This includes receiving cross-border payments through APIs and payment gateways, sending cross-border transactions, and managing multi-currency accounts.
Exchange rates are agreed at the point of sign-up, meaning the more transactions you plan to make the better chance you will receive a lower rate overall.
One downside is the $3 or $8 cost from a multi-currency account. This can eat into the overall value you might receive by using Currenxie.
Overview
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
$0 / £0 | Agreed on sign-up | $3 for local payments from a multi-currency account $8 for SWIFT payments internationally | 11 local accounts |
- Strong selection of multi-currency account options with 11 in total, more than Wise Business has to offer
- Customizable product that allows for a range of additional benefits through an API
- Huge selection of marketplace and other payment gateway support, including buy now pay later platforms like Klarna
- High sending fees for outgoing payments, make the platform less competitive for regular outgoing payments
Features | Insight |
|---|---|
Expense management and tracking | Expense tracking is available through the business account and actioning of multi-currency cards |
Receive Payments | The account shines in receiving cross-border payments in particular |
Marketplace integration | Multiple popular e-commerce integrations including Amazon Marketplace, as well as integrations with Klarna, eBay, and Stripe |
API options | Automated payments, regular payments, and regular collections as well |
Shared accounts | Give access to the accounts for better collaboration and finance management |
Currenxie multi-currency support
The multi-currency support for Currenxie comes primarily from the Global Account offering. Within this account you can:
Access a multi-currency wallet with 15 currencies
Open and manage multi-currency accounts
Multi-currency card payments
Send local payments
Send SWIFT or cross border payments
Have multiple users access the platform at different levels
Integrate with Xero
Connect with different platforms for e-commerce integration and accepting payments globally
Multi-currency wallet
The multi-currency wallet holds 15 currencies in total.
These are: AUD, CAD, CHF, CNH (RMB), DKK, EUR, GBP, HKD, IDR, JPY, NOK, NZD, SEK, SGD and USD.
For comparison, Sokin allows you to hold 75 and Wise Business is 40. In most cases, you will get more access to holding currencies elsewhere. This being said, if as a business you need to cover the core markets of EUR, GBP and USD, Currenxie is up to the task.
Local account support
For local accounts there are 11 in total. Against the rest of the market this pretty strong. Wise Business offers 10, Airwallex 12 and Sokin offers 4. So Currenxie is actually one of the strongest.
These accounts are available for Australia, Canada, the EU, Hong Kong, Indonesia, Japan, Mexico, the UK and the USA.
Mexico in particular is a stand out option, it is not a local option you find regularly within the market.
Local payment support
Local payment support is an option with Currenxie but will cost $3.00 per transfer. This makes it best for one-off or larger transfers, as opposed to smaller regular options.
This is because at around $750 the $3 is likely to work out better than against paying to exchange. An exchange rate with Airwallex for example is 0.5%. Under the $750 amount you'd likely pay more for the local payment than you would using Airwallex and converting the money when the payment.
Multi-currency cards
It is possible to get multi-currency cards with Currenxie. Both physical and virtual cards are offered.
Physical cards are numberless, this aids in fraud protection and reduces issues if cards are lost.
Card details are stored in the Currenxie app should they be needed.
Cards also come with offers. These include discounts of Google Workspace, Office 365 and Hootsuite.
New offers are added regularly and are tailored towards businesses. These can aid in small cashflow boosts. Other than Revolut, Currenxie is unique in offering these Visa offers as part of its multi-currency platform
Currenxie fees
Set transfer fees do make them more expensive for lower transfers.
Be aware that 'lower tiers', currencies less commonly used for Western businesses, are charged at higher rates.
With Currenxie being Hong Kong based, there are great rates (0.10%) for transfers between USD and HKD.
For comparison Airwallex exchange rates start from 0.5%, and Sokin at 0.3%.
Service | Fee (USD) |
|---|---|
Opening a global multi-currency wallet | $0 |
Opening a virtual bank account | $0 |
Creating a virtual Currenxie Card | $0 |
Collecting local payments | $0.75 per transfer |
Sending local payments | $3.00 per transfer |
Sending and receiving SWIFT payments | $8.00 per transfer |
Special rate: USD/HKD | 0.10% |
Tier 1 currencies (E.g. USD, EUR, GBP) | 0.40% |
Tier 2 currencies (E.g. INR, THB, PHP) | 0.50% |
Tier 3 currencies (E.g. IDR, VND, ZAR) | 0.60% |
Integrations
Xero is the only integration available with Currenxie. Other options, such as Airwallex and Wise Business, also support integrations like QuickBooks, MicroSoft Dynamics 365, Zoho Books and Odoo.
This puts Currenxie at a slight disadvantage if you need a specific integration outside of Xero. Although, using the Currenxie API it is possible to build a custom option, if you have the development resource available.
Eligibility
Business types
Countries
Using the Currenxie API
Currenxie also offers an API integration for businesses to customize and integrate with existing platforms.
Collect automatic payments from multiple locations and send them to a multi-currency wallet
Issue and automate batch payments to over 40 locations
Add more markets to existing product offerings and improve coverage for your customers, as well as yourself
Comes with dedicated support for transfers and real-time data insights
Products offered by Currenxie
Using a multi-currency account provider allows businesses to utilize local accounts, and IBAN accounts and ultimately reduce cost.
Keith HodgesSeptember 4th, 2024.png)
Transfer times are also likely to be faster, and currency risk solutions are often offered as part of a process where large money transfers are involved.Keith HodgesSeptember 4th, 2024.png)
These cards come with a better exchange rate than you would get with a bank, and being issued immediately makes them simple to use.Keith HodgesSeptember 4th, 2024.png)
Many cross border payment solution providers have built in expense management that also hooks up to accounting software like Xero, Sage or Microsoft Dynamics 365.Keith HodgesSeptember 4th, 2024.png)
Cross-border platforms allow for virtual cards to be issued at a currency level, across a business, fleet, vehicle or individual.Keith HodgesSeptember 4th, 2024
Settlement periods, refund costs, and card fees can still be very low for international payments.Keith HodgesSeptember 4th, 2024
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Signing up for Currenxie
Create an account
Navigate to Currenxie and click "Get Started".
Add your email and password. After that, you will receive a confirmation link to your email to verify your account.
Before moving to the next step, make sure to have your business registration documents, an ID, and proof of personal address for any directors and major shareholders.
Submit contact details
Once your account details are verified, fill in your details including your full name, address, and phone number.
Provide company details
Next, add your company details. This will include the business registration number, director and major shareholder names, and business registered address.
Review and submit
Once all the information is added, review your form and submit the documents required.
Once you complete the registration, one of the Currenxie representatives will contact you to arrange an onboarding meeting where you can further discuss your business needs.
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