Originally written by Anna Jordan on Small Business
Whether your business offers a product or a service, markets these days are global so you need to be able to accept multiple currencies, including US dollars.
Before we crack on, a few definitions.
Payment system: A mechanism for transferring cash. As you’re collecting US dollars in this case, these will be online.
Presentment currency: The currency that the customer pays you in.
Settlement currency: The currency accepted by your account.
With most of these accounts, you can opt to open multiple separate currency accounts so that you can receive and withdraw US dollars directly. Otherwise, you’ll have to pay a currency conversion fee.
Airwallex
The Airwallex Global Account is an international collections platform which lets you receive foreign currency payment as if it’s local, using the local clearing system.
You can use the Global Account alongside Airwallex’s conversion engine and multi-currency wallet.
Fees: Free
Conversion rate: 0.5pc-1pc
Can I open multiple currency accounts?: Yes
Ideal for: Small businesses who deal with a larger number of multi-currency transactions
Worldpay
Worldpay accepts payments in over 120 currencies, including USD, as part of its multi-currency service. You can add up to five of a possible nine currencies: GBP, EUR, USD, CAD, DKK, HKD, NOK, SEK, SGD.
Fees: Free
Conversion rate: 4pc
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