A Currency Account is an account used to receive, hold or send funds in a supported currency, subject to the provider’s eligibility rules, regulated structure and available routes. Some accounts provide local Bank details for selected currencies. Others rely on international transfers.
What can a Currency Account do?
| Capability | Question to verify |
|---|---|
| Receive | Which payers, countries and rails can send funds? |
| Hold | Is a balance maintained in the named currency? |
| Convert | Which pairs, rates and fees apply? |
| Send | Which Recipients and routes are available? |
| Provide Bank details | Are details local, shared, virtual or international? |
| Protect funds | Which safeguarding or deposit rules apply? |
Currency Account versus bank deposit
The label does not prove the account is a traditional deposit account or covered by deposit insurance. A payment or e-money provider may safeguard customer funds under a separate regulatory arrangement. The legal entity and jurisdiction determine the protection.
Why businesses use one
A business can receive foreign-currency revenue, pay invoices in a held currency or choose when to convert. That flexibility has costs: account charges, conversion exposure and supported-route limits still need review.
See the Quotable multi-currency account page for the currently described product structure. Eligibility, supported currencies, Bank details, account protections and payment routes must be confirmed during onboarding.
Related definitions include safeguarded funds, virtual account and local Bank details.
