Kill three birds with one stone using our multi-currency trust accounts: currency conversion, hedging and 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 EQ Pay, a supplier of virtual bank accounts (VBAs) 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. This 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.