Multi Currency IBANs: How They Can Help Your Business Grow | Monneo

What is multi currency IBAN’s

A multi currency IBAN is an international bank account number that is used by banks in other countries when receiving an international payment. The payments made in various currencies are funnelled through one account that converts and re-routes the money to a central account cutting down on administrative expenses (i.e. banking and exchange fees) and time.

In an increasingly globalized and complex world where it is common to sell products and services in multiple markets, a multi currency merchant account can be very advantageous for businesses. Instead of opening a local bank account in multiple locations, a multi currency IBAN account allows merchants to receive international payments in different currencies and store them in one centralized account.

Difference between multi currency IBANs and Accounts

There are several differences between a multi currency IBAN account and a multi currency bank account. The main difference is that a bank account is not set up or designed to receive international payments, whereas a multi currency IBAN account is. Normally, you receive funds in only one currency and incoming funds are converted into that currency or an individual account is opened for each currency. If you want to receive more than one currency, then you would have to manage multiple accounts for different currencies and provide the correct account number to various clients. However, with a multi currency IBAN account you can have one account number that is set up to receive many different currencies. That means no matter what currency your client pays you in, you can receive and store the funds.

Check out the following table that explains the similarities and differences between a multi currency account and an IBAN account.

Multi Currency AccountSimilaritiesMulti Currency IBAN
Account
• Need money in your account before you can convert it into different currencies

• Some can only receive one currency

• Converts incoming currency instantly for a fee

• Provide separate accounts per currency
• Save fees on foreign transfers and
exchange rates

• Designed for individuals, businesses and professionals
• Can receive payments from over 50 different currencies in one account

• The account automatically puts
incoming currency in the right currency account

Benefits of multi currency IBANs

A multi currency IBAN account has several benefits for customers. It prevents merchants from having to open and manage different accounts in different countries and eliminates the administrative burden of dealing with multiple currencies. IBANs also present many advantages for growth, as it helps businesses break into the global market and accelerate opportunities. An IBAN account is a secure, automatic and simple solution to banking in an increasingly
globalized world. The potential savings for multi-national and large-scale businesses is huge.

Benefits of a Multi Currency IBAN Account

Helps your business grow

Prevents Errors

Efficient and Streamlined

Drawbacks

Whether there are drawbacks associated with having a multi currency IBAN merchant account will depend on your business setup. If your business only deals with customers in one or two currencies, then perhaps it is not advantageous for you to have an IBAN account. Depending on your sector or the nature of your business, you may need a local bank account anyway for day-to-day operations. While over 70 countries have adopted the IBAN system, there are still a few countries that have yet to recognize this.

Multi Currency IBANs with Monneo

Monneo is a virtual IBAN and eCommerce bank account provider that connects merchants to multiple bank accounts through a single interface. Monneo offers virtual IBANs and digital banking services from multiple European and international banks. Every virtual IBAN is linked to a Monneo safeguarding bank account that is safe and secure.

IBANs can be obtained from trustworthy banks with different payment options including:

Who can open an account?

Any business can open an account with Monneo. Monneo does not provide services to individuals or clients operating in unregulated forex, or unregulated gaming, offshore/tax-havens.

Types of businesses that can open an IBAN account with Monneo:

Ecommerce

  • making outgoing payments in 130+ currencies
  • Expand into different global markets
  • Manage multiple accounts in one interface
  • Provide a Visa Corporate card that is linked to the total balance of all IBANs

International
businesses

  • Supports international B2B transfers
  • Provide a Visa Corporate card that is linked to the total balance of all IBANs

Available currencies

With Monneo merchants can receive and send payments in 134 different currencies, including:

AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Switzerland Franc
EUR – Euro
GBP – Pound Sterling
NZD – New Zealand Dollar
USD – United States Dollar

FAQ

What is a multi currency IBAN account?

A multi-currency IBAN is a international bank account that re-routes transactions in different currencies into one central account and currency.

Does every country use IBAN for international payments?

Not every country has adopted IBAN for international payments. Notable exclusions include Canada, the United States and Australia. With that said, you can still accept those currencies, but you cannot set up your IBAN in those countries.

What does an IBAN number look like?

An IBAN account number has up to 35 alphanumeric characters depending on the country. The first two characters indicate the country code, followed by a checksum of 2 numbers and then a national account number.

Who’s name is the IBAN?

The IBAN will have your Company Name Ltd. As beneficiary name/ account holder name.

Ready to open an IBAN account?

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