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The Currencies Direct Multi-Currency Account is designed to make it easier for marketplace sellers to manage their international payments. It allows you to use one online account to receive payments and hold funds in four currencies:
This means you can collect payments from the USA, UK, Japan, France, Germany, Spain and Italy, as well as any other European country that accepts the euro. You'll also be able to make payments to over 40 different currencies with AUD or one of the currencies listed above, like a normal international money transfer. You can read more about making money transfers with Currencies Direct in our guide.
A Currencies Direct Multi-Currency Account saves you the hassle of opening multiple overseas bank accounts, which can make managing cash flow easier. This means you can get paid in the local currency, enjoy fast access to sales revenue and transfer your funds back to Australia when needed.
The fact that you can hold funds in multiple currencies also gives you the freedom to monitor foreign exchange markets and convert your money into AUD when the exchange rate is at its highest.
Finally, you can have sales profits paid into your Currencies Direct Multi-Currency Account from more than 25 online marketplaces, including:
PayPal is a hugely popular and convenient online payment option. However, it does have a couple of key drawbacks for online sellers:
In comparison, the Currencies Direct Multi-Currency Account charges a 0.1% fee on all payments received. It also offers competitive exchange rates and gives you the freedom to choose when you want to convert your payments back into AUD. As a result, using a Currencies Direct Multi-Currency Account instead of PayPal could mean big savings for your e-commerce business.
The Currencies Direct Multi-Currency Account doesn't have any:
However, a 0.1% receiving fee applies to all payments made into your account. This fee is incorporated into your exchange rate, but is shown separately on your account statement.
The Currencies Direct website also mentions that same-currency transfers are available "at a competitive rate". However, you'll need to contact the provider's customer support team for more details about any fees that may apply.
To find out how the Currencies Direct Multi-Currency Account stacks up against the competition, enter your payment details in the table below.