Kill three birds with one stone using our multi-currency trust and escrow accounts: currency conversion, hedging and consumer financial protection.
The travel industry operates across an international platform – so combining compliance with currency requirements by using a multi-currency trust account makes perfect sense.
We work with multiple suppliers of virtual bank accounts (VBAs) that operate in 26 currencies. That allows travel businesses to receive and hold balances in the respective currencies, without the requirements and cost of opening a real-world bank account. It enables conversion of funds into the currency of the supplier at time of booking and so removes the risk associated with handling multiple currencies.
The reporting and workflow to process supplier payments that comes with the VBAs enables our account handlers to have control over the accounts acting as a trustee.
The use of VBAs, in association with Serenity Trusts, provides a single account to receive funds, effectively manage currency risk and make supplier payments while also abiding by the Package Travel and Linked Travel Arrangements Regulations 2018.