A multi currency IBAN is a banking code that allows you to receive and hold payments within your account in a variety of different currencies. By having a multi currency IBAN with moneycorp Bank, you are able to receive payments in 30 different currencies from over 70 countries around the world.
How does a multi currency IBAN differ from a standard IBAN?
IBAN stands for ‘International Banking Account Number’, and is an alphanumeric banking code that allows you to receive a payment from an overseas bank account. Your bank or foreign exchange provider will then convert to your account’s local currency. While a standard IBAN can receive payment in a different currency, it won’t allow you to hold more than one currency in the same place.
Multi currency IBANs, however, allow you to receive payments in a variety of different currencies before ensuring the foreign payment is deposited into its relevant currency wallet inside your account.
Multi currency IBAN vs Multi currency account
The terminology around multi currency banking can be confusing, and it may seem like there are all fairly similar to each other, however there are some major differences between a multi currency IBAN and a multi currency account, and how they can assist with your foreign exchange.
A multi currency account allows you to hold a range of different currencies and convert funds within your account. It differs from a multi currency IBAN in that you need to first have the funds in your account before you can convert currencies.
With a multi currency IBAN, however, you can receive payment into your multi currency account in a variety of different currencies, and your IBAN will ensure the funds enter in the same currency they came in as.
Perfect for those regularly receiving payment in multiple currencies or exporting goods abroad, many businesses and individuals are appreciative of the simplicity that a multi currency IBAN provides. Transactions are made solely in your name, removing the occasional inaccuracy of the CK references that banks and FX providers typically offer. This means the payment goes directly from the sender to your account, without needing to be held in the payment provider account via a CK reference. Recognised worldwide by international banks, payments are hassle-free and there is no receiving charge with the multiple currency IBAN.
What are the benefits of having a multi IBAN?
Perfect for those regularly receiving payment in multiple currencies or exporting goods abroad, a multi currency IBAN can ensure swifter and smoother payment journeys into your account. With a moneycorp Bank account, you’ll automatically be provided with your multi IBAN, which allows you to receive payments in 30 different currencies.
From your account, you can manage your multiple currency wallets, exchange currencies and make overseas payments to 190 countries around the world. In addition, you can rely on 24 hour access to your online account and the ability to enable parent-child tiers on your account, which is ideal if you require multiple entities to manage your balances.
It’s quick and easy to sign up for a moneycorp Bank account, with which you’ll receive a multi currency IBAN, as well as access to great exchange rates and expert guidance for all your foreign exchange needs.
Sign up for your account online, or speak to one of our specialists today.