Multi-currency business accounts: when do Swiss businesses need one?

There are many reasons why some Swiss businesses consider multi-currency accounts in need for greater flexibility and control over their international payments, such as: higher payment volumes, regular supplier payments abroad, international client collections or access to specific currencies.

This is particularly relevant for SMEs, who do not have the same negotiating power over exchange rates as companies working with very high volumes of transactions.

At that point, instead of asking 'Are we happy with our current set up', the question becomes: 'Does our current setup still provide enough visibility, flexibility and control over international payment flows?'

This is where a multi-currency business account can be useful.

What is a multi-currency business account?

A multi-currency business account enables a company to hold, send and receive funds in different currencies from a single account. Rather than converting every incoming or outgoing payment immediately, the company can manage balances across several currencies and decide when it makes sense to convert funds from an  operational perspective.

With SwissFx, the multi-currency account also includes local payment and collection capabilities in over 30currencies. Local IBANs or equivalent systems are used where available.

This means that a company can send or receive payments via local payment rails rather than relying solely on traditional international transfers. This can save both time and money.

When does a Swiss business need to start using one?

A multi-currency business account is not just for companies that use many different currencies. They can also be useful for companies making frequent, high-value or operationally complex international payments.

A Swiss company may start to need one when it:

• regularly pays suppliers outside Switzerland

• receives client payments from abroad

• manages contractors or staff in another country

• processes several international payments at once.

It may also be useful when the company:

• works with currencies that are not easily accessible through standard banking channels

• expands into new supplier markets

• starts selling internationally or expands into a new market

• needs to pay in a currency that its current provider does not support efficiently.

How can a multi-currency account help your business?

1. Managing international payments from one account

Managing multiple accounts and providers can be time-consuming and complicated. For example, a business may need one account to receive client funds, another to pay suppliers, and a separate process to convert currencies.

A multi-currency account can help to centralise these processes. With one account, you can hold balances in different currencies, receive funds, make payments and manage conversions.

This can save finance teams time. Rather than having to reconcile payment activity across several banking setups or providers, they can work from a clearer, unified overview.

2. Reducing avoidable FX and payment costs

The costs of international payments are not always limited to visible transfer fees. They can also arise from exchange spreads, repeated currency conversions, intermediary fees, or payment routes that are not suited to the currency  being used. 

While a cost for a single transaction may seem small, it can become more significant when payments are frequent, high-value or repeated across several markets.

A multi-currency account can enable you to receive, hold and make payments in your required currency. This gives finance teams greater visibility of international payment flows and more control over when and how currency conversions take place, reducing avoidable costs and fees.

3. Paying and collecting through local routes where available

One of the most useful features of a multi-currency setup is the ability to use  local payment and collection methods in specific currencies. Where these capabilities are available, businesses can send or receive funds through domestic payment systems, as if they had a local presence.

This can be useful when a Swiss company is working with international clients, suppliers or partners who prefer to pay or be paid locally. It can also reduce issues related to international transfer fees, intermediary banks or payment delays.

With SwissFx, you can access local IBANs or equivalent in your company's name within your dedicated multi-currency account, where available.

4. Supporting supplier relationships 

If a supplier receives payment in a currency other than their local currency, they may need to manage the conversion themselves. This can expose them to banking fees, exchange-rate uncertainty and additional administrative work. In some cases, suppliers may include a buffer in their prices to account for these costs.

Paying suppliers in their local currency can facilitate discussions. It can reduce friction for the supplier and create room to discuss pricing, payment terms, and operational arrangements.

For Swiss businesses that regularly work with overseas suppliers, this is one reason to consider the full payment setup, instead of focussing only on the transfer itself.

5. Accessing less common currencies as the business expands

As you expand into new markets or diversify your supplier base, you may need access to  emerging market currencies. This may occur when a company begins to source products from Asia, work with service providers in new markets, or receive client funds from new regions. 

A multi-currency account can facilitate this by providing access to a broader range of currencies.

In other words, the question is not only whether your business can access a currency. It is also whether it can use that currency in a practical way: to pay suppliers, receive client funds, choose the right payment route, manage conversion timing and support new market opportunities without opening a separate local bank account each time.

What could this look like in practice? Example & chart

Imagine a Swiss cleaning company that works with both local and European clients. Some of these European clients want to pay in euros. The company also collaborates with contractors and partners based outside Switzerland. Later, the company launches its own range of cleaning products, which are manufactured by a Chinese supplier.

In a traditional setup, the company would need to receive payments in one place, convert the funds elsewhere, and then send international transfers through different routes. It may also need to pay the Chinese supplier in USD, even though another currency would be more appropriate.

However, with a multi-currency account, the company can manage several flows from one account. It can:

• Receive euros from European clients into a local EUR IBAN, where available

• Hold funds and make payments in euros

• Pay its Chinese supplier directly in CNY or CNH, if available, instead of asking the supplier to handle the conversion.

A simplified multi-currency flow: example

Client's Bank Account

Collect EUR

European clients pay in EUR

SwissFx Multi-Currency Account

Hold EUR

EUR funds are received and held in the multi-currency account

Convert EUR

Part of the remaining EUR balance is converted into Chinese yuan (CNH)

Supplier's Bank Account

Pay EUR

The company uses part of its EUR balance to pay European contractors and employees

Pay CNH

The Chinese supplier is paid in CNH

Client's Bank Account

Collect EUR

European clients pay in EUR

SwissFx Multi-Currency Account

Hold EUR

EUR funds are received and held in the multi-currency account

Convert EUR

Part of the remaining EUR balance is converted into Chinese yuan (CNH)

Supplier's Bank Account

Pay EUR

The company uses part of its EUR balance to pay European contractors and employees

Pay CNH

The Chinese supplier is paid in CNH

Client's Bank Account

Collect EUR

European clients pay in EUR

SwissFx Multi-Currency Account

Hold EUR

EUR funds are received and held in the multi-currency account

Convert EUR

Part of the remaining EUR balance is converted into Chinese yuan (CNH)

Supplier's Bank Account

Pay EUR

The company uses part of its EUR balance to pay European contractors and employees

Pay CNH

The Chinese supplier is paid in CNH

This example shows how a business can receive, hold, convert and use funds in different currencies from one account. The actual payment flow depends on the currencies used, the available payment routes and the company’s operational needs.

What should you consider before choosing a multi-currency account?

Some companies only require a simple, self-service tool for the occasional international payment. Others require a more structured setup to handle higher volumes, make supplier payments, access different currencies and receive support from dedicated experts.

How does SwissFx support multi-currency business accounts?

SwissFx provides multi-currency accounts for international businesses, giving access to over 140 currencies. Local payments and collections are available in more than 30 of these currencies.

SwissFx also supports companies with a dedicated relationship management team based in Switzerland. This can be useful for businesses that prefer a guided setup, particularly when dealing with complex currencies, payment volumes or supplier flows.

SwissFx accounts are free to open and there is no setup or subscription fee. Companies only pay when a currency conversion takes place. Opening an account is subject to checks and online verification.

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