Open Multi Currency Account for Business Needs

A Multi Currency Account is an account specially designed for businesses catering services or products across the globe and having customers pay them in their local currency for ease of business.

E-Commerce or marketplace sellers are major users of multi-currency accounts as they being in the UK want to sell their products in countries like the USA, European countries, Asian Countries or any part of the world to Amazon, eBay, Etsy and many such marketplaces.

As local businesses start selling internationally, the need for international currency accounts increased. For example – A seller from Israel wants to sell on Amazon USA, so the seller needs a USD business bank account for ease of business.

Banks in the UK provide USD and EUR accounts but the cost of maintenance and transaction fees are too high. Businesses in today’s time want to sell globally and there is no stopping thanks to the virtual multi-currency account facility.

A multi currency account is a type of bank account that allows you to hold and manage multiple currencies at the same time. This type of account allows you to hold funds in multiple currencies, such as US dollars, euros, and British pounds, and to make and receive payments in those currencies.

You can typically convert between the different currencies within the account, and some accounts may even offer real-time exchange rates. This type of account is useful for businesses that frequently conduct transactions in multiple currencies.

Unicorn Currencies finds the best-suited solution as per your business requirements and we don’t impose a pre-defined service or products on their customers.

Mentioned are a few differentiator points:

1. No set-up fees
2. Choose what you need the most as a service.
3. Customised fees as per your business model.
4. Competitive FX rates for conversion.
5. No charge for making VAT payments
6. 24/7 Customer Service
7. 24/7 conversion of currencies

We are not limited to the above penned benefits; Unicorn Currencies believes in customising and personalising multi-currency requirements and fixed fees structure for our customers.

1. Do you cater services and your customers are based across the globe if your customers could pay you in their local currency it could add significant value to your business.

2. Do are sell products online or on e-commerce marketplaces and your buyers are based in different countries?

3. Do you sell goods or services and buy goods or services in the same currency but that’s not your local currency?

4. If you are selling offline products to your customers and bill your customers in their local currencies to take advantage of Currency volatility.

It’s time to choose a multi-currency account for your business.

Most of UK based International Business Payments Providers are using EID (electronic identification) process to avoid documentation, they need the below-mentioned details to run an EID check:

1) Business Name, Registered Address, Trading Address and Business Phone Number for UK-based businesses.
2) VAT number if annual FX transaction is expected to be above £85,000
3) Home Address and Date of Birth of Directors and Shareholder with 25% and above shares in the company.
4) Business website.

If the Director or Shareholders fails EID (electronic identification) check, then furnishing below
mentioned documents could be mandatory:
1) Proof of Identity for EID failed Directors and Shareholder with 25% and above shares in the company –
a) Valid Passport
b) Valid Driver’s License
c) UK Residence Permit Card.

2) Proof of Address for EID failed Directors and Shareholder with 25% and above shares in the company –
a) Local authority tax bill for the current year
b) Utility bill (such as gas or landline phone bill) dated within the last 3 months.
c) Bank, building society or UK credit union statement within the last 3 months.
d) Credit Card statement less than 90 days.
e) Valid Driver’s License (if not submitted as Proof of Identity.

3) If the Home Address is the same as Business Address or no website:
a) A couple of Purchase Invoice
b) A couple of Sales Invoice
c) Warehouse Address? If No warehouse, bill of landing or proof of goods shipments.
d) Business bank statement dated 3 months.

Free

You get access to a debit card as per the arrangement with the e-wallet service provider and you can utilise it at any ATM to withdraw your desired amount in desired countries.