Go global with a multi-currency account for your ecommerce business

Swerve high FX fees by making payments and holding funds in the currency that makes sense for each of your transactions.

You won’t need us to tell you that the world is your marketplace when you’re running an ecommerce business. And you also won’t need us to tell you that your margins can be squeezed in some corners of that global marketplace depending on which currency you have to use.

It’s not so long ago that you needed a financial services foothold in each of your key markets to avoid being hit by costly FX fees. Not ideal for someone like you, who wants to run a lean, agile ecommerce operation.

Thankfully, it’s all changing. In the age of the multi-currency account, you can get a much better deal on your transactions in all currencies for bigger wins across the board. Let’s see how.

How does a multi-currency account work?

It’s really a question of online banking vs traditional banking. With traditional bank accounts everything is geared towards converting funds back into your account’s currency (and usually paying an inflated FX or administrative fee for the privilege). Your account is in GBP. Your customer pays in USD. A big chunk of your sale is gobbled up by finance charges. Accept this. Repeat.

With a multi-currency account it’s different. When your customer pays in USD, your account simply accepts the funds in USD. Low fees. Less hassle. What happens next depends on the features of your account, but it usually goes a bit like this…

You move money to different currency pots within your multi-currency account, so that your USD funds become GBP funds or EUR funds without a big FX fee.

Or you hold your funds in USD until either it makes sense to move them for FX reasons or you want to spend in USD.

Whatever you want to do with your funds, the main thing is that you’ve been paid in full. You’re not paying over the odds to receive what should already be yours.

And once you’ve got that multi-currency infrastructure in place, there are lots of options for getting more from your money.

6 ways a multi-currency account will help you to win in ecommerce

1. Spend in the currency that makes most sense

If you’re spending big on online ads, it’s important to do it as cost-effectively as possible. Avoid less favourable FX rates by allocating the best currency for your spend on specific ad networks or in specific countries. You can always choose the right currency for your business spending with a multi-currency account.

2. Say goodbye to big international transfer and FX fees

Just like our earlier example, there's really no reason to be paying highly inflated transfer fees to get your hands on your money, just because it came from another country. With a multi-currency account, you don’t have to worry about losing a slice of your income in this way. Lower fees mean bigger profits. Bigger profits mean a growing business. A growing business means a definitive ecommerce win.

3. Match up with your payment gateways

Set up payment gateways to cover all your currency options so you’re not tied to their internal currency conversion tools (which you’ve probably noticed is another good way to lose a sizeable chunk of your income). Receive funds to your USD payment gateway; withdraw to your multi-currency account. No conversion required and only a tiny FX fee to pay.

4. Get clearer data on your spending

When your Facebook Ads EUR spend is separate from your Facebook Ads USD spend, you get more insights on your ROAS in specific markets and currencies. Channel more funds to the currencies that are delivering the best returns for your business.

Similarly, if you’re earning in euros and disbursing in dollars, it is much more difficult to keep track of your money. Far better to be able to see all the comings and goings on a currency-by-currency basis, but also to keep your funds in one place in a single multi-currency account.

5. Trade like a local, wherever you are

With your multi-currency account you can do business like local companies in places around the world. You could be in Orléans or New Orleans, York or New York. Or you could be on a beach in Thailand. It doesn’t matter where you are because your currency will be speaking the right language for you. So you can spread your horizons. Push further. Go beyond.

6. Make your time go further as well as your money

It’s not only finance fees that get slashed with a multi-currency account. It’s also time previously wasted on money management tasks or trying to work out how the amount that hit your account tallies with the amount on your invoice. A multi-currency account frees your time and makes selling around the world a smoother process.

Do I even need a bank?

We’re glad you asked! Digital banking doesn’t necessarily need a bank to be involved at all.

In fact, some old-school banks still have an old-school bank way of doing things, and that doesn’t always meet the needs of an ambitious ecommerce business. Some banks also think that if you’re not paying huge FX fees, you should pay for your multi-currency account instead.

Here at Juni, it’s free to sign up for our financial management platform, which includes multi-currency accounts. You can get IBAN accounts and virtual cards in EUR, GBP and USD.

And because our dashboard integrates with all major payment gateways, bank accounts and ad networks, you get valuable data on each of our financial products and each of your currencies. Plus, no matter how many ecommerce businesses you have, you get an overall view of their finances all in one place.

Ready to get started with a multi-currency account?

If a multi-currency account would help your ecommerce business to break into new markets, boost your margins or slash its finance fees, then get Juni. 

Open multi-currency IBAN accounts and create as many virtual cards as you need, with FX fees capped at 0.25%. Plus get 2% cashback on all eligible spend for your first 30 days, and up to 1% thereafter – no matter whether it's in EUR, GBP or USD.