Multi-Currency accounts are foreign currency deposit accounts in the U.S. and are FDIC-insured. These accounts are intended for commercial banking customers with frequent international transactions in the same currency. They provide the flexibility to manage international payments and receivables without having to convert funds.
MB’s International Banking division can help facilitate your global transactions and streamline your foreign currency exchange process with proven financial expertise and sophisticated banking solutions. MB will work with you to develop foreign currency strategies and maximize the use of your funds internationally by:
- Reducing costs by avoiding excessive and unnecessary currency conversions as well as fees
- Increasing your competitive advantage and market share via transacting payables and receivables in foreign currencies
- Consolidating your foreign and domestic accounts with one provider and eliminating the need to resolve account issues on a foreign bank’s hours
- Eliminating the need to file FBAR (Report of Foreign Bank and Financial Accounts) because the domicile for these accounts is in the United States with MB