How to open a multi-currency account in Ukraine?

The effectiveness of the foreign economic activity of Ukrainian companies depends on the integration of flexible financial solutions. One of the key tools for successful international cooperation is a multicurrency account, which allows not only not to avoid double conversion, but also to reduce commission costs. This article will explain in which cases a multicurrency account is especially useful for companies, what opportunities it opens up for business, and how to choose the right bank or service.

What is a multicurrency account?

Multicurrency account is a modern financial instrument that allows you to store funds and carry out operations in several currencies at once, such as USD, EUR, GBP and others on one account. In other words, we do not need to open additional accounts for different currencies. Unlike a classic foreign currency account, where you work with only one foreign currency, a multi-currency account offers considerable flexibility in international settlements because you can choose the currency you need for each individual transaction.

It is especially useful for businesses, because having one business account in foreign currency, the company is able to cooperate more effectively with foreign clients and partners. For example:

1. Receive payments from customers from different countries in different currencies, but without additional conversion fees.
2. Pay for the services of suppliers in the currency that is most convenient, avoiding unnecessary costs for currency exchange.
3. Keep income in different currencies and use funds for international transactions or investments.

Thus, companies active in global markets choose multicurrency account as a profitable financial instrument.

How to open a multicurrency account: step-by-step instructions

If you, as a Ukrainian entrepreneur, are planning cooperation or are already working with foreign partners and are searching for options to optimize international settlements, you need to consider the possibility and feasibility of opening a multicurrency account. Below is a step-by-step guide to help you thoroughly prepare for this procedure.

Step 1. Determine your needs

Think about what exactly you need an account for: receiving payments from foreign clients, conducting international money transfers, or working with suppliers where the settlement is in currency.

Step 2. Choose a bank or financial service

Various options are available in Ukraine: classic banks (for example, for opening currency accounts for individual entrepreneurs) and international financial services, in particular Payoneer account in Ukraine, which are suitable for freelancers and small businesses.

Step 3. Prepare the documents

For companies and sole proprietorships, the list of documents may vary slightly, but usually includes statutory documents, registration details, and information about the owner or representative.

Step 4. Apply

The application can be made online through the website of a bank or financial platform or at a bank branch.

Step 5: Pass the verification

If all the documents are in order, the bank or service checks the data and confirms the opening of the account. This can take anywhere from a few hours to a few days.

Step 6. Start using the account

After activating the account, you will be able to accept payments in different currencies and conduct transactions.

Where in Ukraine can you open a multi-currency account?

Opening Option	Who is it for?	Advantages	Disadvantages	Examples
Ukrainian Banks	Companies, individual entrepreneurs, medium and large businesses.	Official service within the limits of the legislation of Ukraine. Ability to combine with other banking products. Direct management of the hryvnia and multicurrency account.	High tariffs for service. Complicated and lengthy document verification procedures. Limited payment instruments for international payments.	PrivatBank, Monobank, Oschadbank
International financial services	Freelancers, IT companies, small and medium businesses.	Easy online discovery. A wide selection of currencies. Convenient international money transfers. Fast payouts.	There is no classic banking support in the branch. Dependence on international KYC rules.	Payoneer (can be opened multi-currency score Payoneer in Ukraine), Wise, Revolut Business
Fintech platforms	Startups, small businesses, online trade.	Mobile applications with flexible management of multicurrency accounts. Low commissions. Support for integrations with e-commerce	There is no full range of banking services. Limitations on large amounts are possible.	Wise Business, Paysera

Advantages of a multi-currency account for business

• No double conversion. Save on commissions and save more profit when working with different currencies.
• Easy management of multiple currencies. One multicurrency account allows you to control receipts and expenses simultaneously in USD, EUR, GBP, and other currencies.
• Optimization of taxes and accounting. Simplified reporting and simplification of financial accounting for companies and FPOs.
• Convenience in working with international counterparties. Higher calculations and safe international payments.
• The ability to store currency while waiting for a favorable exchange rate. If the rate is lower than you expected, you can keep the profit in the desired currency in the account and make the exchange at the right moment, not immediately.
• Access to modern payment instruments. Integration with e-commerce, fintech services, and banking systems makes multicurrency accounts a universal solution for global operations.

What are the fees and expenses for multicurrency accounts?

A choice multicurrency account is always associated with additional maintenance costs. Below is a table with typical types of commissions and examples, so you know what to look out for first. For example, for regular payments with large sums between companies, it is more convenient to open a multicurrency account in the bank. If the business works with foreign clients and freelance platforms, it is more profitable to use the services, especially given the transparent Payoneer rates. For startups and small businesses, fintech platforms (Wise, Paysera) with lower fees for international transfers and conversion may be the optimal solution.

Type of expenses/fees	Ukrainian banks (average)	Payoneer Rates	Fintech platforms (Wise, Paysera)
Account opening	Free or UAH 100–500	Free	Free
Monthly Maintenance	100–500 UAH	Free	Free
Receiving Payments	0,5–1,5% (SWIFT)	0% Payoneer to Payoneer; up to 2% from international cards; 1% with eCheck (US)	0,5% – 1%
Currency Conversion	NBU exchange rate + 1–2%	Up to 2% of the interbank exchange rate (Payoneer rates)	0.35% – 0.6% of the amount
Withdrawal of cash	1.5–3% at ATMs	$3.15 for card withdrawal + 2-3% for conversion	~2% at ATMs
International Transfers	$15–30 (SWIFT)	Free inside Payoneer; from $1.50 + % for other destinations	From €0.28 for SEPA, $3-5 SWIFT

How to avoid double conversion by means of a multicurrency account?

For Ukrainian businesses that regularly work with international clients, the most effective way to avoid paying double conversion is to use a multicurrency account for each separate direction of payments. To avoid double conversion, accept payments in the client’s currency without automatic conversion to hryvnias. Moreover, pay suppliers and contractors in the same currency stored in the account, and use multi-currency cards for payments abroad. Choose and compare services and banks with favorable exchange rates and low commissions very carefully. Be sure to use internal transfers between currency account balances to combine funds before withdrawing. In addition, plan payments in advance and monitor exchange rates to convert only at the most advantageous moment. Your multicurrency account can be the most economical and safe choice for your business.

Who are the multicurrency accounts for?

If you’re wondering if you should open one multicurrency account, this checklist will help you quickly understand whether such a financial instrument meets your needs. Check the items that apply to you to assess whether you would benefit from managing multiple currencies simultaneously from one account.

Checklist: Do you need a multicurrency account?

• You regularly receive or send payments abroad in different currencies.
• You want to avoid extra fees for double currency conversions.
• You need the ability to manage multiple currency balances in one account.
• You work with international marketplaces, freelance platforms, or clients from different countries.
• You often travel or pay for goods and services in foreign currency.
• You are looking for better exchange rates compared to banks.
• It is important for you to quickly and safely convert funds between currencies without bureaucratic procedures.

If you check at least a few points, then a multicurrency account can become an effective financial solution to many financial barriers in business. Such an account not only allows you to manage international operations but also greatly speeds up your cooperation with foreign partners.

Examples of using a multi-currency account for various businesses

Type of Business	Why is it needed?
Sole proprietorship freelance	Receiving payments from foreign clients in USD or EUR without converting to hryvnias and quickly transferring funds to a personal account.
E-commerce seller	Accept payments from buyers on international marketplaces (Amazon, Etsy, eBay) in various currencies and save on conversion.
B2B Agency	Paying for services to suppliers or contractors abroad and receiving payments from customers in their local currency.
IT Company	Salaries for international employees, purchase of licensed software in different currencies, and convenient management of multi-currency income streams.
Tourist Business	Payment of foreign services, hotel reservations, transport tickets, and acceptance of payments from foreign clients in various currencies.

Summary

For Ukrainian businesses working with foreign clients, a multicurrency account is simply a necessary tool, and without it, it is almost impossible to successfully cooperate with partners at the international level. Such an account allows you to receive payments in different currencies without double conversion, save on bank and payment commissions, and legally withdraw income to Ukraine. In addition, this convenient solution allows you to quickly manage currency balances, make international transfers, and accept payments from customers in any currency. 

Frequently Asked Questions

How to open a multicurrency account for an individual entrepreneur in Ukraine?
Register with a service like Payoneer or Monobank, confirm the status of the individual entrepreneur, and provide the documents of the owner or owners. If there are no questions about the documents, the account will be ready for use within a few days.

What currencies does a multicurrency account support?
Payoneer and most Ukrainian services support USD, EUR, GBP, and UAH, and some accounts allow you to work with CAD, AUD, and PLN as well.

How much does a multicurrency account cost?
Payoneer does not charge a monthly fee, but there is a conversion fee of 0% to 2% and a withdrawal fee to a Ukrainian account of 0.5% to 2%, depending on the currency.

How does a multicurrency account differ from a single currency account?
A multicurrency account allows you to save and receive several currencies at the same time without conversion. In contrast, a single currency account is opened for only one currency, and any other must be converted through the bank.

How to avoid double conversion with a multicurrency account?
You can use the account to receive payments in the client’s currency, pay for purchases or transfers in the same currency, and withdraw money to the currency account without intermediate conversion.