FinTech TransferGo has launched a new multi-currency corporate account for companies based in the UK and EU.

The new account will allow businesses to hold, exchange, send and receive multiple currencies.

The move comes as banks and FinTechs in the UK increasingly offer multi-currency accounts and services that enable businesses and individuals to manage international currencies in one place.

The company said that its new account aims to provide a platform with competitive fees and facilitate the international payment experience to enhance the customer experience.

The new multi-currency business account was created to help companies overcome the complexities of international money management, allowing them to centralise transactions and take advantage of competitive rates as low as 0.35 per cent.

TransferGo said that with individual IBANs, businesses can receive payments in local currency, reducing conversion losses, and improving cash flow management.

The TransferGo Business account is now available in the EU and the UK and currently includes balances in GBP, EUR, RON and PLN. The company said that it plans to add more currencies in the future.

"Companies often face high fees, complicated currency exchange processes, slow delivery times and friction when moving money globally, especially when working with emerging markets,” TransferGo said in a statement.

Daumantas Dvilinskas, co-founder and chief executive officer of TransferGo added: “We want business owners to focus on growing their companies rather than struggling with supplier payments, international purchases, refund management, and other daily financial tasks”. 

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