Local currency accounts simplify your business operations across multiple currencies. These accounts come with specific account numbers and banking details, making it easy to receive funds in the currencies you need. This is especially beneficial for global businesses, allowing you to collect payments in your international customers’ preferred currency and use those proceeds to pay local expenses in the same currency. In contrast, a regular transaction account may automatically convert funds to and from your home currency with each transaction, leading to costly FX fees in both directions.