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Open Foreign Currency Account (2024). An Ultimate Guide.

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Open Foreign Currency Account (2024). An Ultimate Guide.


Do you need a financial transaction that transcends borders from your country of residence? Or, do you need to hold funds in foreign denominations outside your home country? If yes, you need a foreign currency account, which works like your everyday global account but on a global scale. It is a peculiar kind of bank account that functions, details and credentials akin to a normal currency account. Since it can hold a foreign currency, it can be named as a foreign currency account.

3 Benefits of Having a Foreign Currency Account From Walcy

Here, I put forward the 3 essential benefits of having a Walcy’s foreign currency account:

  1. You can open up walcy’s foreign currency accounts easily and hassle-free. It is possible with our minimal KYB process for frictionless onboarding.
  2. It can receive payments and collect deposits from anywhere in the globe. Also, it holds multiple denominations of foreign origins and pays globally.
  3. You can conveniently manage several foreign currency accounts from a single dashboard, for hassle-free international transactions.

Therefore, Walcy’s Foreign Currency Account can be an instrument for all who want to streamline their international banking needs. Undoubtedly, it can enable a business to go global without much hassle.

Who Can Use Foreign Currency Account?

This type of bank account is suitable for business owners or companies who need to make foreign payments. With Walcy’s Foreign Currency Account, they can begin accepting deposits and payments in more than nine major currencies. Foreign Currency Accounts share different names amongst different individuals. For instance, an international student can consider it as an International Personal Account or a business person may suggest it as an International Investment Account or an International global pay account.

However, please do not get confused as they all are subtle derivatives of a Foreign currency account. Currently, Walcy’s foreign currency accounts are specially designed for businesses. We focus on providing premium services to them. Our services include minimal KYB, an intuitive dashboard, multiple foreign currency ownership, and web and mobile apps.

It is undeniable that bank accounts are prone to misuse and are a medium for fraudulent banking transactions. We need to determine whether a business that can open a Foreign Currency Account is authentic or not. This step is also called the Know Your Business (KYB) verification process. It requires the submission of certain incorporation documents along with past audit histories. Following a minimal KYB process for frictionless onboarding of our clients, we only require a Company Incorporation Document for new startups. Additionally, 3-6 months of banking transaction history of the company is also needed which can be local transactions.

best forex rateThese are sufficient to open a Foreign Currency Account since incorporation and audit document provides information relevant to proof of address, proof of identity, and valid transaction histories. Importantly, the document submission and verification process is part of the stringent regulation set by the Monetary Authority of Singapore(MAS). Since we follow the compliance rules set by the Monetary Authority of Singapore(MAS), the documents are compulsory requirements. After that, our team will diligently go through the details to verify the genuineness of the business, and promptly verify your KYB submission.

Which Foreign Currencies Can You Create With Walcy?

Businesses can use their home country’s incorporation documents to easily open up as many Foreign Currency Accounts as they need. Walcy allows you to create accounts with their respective denomination in the USA, Singapore, Australia, New Zealand, Japan, Hong Kong, the UK, and SEPA (Europe). These are real bank accounts without partner banks, therefore there is a notion of added reliability. However, for each currency account, verification is necessary and the purpose of usage must be clarified as well.

These Foreign Currency Accounts can be transferred or exchanged globally, allowing service akin to a global virtual bank account. Unlike with certain conventional banks, opening Walcy’s Foreign Currency Account is quite easy. One can do it online with our intuitive and customer-friendly user interface design.

Walcy’s Affordable Rates and Other Rates

The advantage of being a neo-banking institution is that we save a lot of money on operational costs. We divest our savings back to our customers. Since we operate everything digitally, our transaction processing system is accurate, diligent and prompt. Unlike conventional banking with a lot of bureaucratic hindrances, people-dependent processes, and slow approval stages due to a backlog of transactions, Walcy’s service is prompt because it is devoid of such bottlenecks.

Another saving is from our competitive FX rates which we refer to from the mid-market. It allows a more transparent payment process. We have a flat payment structure which is far competitive compared to conventional banks and can help you save up to 30-40%.

Our onboarding costs include a one-time USD 10 and a menial USD 5 per month per currency account. However, compared to other banks these costs are pretty low.

How to Open Walcy’s Foreign Currency Accounts?

The first step to opening a Foreign Currency Account is to ensure that your business is eligible or not. The eligibility criteria to own a Foreign Currency Account are:

  1. You must be a registered business with a genuine incorporation certificate.
  2. You must possess a financial audit document.
  3. You must have a 6-month banking statement before the date of opening a banking document, or revisit the above permalink.

Steps For Opening a Foreign Currency Account with Walcy

  1. Login to your account using the relevant credentials(Email and Contact Number).
  2. On the right-hand side, you’ll find the sidebar menu. Navigate to the “Billings” tab.
  3. In the Billings tab, Subscribe to our service, and you’ll be directed to the payments window. Once the payment is completed, you’ll be eligible to create a currency account. Go to the “Accounts” tab in the sidebar.
  4. Under “My Accounts,” click the (+) icon to create a new account. Choose your desired currency for the bank account. Note that this account will be created with a real bank in the respective currency’s country.
  5. Return to the “Accounts” tab on the webpage. Select the newly created account to view its details, including vital information such as Bank Name, Account Number, Swift Code, and more. Use these details to accept payments.

Interests in Collection or Deposits Received in Foreign Currency Accounts

Currently, Walcy’s Foreign Currency Accounts do not provide any interest on the deposits as it do not support a Savings plan. The purpose of the account is to enable global financial transactions using virtual digital accounts or digital bank accounts.

Conclusion

In a nutshell, Walcy’s Foreign Currency Account offers a streamlined solution for businesses needing to manage international transactions efficiently. We focus on a frictionless and seamless minimal KYB process. Businesses can open accounts with ease, benefit from an intuitive Walcy Foreign Currency Account dashboard for managing multiple currencies, and achieve global payments seamlessly.

The Foreign Currency Account from Walcy provides essential features like receiving payments and collecting deposits from across the globe. This accessibility, coupled with the ability to hold multiple foreign denominations, empowers businesses to expand globally without encountering the usual banking hurdles.

The straightforward onboarding process, competitive FX rates, and transparent fee structure make Walcy’s offering attractive for businesses seeking cost-effective international banking solutions. By leveraging digital technology, Walcy eliminates bureaucratic hindrances and offers prompt, accurate transaction processing.

Another important point to restate is although the accounts do not accrue interest on deposits, they serve their primary purpose of enabling global financial transactions efficiently.

Please refer to the Terms, Privacy Policy and product availability applicable to your region, or visit the Walcy Pte. Ltd. website for the most current details about service availability, markups, payout costs, and related fees. We do not make any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or timeliness of the content in this document.

This blog serves as general information and does not constitute legal, tax, or other professional advice from Walcy Pte. Ltd. It should not be relied upon as a substitute for consulting a financial advisor.

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Learn more about Foreign Currency accounts from this video.