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Multi Currency Account Agreement

If you have to make a transfer of a given currency, but the balance of the payment currency is insufficient, you can use an option to exchange the currency of your account through internet banking and transfer the necessary amount of the additional currency you have selected in the currency of the expected payment. Commissions collected for the use of a multi-currency current account do not depend on the number of currencies linked to the account and are collected on the 4th day of each month. Here, a multi-currency account adds value to your business. In general, you can send and receive funds in multiple foreign currencies with a multi-currency account, which could change the way you process international payments. These accounts are either exchanged for U.S. dollars or held in the transaction currency until you are willing to exchange them.3 Reporting international assets could be simpler with a multi-currency account, as you can hold more than one asset on a site. Keeping an eye on deposits and withdrawals could be as simple as a monthly settlement, regardless of currency. The main feature is that the account details (recipient`s name, account number, SWIFT code) remain the same for all currencies. 7 ABF is calculated at the end of each calendar day for the excess of the threshold indicated for each currency. The ABF would not apply if the deposit rate of the central bank concerned is zero or higher. ABF is debited once a month and is only applied if the bank informs the customer individually 14 calendar days in advance. ABF is paid by the customer.

The bank does not calculate or pay interest on account balances to the customer. ABF – excess of the threshold indicated -ECB deposit facility rate in absolute value/360 If the account is 1,100,000 euros and the ECB`s exchange rate is -0.4%, then the ABF for each day is 1,100,000 – 1,000,000 – 100,000 – 0.4% /360 – EUR 1.11 EQIBank offers a multi-currency account of an offshore financial centre. This unlimited account has the features you`ll enjoy in most other accounts. Several monetary accounting software could make it easier to manage your foreign assets and liabilities. Many small businesses may not even need foreign currency accounts, depending on their volume of international transactions. Obviously, this is not your preferred choice: you prefer that they pay you in your national currency rather than in your currency. No wonder, because neither you nor your customers want to expose their business to currency risk. At this point, you have not ruled out foreign exchange risk because you hold funds in your clients` currency in your account. But your risk is not immediate. 3 Commissions are collected when the customer has transmitted to the customer, on the date indicated in the SEB bank, a non-compliance with SEB`s banking requirements through the account transfer (including the title account). Fees are calculated monthly from funds that are not transferred to a customer account opened with another credit institution following an SEB bank request.

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