Introducing the modern multi-currency bank account guide to solve your cross-border payment problems
Imagine a world where sending money across borders is as easy as sending a text message. For millions of Africans, this vision is far from reality. Cross-border payments in Africa remain a complex and costly endeavour, fraught with challenges that hinder economic growth, stifle entrepreneurship, and perpetuate financial exclusion.
Bendada.com, a leading publication on technology in Africa, has teamed up with Raenest, a fintech company that processes tens of millions monthly for over 500,000 professionals and businesses, to create an explainer guide on how multi-currency accounts can help improve cross-border transactions for your business.
The guide breaks down jargon and technical stuff into examples and actionable insights that you can implement on the go. Expect to learn about:
- How multi-currency bank accounts work
- How to open a multi-currency account
- How African businesses like yours are using multi-currency accounts to thrive
- The future of cross-border transactions in Africa
This role of modern multi-currency accounts is pertinent because sending money across borders in Africa is a costly hurdle for many. World Bank data shows that the average fee for sending just $200 in Africa is 8.2% – nearly double the global average. This disproportionately impacts small businesses, entrepreneurs, and diaspora communities who depend on these transactions for trade, investment, and sending money home.
Africa's fragmented payment systems add another layer of complexity. Multiple currencies and regulations make it cumbersome and expensive to move money.
This is where multi-currency accounts come in as a game-changer. By offering a single platform to hold, manage, and transfer multiple currencies seamlessly, these accounts simplify cross-border operations, mitigate currency conversion costs, and provide a lifeline for businesses and individuals navigating the intricate web of regional and global financial systems.
Unlike traditional domiciliary accounts, this streamlines the payment process and eliminates the risks and delays associated with traditional wire transfers. If you do business in more than one country multi-currency accounts are an indispensable resource.
The whitepaper is now available for download here. All inquiries about the paper can be directed to the Bendada.com team via hello@bendada.com
Further information
Press contact details for Raenest:
Cynthia Orji, Head of Content Marketing
Email: cynthia.orji@raenest.com
About Raenest
Raenest is a leading financial technology company that specialises in providing a comprehensive suite of financial solutions tailored to meet the unique needs of businesses operating in a global marketplace. Raenest streamlines global business finances with a suite of tools. Businesses can open full USD business accounts to accept payments via ACH, wire transfer, and SWIFT. Customisable corporate debit cards manage global expenses. A multi-currency wallet simplifies international transactions and currency management. Businesses can send and receive money in 35 countries, and benefit from competitive currency conversion rates. Additionally, Raenest offers seamless invoicing tools to streamline billing processes.
For additional information, visit https://www.raenest.com/