How Multi Currency Accounts Help Indian Exporters & SaaS
As Indian businesses expand globally, managing payments in multiple currencies has become more than just a convenience; it’s a competitive edge.
Whether you're an exporter billing clients in USD or a SaaS company offering subscriptions in EUR and GBP, a multi-currency account can simplify how you receive, hold, and manage your international earnings.
But what exactly is a multi-currency account? And why is it becoming essential for modern Indian businesses?
Let’s break it down.
How Does a Multi-Currency Account Work?
A multi-currency account (sometimes called a foreign currency account or international account) lets individuals or businesses receive, hold, and send money in multiple currencies from a single platform.
Unlike traditional bank accounts that immediately convert foreign currency to INR (often with heavy fees), multicurrency accounts let you:
- Accept payments in foreign currencies (USD, EUR, GBP, etc.)
- Hold balances in those currencies
- Convert only when the exchange rate works in your favor
For example, if you have received payment from an international client from the US in USD, you can hold the payment in USD in your multi-currency account. If you have to pay a client in USD, you can use the current funds for direct payment without converting your local currency to USD.
Some multi-currency accounts come with additional features which can help in increasing the return potential. For example, some multi-currency accounts may offer interest on the balances held in different currencies, while some may offer access to foreign exchange markets.
Which Currencies Can I Hold in a Multi Currency Account?
The accepted currencies in a multi-currency account range between 30-200, depending on the financial institution. However, a multi-currency account facilitates, at minimum, transacting in the following currencies.
- U.S. dollar (USD)
- Euro (EUR)
- Canadian dollar (CAD)
- Australian dollar (AUD)
- Japanese yen (JPY)
- Singapore dollar (SGD)
- Pound sterling (GBP)
- Hong Kong dollar (HKD)
Benefits of Multi-Currency Accounts for Indian Businesses
1. Save More by Converting When It Makes Sense
A big perk of a multi currency account is that you don’t have to convert money right away. You can hold on to your earnings in USD or EUR and convert them when the exchange rate is better. Over time, this can add up, especially compared to traditional bank accounts that charge ₹750–₹1000 per transaction just to convert your money.
2. Lower Fees, Less Money Lost in Conversion
If you’re dealing with international payments regularly, small fees can eat into your income. A multi currency bank account typically charges much less in conversion fees compared to regular methods, and that means you keep more of what you earn.
3. No More Juggling Multiple Accounts
If you’re getting paid in different currencies, tracking it all can be messy. A multi currency account in India helps you keep everything in one place—whether it's dollars, euros, or pounds. That makes your bookkeeping and accounting a lot less painful.
4. Faster Payouts, Fewer Delays
When payments don’t need to go through currency conversion each time, they move faster. A multi currency bank account can help you get your money sooner, without the usual back and forth or waiting around.
5. Makes You Look More Global
Having a multi-currency account can make your business feel more established, especially to international clients. It shows that you're set up to work globally, which builds trust from the start.
6. A Smoother Experience for Your Clients
Getting paid should be easy, for you and for your clients. A multi currency account lets your clients pay in their own currency, which feels more familiar and hassle-free on their end.
7. Helps You Pay International Partners More Easily
Whether you’re working with vendors, freelancers, or service providers abroad, being able to pay them quickly, in their own currency, goes a long way. A multi currency account in India makes this part of the job feel a lot less complicated.
How Can You Get a Multi Currency Account in India?
Most leading banks in India, including HDFC, DBS, HSBC, and others, offer multi currency accounts. However, today, fintech platforms are truly leading the way with multi currency accounts right now. Platforms like Skydo, Wise, Stripe offer mutli currency accounts, enabling businesses to manage their income and payments in multiple currencies. Here's why FinTech-led multi-currency accounts have an edge over multi currency accounts offered by traditional banks:
| Features | Traditional Banks (e.g. ICICI, DBS) | Fintechs (e.g. Skydo,Wise, ) |
| Minimum balance | High (₹50,000+) | Low or none |
| Currencies supported | Limited | 10–50+ |
| Exchange rates Marked | Generally Marked Up | Live rates (with Skydo and Wise) |
| FIRC/FIRA | Manual and payable | Automatic (free with Skydo) |
| Onboarding | Paper-heavy |
When deciding where to open your account, carefully assess factors like fees, services, and customer support from each institution. Additionally, ensure that the chosen account supports the currencies relevant to your usage.
Who Is Qualified for a Multicurrency Account?
You must be 18 and above to open a multicurrency account, and certain accounts are restricted to residents of specific countries. Meeting minimum balance requirements may also be necessary. Some multi-currency accounts cater to businesses or high-net-worth individuals, imposing relatively high minimum balance criteria.
Potential beneficiaries of multicurrency accounts include the following.
- Businesses are engaging or hiring individuals internationally.
- Businesses conduct transactions in various currencies.
- Individuals are frequently involved in international transactions.
- Expatriates managing expenses across multiple countries or currencies
Final Thoughts: Why a Multi-Currency Account Isn’t Optional Anymore
If you work with international clients—whether you're a growing exporter, a SaaS founder, or a freelancer—sticking to traditional bank transfers or high-fee platforms like PayPal or SWIFT is holding you back.
A multi-currency account in India isn’t just a nice-to-have anymore—it’s a core tool for doing global business right.
Here’s why:
- You get paid faster – No unnecessary currency conversion delays or multi-bank routing.
- You save more – With lower or no forex markup and transparent pricing, your margins stay healthy.
- You stay compliant – Automated FIRC/FIRA, proper documentation, and RBI-aligned practices built in.
- You reduce operational stress – One account to manage payments across currencies, platforms, and geographies.
- You offer a better client experience – Let clients pay in their local currency with ease.
In short: A good multicurrency bank account puts you in control of your money, your timelines, and your global growth.
Looking to switch? Skydo offers multi-currency accounts tailored to Indian businesses and freelancers, with no forex markup and fast settlements.
What is a multi currency account?
A multi-currency account allows individuals or businesses to hold and manage funds in multiple currencies within a single account. This enables seamless transactions and provides flexibility in handling international payments and cross-border transactions.
How to open a multi-currency account with Skydo?
