6 benefits of opening a multi-currency wallet

1
6 benefits of opening a multi-currency wallet

• Use multi currency Wallet app

2
1. No more funds lost in currency
conversion Using a multi-currency wallet with
local payment instructions allows you to pay and
receive funds as a local. In other words, there
is no money lost to currency conversion. This is
the case when your international customers have
to make transfers to an account in a different
currency. Your customers in Europe can pay you in
euros, and your customers in the US in dollars.
In turn, youll be able to pay any contractors or
suppliers in, for example, Europe using Euros. As
you expand and grow your business, and revenue
volume increases, using a multi-currency wallet
is going to save you a great deal of money. 2.
Avoid hidden international transfer fees Heres a
common scenario for many international traders a
customer told you theyve paid you 1000. You
check the conversion rates of your bank. But even
after the conversion fees, there seems to be 100
missing. You contact your customer to double
check the amount they sent. They get back to you
with a screenshot of their online banking that
shows they sent you the 1000 in full. What
happened? Usually, it has to do with hidden
international fees, taken at various points of
your transfer. The receiving bank in Hong Kong
may have taken a small fee for receiving the
international transfer. This is usually no more
than around HK50. The rest of the amount in this
example are usually fees that are taken by
middlemen. The so-called intermediary or
correspondent banks. 
3
3. Offer a better experience for your
customers As entrepreneurs, most of us aim to
delight our customers, and give them a
streamlined and uncomplicated customer
experience. The last thing you want is to force
your customer to go to a bank branch in order to
pay you, and go through a complicated process of
making an international payment (thats likely
going to also cost them money) In the worst case,
the customer may get confused by account numbers
that are formatted differently than in their home
country and the transfer will never arrive and
bounce back to their bank account later. By
providing payment instructions theyre familiar
with (a.k.a. in the same jurisdiction as your
customer), youre making it easy for them to pay
you, which ultimately leads to happier
customers. 4. Manage all your wallets from one
platform An alternative to getting a
multi-currency wallet might be to open multiple
bank accounts in different jurisdictions. The
challenge with this is that banks may not always
be able to open an account for companies
incorporated outside of the banks location. Even
if they are, it takes time and effort on your
part to apply, and then more time as they review
your application. On the other hand, with
the Neat account you can have an overview of your
companys total funds in a glance, instead of
having to switch back and forth between all the
dashboards and calculating it yourself. When you
manage everything from the Neat account,  its
also just a whole lot easier to keep track of
your income and expenses.
4
5. Ease your reconciliation accounting
processes With a multi-currency wallet, your end
of month accounting becomes a whole lot
easier. Often when you receive international
transfers, the amount you receive may be a little
different (a.k.a. less!) from what you
expected. You may have asked your customers to
use reference numbers. But not all of them always
do, or the message may not be passed on
correctly. Especially if you receive a high
volume of bank transfers, you may end up wasting
hours each month on trying to reconcile your
payments. 6. No more waiting times International
transfers take time. This is a truth we all know
and hate. When youre running your own business,
youre moving quickly. Your days are full. You
dont have time to keep checking in to see if
that large payment youre counting on has finally
arrived in your account. Using a multi-currency
wallet in the same country as your customer means
you dont have to wait days for your payments to
go through. Open a multi