What’s making currency accounts so difficult?
First there’s due diligence, not just in terms of exchange rates but additional benefits such as the interest rate on the account.
Accounts are generally not marketed very well, which makes this process harder than necessary. Finance directors don’t know who offers good currency accounts, and it can be difficult and time-consuming to pick through the relative benefits and constraints.
Then the accounts can be difficult to set up. Banks can be judgmental about your status, resulting in unnecessary jumping through hoops.
After all that, the services around the account often require as much management as initiating the account.
For companies that see currency in general, or certain currencies in particular as a means to an end, efficiency becomes more of a priority.
In either case alternatives now exist, which means that finance directors can spend their valuable time dealing with the more important aspects of running the business.