Virtual banking is miles ahead of its competitors when it comes to conducting secure, fast and economical global bank transactions. The reason behind this is a combination of virtual banks utilising technology that makes the user experience better which is combined with traditional banking infrastructure and regulation. In practice it means that we function as a bank according to government and regulators but we are much more well equipped to deal with modern devices we grew accustomed to.
A virtual multi currency account is a bank account for all intents and purposes, but it is managed by you using a computer and by a technology company in the background. The advantages of having access to such a service as a business or an individual with a business purpose is that you can do transactions in multiple currencies without having to worry with currency conversion charges that are outrageously high. The B2B Pay platform allows you to take control of your international banking needs with enterprise grade security at all levels and a user experience that allows you to focus on your business. Your get to save money too.
With the technology getting sophisticated each day, you can now manage a non-resident virtual account and enjoy the flexibility of managing your wealth around the world. Virtual bank accounts also provide easy to access to a multi-currency account of your choice.
If you need access to a multi-currency account because you want to manage your wealth in a foreign currency or you live or work as an expat in another country, foreign currency account offers an ideal base to hold your money which also allows you a better selection of investment options.
What are the features of a virtual multi-currency account?
This account allows you to transact in any of the major currencies around the world. A multi currency bank account allows you to invest and transact in foreign exchanges while living abroad. It means that you can take a mortgage in a country of your choice as well as borrow to keep your investment options open.
Advantages of multi-currency virtual accounts (MCVA)
If you are a regular traveler overseas or you have businesses that send or receive in a foreign currency, you will need the foreign currency account to manage the currency conversion risks and cost. You do not have to pay to open or close this account; you can also earn competitive interest for holding some selected currencies.
When you are in the global business world, due to the high volatile nature of some currencies, it sometimes makes sense to convert your funds to a more stable currency. Perhaps you might also want to speculate and be ready for a global shift in the conversion rate or prepare for future conversion. With a multi currency account, you are at liberty to convert your funds to the currency that suits your needs. This helps you avoid the impact of short-term foreign exchange rate fluctuations.
Having a multi currency account also helps in saving on conversion costs. When you regularly receive money in a particular currency, and you always have to convert it, you are losing much on conversion costs. A foreign currency account helps you to save on the expenses by allowing you to receive or make the payment in your preferred currency.