Multi currency business accounts in India

Snapshot

India applies exchange control, so a resident business cannot freely hold foreign currency in an ordinary current account. The main onshore route is an Exchange Earners Foreign Currency account, known as an EEFC account, for exporters and foreign exchange earners. Platforms such as Wise Business help businesses receive international payments, which are usually converted to rupees on receipt.

Main onshore tool: EEFC account for exporters and foreign exchange earners
Common currencies: US dollars, euros, pounds, and others, by bank
Key rule: Unused EEFC balances convert to rupees by the last day of the following month
Base currency: Indian rupee (INR)

Fees and features as of 29 January 2026Last reviewed 29 January 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 29 January 2026, India applies exchange control under the Foreign Exchange Management Act, so a resident business cannot freely hold foreign currency in a normal current account. The main onshore tool is the Exchange Earners Foreign Currency account, known as an EEFC account, which lets exporters and foreign exchange earners hold eligible foreign earnings. Cross border platforms such as Wise Business help with receiving, but received funds are usually converted to rupees on receipt. Confirm the rules with the provider.

How multi currency banking works in India

India applies exchange control under the Foreign Exchange Management Act, so a resident business cannot freely hold any foreign currency in an ordinary current account the way some businesses can in other markets. The main onshore tool is the Exchange Earners Foreign Currency account, known as an EEFC account, which lets an exporter or foreign exchange earner hold eligible foreign earnings in foreign currency. As of 29 January 2026, banks such as Axis Bank and IndusInd Bank offer it in currencies that commonly include US dollars, euros, pounds, Australian dollars, Canadian dollars, Japanese yen, Singapore dollars, and UAE dirhams. Confirm the eligible currencies with the bank.

What an EEFC account does and does not do

An EEFC account helps a business that earns in foreign currency avoid converting every receipt to rupees, which can reduce conversion costs and help time conversions. It does not pay interest, and any balance not used for a permitted purpose is converted to rupees by the last day of the following month. It is a trade related facility rather than a general multi currency wallet.

Receiving through a platform

Cross border platforms such as Wise Business and Payoneer help Indian businesses receive international payments. For Indian account holders these received funds are generally converted to rupees and settled to an Indian bank account rather than held as a foreign currency balance, because of local rules. The Reserve Bank of India also operates an International Financial Services Centre framework at GIFT City, where foreign currency accounts can be held under separate rules. Verify the current position with each provider.

What to check before you open

Three points to weigh on multi currency banking in India, as of 29 January 2026. Verify with the provider

Whether you qualify for an EEFC account as an exporter or foreign exchange earner, and which currencies your bank supports.
The conversion margin away from the mid market rate and the per transfer fees, which are the main costs.
The rule that requires unused EEFC balances to be converted to rupees by the last day of the following month.

Compare business accounts available in India

These providers serve business customers in India. Fees and eligibility shown as of 29 January 2026. Confirm current terms with the provider before applying.

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Questions about multi currency accounts in India

Can an Indian business hold foreign currency in a bank account?

Yes, within limits. An exporter or foreign exchange earner can hold eligible foreign earnings in an Exchange Earners Foreign Currency account, known as an EEFC account, offered by banks in currencies such as US dollars, euros, and pounds. It does not pay interest and unused balances are converted to rupees by the last day of the following month. Confirm the rules with your bank, as of 29 January 2026.

What is an EEFC account?

An EEFC account is a current account under the Foreign Exchange Management Act that lets a resident exporter or foreign exchange earner keep eligible foreign earnings in foreign currency rather than converting each receipt to rupees. Banks offer it in major currencies and it helps reduce conversion costs on trade. Verify the eligible currencies and rules with the bank, as of 29 January 2026.

Can I use Wise Business to hold foreign currency in India?

Wise Business is available in India mainly for receiving international payments. For Indian account holders the received funds are converted to rupees and sent to an Indian bank account rather than held as a foreign currency balance, because of local rules. Confirm the current position with Wise, as of 29 January 2026.

What does multi currency banking cost in India?

The main costs are the conversion margin away from the mid market rate and per transfer fees, plus any charges on an EEFC or trade account. An EEFC account does not pay interest. Compare the margin and fees across providers and confirm the current charges with the bank, as of 29 January 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 29 January 2026. Confirm current terms with the provider before applying.