Multi-Currency Accounts: Are They Worth It for Colombian Businesses?
For Colombian businesses, the way international payments are managed has changed rapidly. Multi-currency accounts are now a practical necessity for any company aiming to compete in global markets.
According to a 2024 report by Asobancaria, over 67% of Colombian SMEs with international clients are now using or actively considering multi-currency accounts or virtual accounts—a figure that has nearly doubled in just two years (Asobancaria, 2024).
This growth is driven by higher cross-border transaction volumes, more client demand for USD and EUR settlements, and new regulatory requirements. Platforms )like Mural's global payments) lead these changes, letting Colombian exporters, agencies, and tech firms move past traditional banking barriers. As digital banking for exporters becomes routine, understanding the benefits and challenges of multi-currency accounts is crucial for any business leader.
TL;DR
Multi-currency accounts let Colombian companies hold, receive, and send USD, EUR, and more without opening foreign bank accounts.
Fintech providers often settle payments in less than a day and charge lower FX markups than traditional banks.
Staying compliant with DIAN and Banco de la República rules is essential when using overseas accounts.
Choosing the right provider can cut costs, reduce FX risk, and speed up cash flow.
What Are Multi-Currency Accounts—and Why Are They Transforming Colombian Business?
Think of multi-currency accounts as flexible tools for handling international finance. These accounts let businesses hold, receive, and send payments in several foreign currencies—such as USD, EUR, and GBP—without the need to open separate foreign bank accounts. For Colombian companies, especially exporters and firms with clients abroad, this means faster market access and less friction in daily operations.
With support for over 170 countries and 40+ currencies through leading fintechs, multi-currency accounts have become vital for both SMEs and larger enterprises.
More than 70% of Colombian exporters now see foreign exchange volatility as a top business risk, making multi-currency tools valuable for managing payments and protecting margins. Unlike local bank USD accounts, which are rare and strictly regulated in Colombia, these accounts offer flexibility and speed while simplifying currency management.
A virtual account enables businesses to receive and make local payments in foreign currencies without needing a physical banking presence abroad.
For an in-depth look at the practical options available, see our comparison of virtual dollar accounts for Colombian exporters.
The Key Benefits—and Real Risks—of Multi-Currency Accounts in Colombia
Multi-currency accounts offer tangible benefits for Colombian businesses. Cost savings are one of the most significant: as fintech adoption grows, the time it takes to receive international payments has dropped from up to five days to less than one in many cases. Average cross-border payment costs have also dropped from 6.5% to just over 3% between 2022 and 2024, driven by fintech and virtual accounts (Forbes Colombia, 2024).
The ability to settle payments in USD or EUR helps businesses hedge against currency swings and improve cash flow predictability. “As a CFO, having instant access to multiple currencies through a single account has drastically improved our ability to manage international invoices and avoid costly conversion fees,” said Juan Vargas, CFO of a Bogotá-based logistics firm (El Tiempo, 2024).
However, the advantages do not come without risks. Regulatory complexity remains a major hurdle. Businesses must comply with DIAN and Banco de la República reporting requirements, and failure to do so can result in fines or account freezes.
FX risk management is critical, and some fintech providers are not yet fully regulated in Colombia, raising compliance and security concerns. Be cautious of providers not registered or licensed in Colombia, as this can expose your business to regulatory surprises and financial loss.
For more on handling compliance for international payments, see our cross-border payment compliance tips for Colombian SMEs.
How Multi-Currency Accounts Compare: Fintechs vs. Traditional Banks
Top fintech providers now support more than 170 countries, making them attractive for Colombian businesses with diverse global clients.
Choosing between fintech providers and traditional banks can shape the efficiency and cost of your international transactions. Below is a summary of current (2024) differences for Colombian business accounts:
Traditional Banks | Fintech Providers (e.g., Wise, Airwallex, Payoneer) | |
|---|---|---|
Manual/batch, limited | API/automated, seamless integration | |
Account Opening Time | 1–3 weeks | 1–3 days |
FX Markup | 3%–5% | 0.5%–2% |
Settlement Speed | 3–5 days | Same-day to next-day |
Documentation | Extensive, in-person | Digital/KYC, remote onboarding |
Compliance Support | Structured, but less flexible | Integrated tools, direct support |
Monthly Fees | $10–$25 USD | $0–$10 USD |
A recent survey by Asociación Fintech de Colombia found that 8 out of 10 Colombian SMEs preferred fintech solutions over traditional banks for USD payments, citing faster settlement, lower fees, and easier onboarding as the top reasons (Asociación Fintech de Colombia, 2024).
For a deeper dive, see our guide on bank vs fintech USD accounts in Colombia.
Emerging Features: Stablecoin Settlement & Automated Payouts
Leading providers are layering new capabilities on top of standard multi-currency accounts. Two that matter most to Colombian finance teams are stablecoin settlement and automated bulk payouts. By moving funds over blockchain rails, businesses can clear USD or USDC transfers in minutes—often outside of banking hours—while still landing pesos locally when needed. When paired with built-in APIs for scheduling large payment runs, finance teams can cut spreadsheet work and minimise human error.
Just as important is guaranteed delivery of funds. Unlike traditional wires that may bounce or disappear for days, next-generation platforms confirm each hop in real time, giving controllers a single source of truth.
Compliance, Regulation, and the Colombian Reality
It’s a question nearly every Colombian business faces: How can we stay compliant with DIAN and the central bank when using multi-currency accounts?
The answer is nuanced. While the technology makes transactions simpler, regulatory obligations remain strict. According to Pablo Sánchez, Legal Advisor at DIAN, “The biggest challenge for Colombian businesses is not technology, but navigating DIAN and central bank regulations on foreign currency reception” (Forbes Colombia, 2024).
Common mistakes include:
Not registering international accounts with DIAN
Incomplete or delayed reporting of cross-border transactions
Failing to keep comprehensive transaction records
Using providers with unclear KYC/AML processes
As multi-currency fintech solutions become more common, always verify that your provider supports strong KYC/AML processes and offers clear guidance on regulatory requirements. For a full overview, see our article on FX regulations for Colombian exporters.
Key Takeaways—Are Multi-Currency Accounts Worth It for Your Business?
Too many Colombian companies focus on traditional banking, without realizing the competitive edge that multi-currency accounts now provide. With over 67% of SMEs in Colombia already exploring or using these solutions, the question is not if, but when your business should make the switch (Asobancaria, 2024).
Successful adoption requires attention to compliance and choosing the right provider, but the payoff—lower fees, faster payments, and greater flexibility—can be transformative for exporters, agencies, and tech firms alike.
As the ecosystem advances, features like payment automation and stablecoin settlement are making multi-currency accounts even more versatile for forward-thinking Colombian businesses.
Explore the possibilities with a global payments platform like Mural Pay to see how your business can benefit.
FAQ
Q: Can a Colombian company receive USD directly into a multi-currency account?
A: Yes. Reputable providers allow businesses to collect USD and other foreign currencies in dedicated sub-accounts, then convert or withdraw funds locally when needed.
Q: How do multi-currency accounts differ from **virtual USD accounts** offered by some fintechs?
A: A virtual USD account is usually one component of a broader multi-currency setup. It lets you receive dollars like a local, while the full account supports additional currencies and integrated FX tools.
Q: Is **stablecoin settlement** safe for corporate treasuries?
A: When routed through regulated platforms with strong KYC/AML controls, using USDC or USDT can speed up cross-border transfers without compromising security.
Q: What documentation does DIAN require for foreign-currency inflows?
A: Companies must register the account, record each transaction, and file periodic reports detailing amounts, counterparties, and economic purpose.
References
Asobancaria. (2024). Informe de Innovación Financiera en Colombia. https://www.asobancaria.com
Forbes Colombia. (2024). Las Mejores Cuentas Multimoneda para Exportadores. https://forbes.co
El Tiempo. (2024). Cómo los Exportadores Colombianos Gestionan Pagos Internacionales. https://www.eltiempo.com
Asociación Fintech de Colombia. (2024). Encuesta de Pagos Internacionales. https://colombiafintech.co
Mural Pay. (2024). Guide to Receiving USD Payments as a Business in Colombia. https://www.muralpay.com/blog/guide-to-receiving-usd-payments-as-a-business-in-colombia
CoinDesk. (2024). Colombian B2B Stablecoin Payments Growth. https://www.coindesk.com
