or payment account is not a bank deposit account. Check the provider's safeguarding arrangements and limitations rather than assuming FSCS deposit protection. Balances do not usually earn interest.
Your OCE contact helps you assess which balances and receiving details match your trading pattern. Currency-account planning is explained on our currency accounts page; this guide focuses on using several balances together.
At a glance
- Holds
- Balances in supported currencies
- Collects
- Via local or international details, where available for the currency
- Pays
- From existing balances without re-converting
- Protection
- Safeguarding by the provider; not FSCS deposit protection
- Provider
- Regulated third-party payments partner
Suitability
Which businesses it suits
Most useful where the same currency flows in and out.
Usually a fit
- Exporters receiving euros or dollars who also pay suppliers in those currencies.
- Online sellers collecting marketplace payouts in several currencies.
- Businesses with overseas subsidiaries or staff paid in local currency.
- Firms wanting to choose when to convert rather than converting on receipt.
Usually not a fit
- Businesses seeking an interest-bearing deposit or a full replacement for a UK bank account.
- Currencies or countries the provider does not support for collection.
- Businesses unable to meet the provider's verification requirements.
Process
How the account works
Typical use of a multi-currency account.
- 01
Open the account
The payments partner verifies the business.
- 02
Receive collection details
Local or international details are issued for supported currencies.
- 03
Collect
Customers and marketplaces pay into the relevant currency balance.
- 04
Hold or convert
Keep the balance for future payments or convert when you choose.
- 05
Pay
Send payments from the balance to suppliers or staff.
In practice
Typical uses
Common patterns:
- Natural offset
- Using euro receipts to pay euro suppliers.
- Marketplace payouts
- Collecting overseas marketplace income into the right currency.
- Timing conversions
- Converting surplus balances when it suits cash planning.
- Paying overseas staff
- Funding local salaries from local currency.
- Euro receipts in a monthFrom customers
- €80,000
- Euro supplier paymentsPaid from the balance
- €55,000
- Net to convertOnly the surplus is converted
- €25,000
- ConversionNo rate assumed
- At a rate agreed when you choose
Hypothetical. Illustrates netting; no rate, fee or saving is implied.
Weighing it up
Benefits and material limitations
Useful for netting flows, with clear limits on what the account is.
Benefits
- Fewer conversions
- Paying from the same currency avoids converting in and out.
- Local collection
- Where available, overseas payers can pay locally.
- Control of timing
- Decide when surplus currency is converted.
Material limitations
- Not a bank deposit
- No FSCS protection; safeguarding arrangements depend on the provider.
- Currency coverage varies
- Not every currency has local collection details.
- Balances still move in value
- Held currency changes in sterling terms.
- Checks on incoming funds
- Unexpected receipts may be held for verification.
Due diligence
What the payments partner checks
Account opening is a regulatory process carried out by the payments partner.
- Business identity and ownership
- Verification of the company and its controllers.
- Expected flows
- Currencies, volumes and counterparties.
- Collection use
- Who will pay into the account and why.
Information often requested
- Certificate of incorporation and company details *non-UK only
- Identification for directors and significant shareholders
- Proof of business address *non-UK only
- Description of the business, its markets and expected payment flows
- Details of the currencies and countries involved
Available currencies and collection details are set by the payments partner.
Pricing structure
Costs and settlement
Costs depend on the provider's tariff and how the account is used.
- Conversion margin
- When balances are converted.
- Payment fees
- On outgoing payments, where applied by banking partners.
- Receiving fees
- On some incoming payment types, where applied by banking partners.
Funding and settlement
- Balances are available for payments once received and cleared.
- There is no lending; payments can only be made from available balances.
What to compare between providers
- 1.Currencies held and those with local collection details
- 2.Fees on incoming and outgoing payments
- 3.Conversion margins
- 4.Safeguarding arrangements
- 5.Online access and user controls
Worked illustration
Compare conversion costs
When you convert a balance, compare two FX margins using your own reference rate. No separate individual transfer fees are modelled. Additional third-party or intermediary bank charges may apply.
Three quick steps
Compare your transfer costs
Your transfer
In pounds sterlingYour figure, EUR per 1 GBPTake every rate at the exact same moment. Enter EUR per 1 GBP (for example 1.17), not the inverse rate.
Your current provider
EUR per 1 GBPThe rate you'd like to compare
EUR per 1 GBP
Your comparison
Fill in the three steps and we'll show the difference here, in pounds.
0 of 4 figures entered
- Current provider
- £ —
- Comparison
- £ —
Enter the amount, mid-market reference and both provider exchange rates. Exchange rates must be greater than zero.
How this is worked out, and what it leaves out
Illustration only, not a quote, live rate or forecast of savings. Implied margin is the percentage reduction from your mid-market reference to each entered provider rate. The GBP cost shown is the rate shortfall relative to that reference, not a separately charged fee. OCE does not typically charge individual transfer fees, so no separate transfer fee is included. Additional charges may apply in particular circumstances, including third-party or intermediary bank charges; confirm the full terms for your payment.
Illustration only, not a quote or live rate. Rate costs are shortfalls against your reference, not separate fees. Other charges may apply.
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.
Multi-currency account questions
Still unsure? Call +44 20 7183 2026.
Is my money protected by the FSCS?
Do not assume FSCS deposit protection applies to an e-money or payment account. Check the legal entity and account terms: applicable safeguarding arrangements differ from bank deposit insurance and do not guarantee instant recovery or no loss. OCE does not hold your balances.
Can my overseas customers pay me locally?
For some currencies the account provides local collection details. Availability depends on the currency and provider.
Do balances earn interest?
Generally not. The account is for transactions, not savings.
Can I collect marketplace payouts?
Often yes, subject to the provider's checks and the marketplace's requirements. See e-commerce payments.
Does holding currency remove FX risk?
No. The sterling value of held currency still moves. It removes unnecessary conversions, not exposure.
Can I replace my UK bank account with it?
It is designed for currency activity. Most businesses keep a UK bank account alongside it.
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
Multi-currency accounts are payment or e-money accounts with the relevant provider, not bank accounts, and generally do not pay interest. Accounts and balances are administered by the relevant payments provider under its own terms. How client funds are protected, for example through safeguarding, depends on that provider and its regulatory status; such arrangements differ from bank deposit protection and FSCS cover should not be assumed.
The information on this page is general and is not financial, legal or tax advice. Currency availability and collection details vary by provider. Held balances change in sterling value as rates move.
Discuss a currency account
Bring your currency receipts and payment plans to OCE. We help check account features, pricing and onboarding with the provider. Access to over 130 currencies does not guarantee holding balances, local details or forwards in each one.
- Or call the desk
- +44 20 7183 2026
- Office
- 73 Watling Street, London, EC4M 9BJ