Foreign Owned U.S LLCs and Corporations: How to save on cross-border payments
Running a successful international business can cost you more in currency fees than you realize. That’s why today’s global businesses need access to a fast, simple and cost-effective solution for payments across borders and between currencies.
A multi-currency account can help you streamline your global payments while also saving on foreign exchange fees. Here’s what you need to know about a multi-currency account, how it works and if it’s right for your business.
What is a multi-currency account, and is it right for your business?
A multi-currency account allows you to send, receive and hold funds in multiple currencies and manage them all in one dashboard. That means you can open a local currency account in a specific country without residing there.
This makes it very convenient to expand to new regions, especially in markets where you legally have to open a local bank account or an equivalent – like a local currency account – to operate there. For example, it’s typically a complicated process to open a US bank account as a Non-Resident Alien. With a multi-currency account, you can open a local US account with no fuss, allowing you to pay or receive funds like a local.
A multi-currency account could be right for your business if you:
- Receive revenue from a global marketplace or payment gateway (like Amazon or PayPal)
- Frequently transfer money to pay international suppliers and service providers
- Invoice international clients
- Hire, manage and pay international employees or contractors
- Pay taxes in different countries
- Are thinking of expanding your business
Some banks and financial providers offer a multi-currency account. But it’s unlikely that your bank’s local currency accounts are issued in the country of the currency you need, e.g., a USD account issued in the US. Some payment gateways like Afterpay, and marketplaces like Amazon will only let you withdraw to local accounts, so an internationally held account won’t work. So, you may want to consider getting one from a currency exchange specialist.
The OFX Global Currency Account, for example, lets you open local accounts in up to 7 currencies, all issued in the country of the currency you do business in. Banks also typically charge a standard transaction fee on top of every international transfer. With a currency exchange specialist, you can usually get bank beating exchange rates while avoiding the extra fees.
Benefits of the OFX Global Currency Account
With the OFX Global Currency Account, you can open local currency accounts in USD, EUR, AUD, HKD, SGD, CAD and GBP – with $0 setup, monthly or receiving fees.
- Easy platform and 24/7 support: View all accounts and transactions in a single dashboard. Access to a currency expert 24/7.
- Convenience: Get paid directly from third parties or connect to payment gateways like PayPal, or marketplaces like Amazon to receive funds locally. Keep foreign currencies in your account for as long as you need to.
- Great exchange rates: Get bank beating rates when you decide to move your money to 50+ currencies.
- Xero integration: Connect with Xero to invoice payments directly and sync all transactions.
Whether you’re a seasoned business owner or just starting out, OFX help keep things simple when it comes to receiving international funds, making global payments, and moving money between currencies.
Apply in minutes to start bringing more of your international revenue home…
Brought to you by OFX. Moving money globally? OFX doesn’t just offer great rates. Access 24/7 phone support from currency experts when you need it, and a seamless digital platform when you don’t. Questions? Contact Will Moffet at email@example.com or (925) 209-1648
***Disclaimer: I am a tax accountant and a CPA licensed in Massachusetts , but I am not your accountant or advocate (Unless you have signed up to my services). This communication is not intended as tax advice, and no tax accountant -client relationship results**