How opening local accounts can foster easier international payments

The local account advantage

Local accounts are designed to provide businesses with a seamless way to collect and hold payments via local banking systems. Here’s how they make international payments easier:

Access to local payment schemes

By opening a local account, businesses gain access to local payment schemes in the regions where they operate. This eliminates the need for international wire transfers, which are often costly and time-consuming. Instead, payments can flow through local banking rails, offering a faster and more cost-effective solution for both parties.

Global reach with local benefits

Where available, global customers can benefit from local payment capabilities. This means businesses can tap into international markets while offering a payment experience that feels local to their customers. It’s a win-win: customers enjoy convenience, and businesses enhance their global reach.

Features of local accounts

Our Local Accounts are designed with versatility and user convenience in mind. Here’s what we offer:

Single-currency virtual accounts

We issue single-currency virtual accounts in the customer’s name. These accounts allow businesses to collect payments and hold funds in a specific currency, providing clarity and simplicity in financial management.

Flexible collection types

Businesses can choose from two collection types:

1. 1st Party Collection: Collect funds directly from their own accounts.

2. 3rd Party Collection: Collect payments from their customers and other payers.

This flexibility ensures that businesses can manage their finances in a way that aligns with their operational needs.

What this means for customers

The benefits of opening local accounts go beyond just access to banking rails. Here’s how it transforms the customer experience:

Unique account details

Customers are issued their own unique account details, such as IBAN, SWIFT, account numbers, and sort codes. These details can be shared directly with their customers and payers for seamless payment collection.

Multicurrency and payment method support

With a local account, businesses can receive funds from payers in a variety of currencies and payment methods. This means no more barriers due to currency conversion or incompatible payment systems. Customers can pay in their preferred method, making transactions smoother and more customer-friendly.

The bottom line

Opening a local account isn’t just about simplifying international payments – it’s about creating a better financial ecosystem for businesses and their customers. By leveraging local banking rails, businesses can reduce costs, improve payment speed, and offer a seamless experience to global customers.

Whether you’re a growing business looking to expand internationally or an established company seeking to optimize payment processes, local accounts offer a practical and powerful solution for navigating the complexities of cross-border transactions.

Open your local bank account today