A multi-currency wallet lets your business hold, receive, convert and send money in several currencies from one account, so you convert only when you choose. With Verto, you can hold 27 currencies, each in its own wallet, and convert between 48. This guide explains how a business wallet works, how it compares with the alternatives, and the five things to check before you pick one for your business.
How does a multi-currency wallet work?
Each currency sits in its own wallet inside one business account. When a customer pays you in dollars, the money lands in your USD wallet and stays in dollars. When a supplier invoices you in euros, you pay from your EUR wallet without converting first.
On Verto, you can also open several wallets in the same currency. Many businesses keep separate USD wallets for payroll, suppliers and tax, so funds stay organised by purpose and nobody spends money that is already committed.
Conversion happens only when you ask for it. That is the core benefit: you stop paying for conversions you didn't need, and you choose the moment you do convert.
How does a wallet compare with the alternatives?
Most businesses that trade in more than one currency choose between four set-ups. Here is how they compare:
Set-up | Receiving from abroad | Holding currencies | Control over conversion |
|---|---|---|---|
Single-currency business account | Incoming payments converted on arrival, often after intermediary deductions | No | Little: the bank converts at its rate |
Separate foreign currency accounts at banks | Possible, often by international wire | Yes, one bank per currency or market | Good, but spread across several banks |
Multi-currency account at a bank | Usually by international wire | Yes, in the currencies the bank supports | Good |
Multi-currency wallet with a regulated provider | Local account details in several currencies, so payers make domestic transfers | Yes, in one account | Full: convert when you choose |
The right answer depends on how many currencies you use and where your customers and suppliers are. If you rarely deal in a second currency, a single-currency account may be enough. Once several currencies flow in and out every month, a wallet usually saves both money and time.
What should you check before choosing a multi-currency wallet?
Test every option against the same five questions:
Does it cover your currencies? List your top five currencies by volume and confirm each can be held, not just sent. On Verto, a small number of currencies, such as INR, BRL and GHS, can be bought and paid out but not held as a balance.
Can customers pay you like a local? A wallet is more useful with local account details attached. Verto's Local Accounts give you details in currencies including USD, GBP, EUR, NGN and KES, so customers pay by domestic transfer.
When can you convert? Look for conversion at any time, not just during bank hours. Verto's Exchange Now converts 24/7, 365 days a year, and Exchange Deal locks a rate for 24 hours.
What does it really cost? Ask for FX pricing by currency band and any fees for receiving and paying. Verto publishes pricing per country plan on its pricing page.
Who protects your money? Check how the provider is regulated and how your funds are held. The FCA sets out what to check when using a payment service provider.
What does a multi-currency wallet cost?
Costs fall into three groups: the plan, FX conversions and payments. On Verto, plans start at $0 a month, with plan prices set by the country your company is registered in.
FX is priced by currency band. Developed-market currencies cost 0.4% to 0.6% depending on plan, and exotic currencies up to 2%. Transfers between Verto wallets are free, and payments to other businesses on Verto through VPay are free.
The biggest saving usually comes from converting less. If you receive dollars and pay dollar invoices, holding the balance means the money never needs converting at all.
How do you set up a multi-currency wallet with Verto?
You create a business account online and complete verification. You start with a USD wallet and a wallet in your home currency. You can then add a wallet in any other supported currency from the Wallets page, give it a name, and fund it by sharing your account details or adding funds from another account.
You can also decide who in your team sees what. Team members can have read-only access to view balances and transactions, or read-and-write access to add wallets and manage money.
Is a multi-currency wallet the same as a bank account?
It does the same everyday job: you hold balances, receive payments, convert and pay out. The difference is regulatory status. Verto is authorised by the UK Financial Conduct Authority as an e-money institution rather than a bank, and customer funds are held in safeguarded accounts, separate from Verto's own money. The FCA explains how safeguarding works.
Your next steps
Choosing a wallet is easier with your own numbers in front of you:
List the currencies you receive and pay in, with rough monthly volumes.
Note which customers would pay faster with local details.
Check each provider against the five questions above.
Open a Verto account and add the wallets you need from the Wallets page.
Ready to put it into practice? Get started with Verto, or speak to sales if you'd like a walkthrough. Learn more about Verto's Multi-currency Wallets.
Hold, convert and pay in multiple currencies from one account
Frequently asked questions
How do I choose a multi-currency wallet for my business? Start with your currencies and markets. Look for a wallet that holds the currencies you use, gives you local account details so customers can pay you domestically, and lets you convert when you choose. Verto's Multi-currency Wallets hold 27 currencies, with local account details in currencies including USD, GBP, EUR, NGN and KES.
Can a business hold and send money in several currencies from one wallet? Yes. With Verto, each currency has its own wallet inside one business account, and you can pay suppliers directly from the matching wallet.
How many currencies can I hold with Verto? You can hold 27 currencies and convert between 48.
Is Verto regulated? Yes. Verto has licences and approvals in eight countries, including the UK, the US and Nigeria. See Verto's licences page.
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