EN
As a manager of a company that operates or transacts with different countries, you likely face challenges in managing finances across various currencies, and the need for international accounts is evident in the pursuit of cost optimization, flexibility, faster transaction processing, among other advantages. However, opening accounts in different countries can complicate financial management even further, often not presenting itself as the most effective solution for many companies.
Firstly, the account opening process is not always straightforward, and it often requires setting up a legal entity in different countries, dealing with extensive bureaucracy and costs, which can be a painful process for a foreigner unfamiliar with the regulatory specifics of each location. Additionally, a company with multiple accounts in various currencies has its finances more decentralized, which can hinder visibility into cash flow and expenses as the funds are dispersed. Furthermore, the exchange rates charged by many traditional institutions can be significantly higher, impacting transaction costs and profit margins.
The good news is that it is possible to run a global business while keeping financial operations centralized and efficient, without complications. This is the primary purpose of Jeeves, and we will show you the advantages that this entails.
In this article, we will share:
Multi-currency accounts work exactly like local currency accounts, registered in your company's name, with dedicated bank codes and account numbers. They can be offered by banks or fintechs and allow you to send and receive funds in various currencies to and from multiple countries worldwide. They fully fulfill the role of an international account and contain "sub accounts" tied to the main account, where each one functions for a different currency but is integrated into the same platform.
Instead of facing the arduous task of opening accounts in various countries, companies can skip the bureaucracy and excessive paperwork by simply opening accounts online in minutes. These accounts facilitate international transactions, allowing businesses to send and receive funds to multiple countries and regions.
Multi-currency accounts are a simple solution for global transactions, allowing companies to conduct transactions in multiple currencies effortlessly, saving time and costs. Financial professionals in companies can pay global invoices as if they were local, without the need to fill out forms, send multiple documents and due diligence proofs, and perform quotes at a traditional institution's exchange desk, thus eliminating various process bottlenecks and making operations more efficient.
A significant challenge in global business operations is the lack of real-time visibility into global cash positions due to funds being separated by various countries and different accounts. However, with corporate multi-currency accounts, financial teams can consolidate all their accounts in different currencies into a single platform, gaining a clear, real-time view of their global cash position. This supports effective cash flow management, allowing the finance team to proactively make informed strategic decisions.
Traditional banks and other financial institutions often charge hefty fees for converting funds into different currencies. Multi-currency accounts offer a solution that allows companies to send, receive, and hold funds in multiple currencies simultaneously, effectively eliminating unnecessary conversion fees. By avoiding currency conversion at every transaction, it mitigates the impacts and surprises caused by constant exchange rate fluctuations.
Multi-currency accounts allow companies to mitigate currency risks by holding balances in various currencies. This flexibility protects against unexpected currency devaluations or fluctuations, ensuring financial stability. Platforms like Jeeves offer additional support by allowing users to transfer funds between accounts at very competitive rates, offering protection against currency fluctuations, which is extremely beneficial when dealing with highly volatile currencies.
Multi-currency accounts also help improve relationships with international suppliers and customers by simplifying transactions with these stakeholders. Making payments directly in your suppliers' currency not only simplifies transactions, making them faster and reducing the risk of delays, but also allows companies to negotiate better terms.
As companies expand globally, multi-currency accounts provide instant financial infrastructure to receive and manage funds in different currencies, ensuring full regulatory compliance. All of this eliminates the time-consuming task of opening separate bank accounts, accelerating entry into different markets and reducing financial barriers to expansion.
Jeeves is a global spend management platform designed for companies that conduct transactions across multiple countries. Among its range of features, Jeeves Cash allows its customers to easily open accounts in various currencies, such as BRL, CAD, EUR, GBP, and USD.
In addition to the possibility of a global account, Jeeves offers flexible options for paying global vendor invoices through Jeeves Pay, its accounts payable solution, free corporate cards for local and global teams, and much more! Gain agility in your company's internationalization, open a multi-currency account with Jeeves. Learn more!
%201.svg)