Hold the currency your business already works in, and use it as it is. Money that arrives in one currency stays in that balance until you choose to exchange it, so a payment does not pass through two conversions between a client and a supplier. You decide when a rate is worth taking.
It is a business account that holds money in a currency other than the one your company reports in. Euro income stays in euro, dollar income stays in dollars, and nothing is converted until you say so. What a client paid you is what the account still holds when the next bill in that currency arrives.
Three things make it work. The balance is what the business holds, visible in the account at any point. The payment details tell a payer where to pay and tell us which account to credit. The rails behind those details decide how a payment travels and how it reaches the receiving bank. Which rails an account supports is agreed when it is opened.
The three are not always bundled. A balance can exist with no details of its own, and a business bank account can carry details for a currency it will not let you hold. Most of the confusion in business banking starts there, so it is worth settling once.
| Currency account | IBAN account | Multi-currency account | |
|---|---|---|---|
| Who can fund it | Only accounts in your own company name, with your Business ID quoted in the payment reference | Any third party: clients, marketplaces, card acquirers and other payers | Depends on which of the two sits behind a balance |
| Payment details of its own | None of its own. It is credited by your own transfers and identified by your Business ID | Yes. Its own IBAN, reachable over the rails it supports, with a label you set | The details of whichever accounts sit under the profile |
| What it is used for | Holding a balance, exchanging between balances and paying suppliers abroad out of it | Being paid by other people, and quoted on an invoice as where to pay | Working across several currencies from one place |
A payment leaves when scheduled and still lands days late. Cut-off times, an intermediary bank and a holiday in the receiving market each add delay, and nobody tells the supplier waiting to be paid.
One bank holds the local business account, a second was opened because it could take euro, a third came with a marketplace. Each has its own login, its own statements and its own view of what a payment reference should look like.
References get stripped along the chain, so finance spends the start of the month matching payments to invoices by hand.
With the margin folded into the rate rather than shown beside it, the cost appears only once that rate has been applied.
An application is declined over the industry on the certificate rather than the numbers, after weeks with a bank that will not put a reason in writing.
A bank that supports the markets you started in stops at the one you are moving into, so you run two banking setups at once.
Fenryx is a digital finance platform and payment account provider, not a bank. We do not take deposits and we do not lend. What we run is the account layer between your business and the payment rails it uses: where balances are held, where details live, and where every payment is prepared, approved and recorded. Support comes from the same team that opened the account, not a separate banking call centre.
The architecture is flat on purpose. One workspace holds the business profile and its users. Inside it sit the balances and, where a business needs to be paid by other people, IBAN accounts with details of their own. Everything else here is an operation against those two, run by the users you authorise.
Each balance has its own history and running total. Open one, fund it, and the quick actions sit on it: top up, exchange at the rate shown, or pay a supplier out of it.
Where the business needs to be paid by someone else, you order an IBAN account. It comes with its own details, the rails it supports and a label you choose. Details are masked on screen and revealed when you share them with a payer.
The rule worth reading twice: a currency account can only be funded from accounts in your own business name, and the transfer has to quote your Business ID so it can be matched when it lands.
Payments from anyone else, a client, a marketplace, a card acquirer sending a card settlement, arrive through an IBAN account. That is what it is for, and why the two are separate.
Moving money between balances happens inside the account. Pick the pair and the amount, see the rate and the cost before anything is committed, and confirm only if that rate is one you want. Nothing moves while you are still looking at it.
Pay out over the rails the account supports, or internally to another Fenryx account. Payments leave from the balance you choose. Beneficiaries you pay often are saved, so the second payment takes a fraction of the effort the first one did.
Before you confirm, a summary shows the amount, the route and the fee, so no part of the cost turns up afterwards.
Users get the rights they need, so one person prepares a payment and another releases it before it goes out. Anything waiting sits at Waiting for approval until an authorised user acts.
After that, payments carry a status through Pending, Processing and Finished. Open one for the detail, or export the period out to your books.
Tell us about the business, what it sells, which currencies it works in, who pays it and who it pays out to.
The business is verified before anything is switched on. Every account we open goes through this, whatever the size of the company behind it.
The balances supported for your business are enabled on the profile, and your users are given the access that belongs to them.
If clients or platforms need to pay you, request an IBAN account and give it a label you will recognise later.
Fund the account from a bank account in your own business name, quoting the Business ID in the payment reference so the payment can be matched.
From there you pay suppliers, exchange between balances at a rate you accept, and export the record at the end of the period.
Stock is bought from European suppliers in euro while customers pay in dollars. Both account balances sit on one profile, the dollar income pays the euro invoices when the rate is acceptable, and the exchange happens on a day you picked rather than the day a payment landed.
Subscribers pay in their own currencies, while hosting, contractors and advertising are billed in others. IBAN accounts take the card and platform settlements, balances hold them, and outgoing payments cover the cost side with no round trip through a home-currency bank account.
You invoice clients in the currency of their market and pay freelancers in theirs. Saved beneficiaries and approvals turn the monthly pay run into a routine task, and each payment goes out of the balance that already holds what the contractor bills in.
Card settlements and marketplace payouts arrive on their own cycles, in whatever currency each contract names. An IBAN account receives the card payments, balances keep them apart, and refunds and supplier payments are paid out from the same place.
Some teams open more than one IBAN account on purpose, one per platform or business line, so incoming payments are already sorted before reconciliation starts. Statuses, transaction detail and exports do the rest at close.
One place for the numbers. Everything here is set for your account when it opens, because it follows the business behind it.
| Item | For your business account |
|---|---|
| Supported currencies | CAD, USD, EUR and GBP, with further currencies on request |
| Account opening fee | Quoted before you sign, per account type |
| Monthly fee | Quoted before you sign, per account type |
| Incoming payments fee | Quoted per rail on the IBAN accounts you hold |
| Outgoing payment fee | Shown in the summary before you pay out |
| Exchange rate and markup | The rate and the markup are shown with the amount you receive, before you confirm |
| Limits | Set during onboarding and reviewed with you |
| Settlement timing | Depends on the rail used and on the receiving bank |
| Supported rails | SEPA, SEPA Instant, SWIFT and internal transfers between Fenryx accounts |
Two businesses of the same size can end up on different terms, because currencies, supported rails and limits are set around what each business does. The figures that apply go to you in writing, and the summary shows the rate or the fee before you pay out.
Accounts are opened for registered legal entities. We do not open personal accounts, and a business that cannot evidence its registration and its activity will not pass review.
Availability depends on where the business is registered, what it does and which corridors it pays into. A consultancy invoicing European clients and a wholesaler shipping into another region are assessed differently, because the rails that support them differ.
Every application goes through KYB, and the people behind it through KYC. Review continues for as long as the account is open. Industry acceptability is assessed case by case, so whether we can support a given business depends on the file in front of us.
Some activity sits outside our risk appetite whatever the turnover. In general terms, we do not work with:
This is a summary rather than the full list, which is set out in our AML Policy.
Seven things worth asking any provider or bank, including us, before you move a business account across.
Does the account balance carry payment details of its own, or is it funded internally?
Can clients, platforms and card acquirers pay you directly, and into what exactly?
Which rails are supported, and do they reach the corridors you pay into?
Is the rate shown with the cost beside it, before you confirm the exchange?
Can more than one person work the account, with a release step before money goes out?
What comes out at month end, and who picks up a support request about it?
Is your sector assessed up front, or found out after you have moved everything across?
The two words describe different things. A currency account describes what the balance is denominated in. Offshore describes where an account sits relative to the business that holds it. A currency account can sit in the same country as your business, and changes nothing about where that business is registered.
No, and it is the most common mistake we see. A currency account is funded from bank accounts in your own business name. Client payments, marketplace payouts and card settlements arrive through an IBAN account. Point a client at the wrong one and their payment usually comes back.
The payment cannot be matched automatically, so it waits until identified and may go back to the payer. Put your Business ID in the reference every time, and pass it to whoever prepares those bank payments.
Yes. Balances are added to a profile that already exists, so no new application is needed. Which ones can be enabled is agreed with support, since it depends on your activity and the rails behind each one.
Accounts are opened for registered legal entities only. We do not open personal accounts and we do not onboard unregistered ventures. A business also has to evidence what it does, because activity is part of what gets reviewed.
Yes. Users get the rights they need, so a bookkeeper prepares a payment and a director releases it. Anything waiting sits at Waiting for approval until an authorised user acts, and the account records who did what.
Card acceptance stays with your card acquirer or payment service provider. What the account does is take the card settlement they pay out to you, into an IBAN account, in the currency it arrives in. Fenryx does not issue cards.
Not entirely. Fenryx is a payment account provider rather than a bank, so lending, overdrafts and cash handling stay with your bank. Plenty of businesses keep both: the banking relationship for those, this account for paying out across markets.
Tell us which currencies your business works in and who pays you.
Globally United Tech Corporation · Incorporation registration No: BC1482082 · MSB registration No: C100000396 · 142-757 West Hastings St PMB 818, Vancouver, BC, Canada. Fenryx is not a bank. Account availability, currencies, supported rails and limits depend on jurisdiction, business activity and KYB review.