Expanding internationally brings opportunity—but also complexity. One of the first steps to smooth global operations is managing cash in multiple currencies. Whether you’re receiving payments from customers, paying international suppliers, or managing cross-border teams, having the right account structure in place can significantly reduce FX risk, save money, and simplify operations. 

Multi-currency accounts are no longer a luxury reserved for multinational corporations. Today, scale-ups and high-growth businesses need the same level of financial flexibility and control to compete globally. Here’s a comprehensive step-by-step guide to help your business set up multi-currency accounts the right way. 

Step 1: Assess Your Currency Needs 

Begin by mapping out your international exposure. Where do your customers, suppliers, and partners operate? What currencies do you invoice in—and in which ones do you receive or make payments? 

Key questions to ask: 

• Which currencies do we need to support day-to-day operations? 
• Where are our largest suppliers and clients based? 
• Are there any countries we’re expanding into over the next 12–18 months? 
• What are our current costs related to currency conversion and FX? 

This strategic review will help you identify where friction exists and where opportunities lie for greater efficiency and control 

Step 2: Choose the Right Account Structure 

There are generally two approaches businesses take: 

1. Local Bank Accounts: Opening separate accounts in each jurisdiction and currency can offer strong benefits, especially if you have legal entities or operational needs in each market. This approach enables you to transact locally, improve payment speed through domestic rails, and comply with regional financial regulations. When paired with the right infrastructure and support—such as Clearing’s named local accounts—this setup becomes a strategic advantage, enabling businesses to operate natively, improve trust and speed, and streamline local compliance.
2. Multi-Currency Accounts: Holding and managing multiple currencies in a single account through a global payments provider. This structure streamlines treasury operations, reduces the number of banking partners, and often comes with better visibility and cost efficiency.

Multi-currency accounts are particularly effective for: 

• Collecting customer payments in the currency of sale 
• Paying suppliers in their local currency 
• Holding currency balances until FX conditions are favourable 

Step 3: Select the Right Provider 

Not all providers are created equal. Look for one that offers: 

• True multi-currency functionality (30+ currencies is ideal) 
• Named accounts in your company name for transparency and trust 
• The ability to collect and pay in local currencies via domestic rails 
• Competitive, transparent FX pricing 
• Strong compliance credentials and licensing in major jurisdictions 

At Clearing, our multi-currency accounts give businesses the ability to hold, pay, and collect in over 30 currencies—supported by robust, compliant infrastructure designed for simplicity and scale. 

Learn more: → clearing.com/services/multi-currency-accounts 

Step 4: Streamline Collections and Payments 

Once your account is active, align your internal processes to maximise efficiency. This means: 

• Invoicing clients in their preferred local currency 
• Receiving funds into corresponding currency accounts 
• Minimising unnecessary FX conversions 
• Using tools to schedule or automate conversions at optimal rates 

By localising the payment experience, you build trust, speed up settlement, and reduce the number of failed or delayed payments. 

If you’re paying international vendors, the same applies—paying them in their preferred currency avoids additional charges on their end and improves your vendor relationships. 

Step 5 Monitor, Optimise, and Scale 

Global markets and your business will evolve. Your account setup should, too. Periodically review: 

• Which currencies you need vs. which you’re actively using 
• Whether any currencies can be consolidated 
• FX costs and spread performance 
• Changes in supplier or customer locations 

A well-structured multi-currency framework should evolve alongside your business strategy. As you enter new markets or regions, adding additional currencies should be seamless. 

Clearing is actively expanding its infrastructure to support a wider range of local collection and payout options—rolling out services in phases as demand grows and regulatory clearance is achieved. This gives you greater flexibility and less reliance on traditional banking routes. 

Key Benefits Recap 

Multi-currency accounts, when structured and managed properly, offer a wide range of strategic advantages: 

• Lower FX costs: By reducing unnecessary conversions and timing FX strategically. 
• Faster settlements: Using domestic rails where available accelerates payment speed. 
• Simpler reconciliation: Fewer banking partners and consolidated accounts mean cleaner books. 
• Improved customer experience: Local payments are faster, more trusted, and more likely to be successful. 
• Greater liquidity control: Manage working capital more precisely across borders. 

Final Thoughts 

In a global economy, managing multiple currencies is no longer optional—it’s a strategic necessity. Businesses that take a proactive, well-structured approach to currency management gain a significant competitive edge. With the right provider, technology, and mindset, multi-currency accounts can power your global growth, protect your margins, and give you the control to scale with confidence. 

Ready to simplify your global treasury and make international operations seamless? Let’s talk. 

→ clearing.com/get-started