This article gives an overview of multi-currency functionality within your Viably Global Account.
Now that you've opened a Viably Global Account for your ecommerce business it's time to start making cross-border payments to suppliers and getting paid in your local marketplace currencies. To ensure that you're making the most of your Viably Global Account, let's review all multi-currency functionality practices and policies.
Cross-Border Payments
With a Viably Global account you can send and receive money in any currency to and from anywhere in the world. This means that if you're working with suppliers in China payment can easily and seamlessly be sent to their approved account in Yuan. At the same time, if your ecommerce business is selling in Mexico (on Amazon or Shopify) you can receive payouts from the marketplace to your Viably Global Account seamlessly in Pesos.
Regardless of where in the world you're sending or receiving money from, Viably Global Accounts will continue to store deposits in the original form, i.e. the local currency. This means that you can have multiple currencies in your business bank account at any given moment.
Converting Currencies
If you wish to convert currencies from their original, local form you can do so easily within your Viably Global Account. Foreign exchange (FX) conversion rates are quoted in real-time when you initiate a payment in another currency, or, when an FX conversion activity. When you initiate an FX conversion activity or cross-boarder payment you'll have the option to select different payment rails, such as wire, ACH transfer, swift or local transfer. This allows customers to compare associated fees for various cross-border payment methods and choose the option that best fits their business.