Currency Accounts
Available in 29 currencies for all your collection, FX conversion and payment needs
Open your Currency AccountCurrency account management challenges
Every treasurer who has tried to use multiple currency accounts knows their complex reality:
- Currency accounts are complicated to open and expensive to maintain
- Banks offer them in a very limited number of foreign currencies and locations
- Excessive FX conversion rates and fees often make “free” currency accounts very expensive
- They have old-fashioned interfaces and no easy way of connecting them to ERP or treasury systems
- Currency accounts are often spread between multiple banks, with no single interface, resulting in a higher administrative burden
The new generation of currency accounts
As a one-stop-shop for companies facing foreign currency challenges, Kantox has built a solution which allows businesses to open and operate accounts within the Kantox ecosystem and optimise their cash management.
Kantox Currency Accounts offer a very efficient and cost-effective collection process in 29 currencies with accounts that appear in your company’s name. Different payments are channelled through Kantox-issued IBANs and converted into the currency of the destination account.
Soon, customers will be able to collect, hold and make payments directly from their Currency Accounts. Customers will also be able to settle spots and forward contracts taken with Kantox using funds already in their accounts – which can also be pre-funded for this purpose.
Benefits of using Kantox Currency Accounts
- Ability to collect funds in 29 currencies with IBANs appearing in your company’s name
- Good option for companies that require cash pooling from multiple entities
- Avoid high FX spreads and save between 1-3% on conversion fees
- Streamline payment collection and eliminate manual payments reconciliation
- Boost your competitive advantage in local markets by receiving funds and paying locally
- Your payment service provider (PSP) (e.g. Paypal, Stripe or Adyen) can settle directly into Kantox’s local currency collection accounts
- Improve your cash management and easily transfer funds between currency accounts – coming soon
- Make payments, or settle spots and forwards executed with Kantox directly from your accounts – coming soon.
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