If you are a frequent traveler, global trader, freelancer or often transact in different currencies, you may need a multicurrency bank account. A multicurrency bank account lets you receive, hold, send and spend money in different currencies. A multicurrency account is cost-saving since it eliminates the high costs that come with currency conversion. You can open a multicurrency account for the currencies you anticipate you will be using frequently. In this article, we are going to focus on some of the best multicurrency bank accounts available in different countries.
- 1 Meaning of Multicurrency Account
- 2 Benefits of Multicurrency Account
- 3 Revolut Multi Currency Account
- 4 Wise Multi Currency Account
- 5 CurrencyWave
- 6 Multicurrency Account UK
- 7 Multicurrency Account US
- 8 Multicurrency Account Australia
- 9 Multicurrency Account Canada
- 10 Multi Currency Account Germany
- 11 Multicurrency Account Malaysia
- 12 Multicurrency Account Singapore
- 13 Multicurrency Account India
- 14 Summary of Multicurrency Bank Account
Meaning of Multicurrency Account
A multicurrency account is a bank account that allows one to hold, receive, send and pay in more than one currency. The account name and account details are the same. This means it is a single account that can hold different currencies instead of several accounts with different currencies.
Some of the most common currencies in a multicurrency account include the US Dollar, Euro, Singapore Dollar, Japanese Yen, Australian Dollar, South African Rand and British Pound.
Online Multicurrency Account
- Wise, Revolut, Monese and bunq are some of popular online multicurrency accounts that support many countries in the EU as well as USA, Singapore, UAE, Japan, Israel, New Zealand, Canada and Australia.
- Some banks and fintech allow you to open non resident multicurrency accounts. Wise, for instance, allows you to open a non resident bank account with 10 national account details and currencies such as EU IBAN details, US bank details and UK bank account details.
Benefits of Multicurrency Account
There are many benefits you will enjoy when you use a multicurrency account. They include:
- They eliminate currency conversion fees that accrue when one is sending or receiving money.
- Faster payments in local currencies. Transactions are fast when using a local currency.
- You get to trade currencies at the right time. You can convert money from one currency to another when you wish to at no cost.
- It saves you lots of money during reconciliation and accounting. It is because you can issue invoices in one currency and get paid in the same currency.
- You can maintain the same banking details. You don’t have to open multiple bank accounts for different currencies. You can open multicurrency accounts and yet maintain a single bank account number.
Revolut Multi Currency Account
Revolut is an online multi currency account helps you receive, hold, send and exchange money in over 30 currencies. It does not have hidden fees and you can set as many sub-accounts in each currency to run your business. With this type of account, you can enjoy real-time rates when you exchange your money. You can access the account through the web or app.
You can spend money like a local using debit cards that are accepted worldwide. You can open a Revolut personal account or Revolut business multi currency account. Compared to typical banks, Revolut business multi currency account helps you save up to 5% on overseas transactions.
Wise Multi Currency Account
Multi currency account with Wise is free to open and you can get up to 10 local account details. Wise is an online bank account that allows you to open a personal or Wise business account. You can open an account in EUR, USD, GBP, CAD, AUD and JPY. You can then convert these currencies using real exchange rates. This means that if you are in the UK, you can open a non resident Wise multicurrency account in US.
You can use Wise multi currency account to hold, receive, send and spend money in different currencies. It is ideal for freelancers, frequent travelers and people with cross-border businesses and it comes with Wise multicurrency card (Visa multicurrency card). If you are a frequent traveler, you will get Wise travel card you can use to spend abroad. With Wise multi currency account, you also get Euro IBAN, SEPA, US routing number, ACH and SWIFT/BIC that you can use to receive money across the world.
CurrencyWave is a foreign currency payment service provider that is offering multi currency accounts. You can open either a personal or a business account. When you open an account with CurrencyWave, you get an IBAN and you pay for goods and services locally and internationally. You can hold, receive and send money in 34 different currencies. You can receive payments from over 180 countries.
If you are a US customer, you can send payments to the account using methods like ACH or FedWire. You can convert currencies using competitive exchange rates and comes with fixed spreads and transparent pricing.
Multicurrency Account UK
The UK is one of the countries where you can open a multicurrency account. You can open a multicurrency account in the UK using online banks or traditional banks. You can use online banks such as:
There are also traditional banks in the UK that will help you open a multicurrency account UK. They include:
- Barclays. Multicurrency Account You can open a bank account in 12 currencies. Among them are US Dollar, Australian Dollars, New Zealand Dollars, Euros, Japanese yen and Danish Kroner. You can then make international payments using Barclays online banking.
- Lloyds Lloyds International Current Account. You can open multicurrency accounts in Sterling, Euros, Sterling and US Dollars. The account is called Lloyds International Current Account. You also get a multicurrency Visa debit card you can use to spend abroad. You will be charged 7.50 for Euro account and $10 for US Dollar account every month. International payments are free.
- NatWest Multicurrency Account You can open a multi currency account UK with NatWest and hold up to 25 currencies in one account. It has a saving pots account that can help you earn some interest.
- HSBC Multicurrency Account. You can open an HSBC account in 14 major currencies like US Dollar, Euros, Australian Dollars and Swedish Krona.
Multicurrency Account US
You can open a multi currency account with the following banks in the US.
- Wise US. You can open a personal or a business account with Wise. You get access to 12 different local accounts, among them USD, GBP, EUR, RON, HUF, AUD, NZD and SGD. You can hold over 54 currencies with Wise account.
- Revolut US. The online bank allows you to open personal and business multicurrency account. You will get USD local account (ACH routing number, account number), GBP local account (sort code, account number), and SWIFT account for international transfers in all supported currencies.
- Citibank. You can access a multi currency account with Citibank through its offshore arm, Citi International. The account is designed for high-wealth individuals. You can hold currencies in EUR, USD and GBP. You need to maintain a minimum of $200,000 and pay a fee of $150 monthly.
- HSBC multicurrency account. You can open a savings account in 156 different currencies. You can use their expat service and open EUR, BGP and USD accounts.
Multicurrency Account Australia
You can open multi currency accounts in Australia with following banks.
- Online banks. You can use Wise and Revolut to open a multicurrency account in Australia.
- NAB multicurrency account. You can use NAB to open either personal or business multicurrency account in Australia. You can hold up to 16 currencies in the account, among them USD, GBP, EUR, NZD, JPY, HKD, SGD, CNY, ZAR, SEK, NOK, CHF, THB, AED, CAD and DKK.
- HSBC multicurrency account. You can open up to 9 multicurrency accounts with HSBC in Australia. Among them; USD, EUR, HKD, CAD, JPY, NZD, SGD, CNY and GBP. This service is available for private customers only.
- Citibank multicurrency account. Private customers can open 9 multicurrency accounts, among them; USD, NZD, CAD, JPY, HKD, SGD, CAD, CHF, GBP and EUR.
Multicurrency Account Canada
You can open a multicurrency account in Canada using the following banks:
- Online Banks. Wise and Revolut can help you open online multicurrency account in Canada.
- National Bank. You can open a multicurrency account in Canada and hold 15 foreign currency accounts. They include USD, EUR, CNY, GBP, JPY, NOK, CZK, AUD, HKD, SGD, NZD, MXN, ZAR, SAR and PLN.
Multi Currency Account Germany
You can open a multicurrency account in Germany using the following banks:
- bunq. bunq lets its users store, convert, spend in multiple currencies. Users in Germany can store US dollars, British pounds, Swiss francs, Bulgarian Lev and Polish złotys without living in those countries.
- CurrencyFair. You can hold over 20 currencies and transfer money to over 150 countries with CurrencyFair.
- Verto. You can make crossborder payments and exchange currencies with Verto. You can exchange currencies using real time exchange rates. You can also hold multi currencies in a single account.
- HSBC multicurrency account. You can open a HSBC account in 14 major currencies like US Dollar, Euros, Australian Dollars and Swedish Krona.
- Citibank multicurrency account. Private customers can open multicurrency accounts. You can hold over 15 currencies, among them; USD, AUD, DKK, NOK, RUB, PLN, ZAR, SEK, AED, NZD, CAD, JPY, HKD, SGD, CAD, CHF, GBP and EUR.
Multicurrency Account Malaysia
You can open multi currency accounts in Malaysia with the following banks.
- Multi Currency Account RHB Group. You can open an account with RHB Group and hold over 20 currencies. Some of the currencies include USD, NZD, JPY, ZAR, GBP, THB, PKR, DKK, EUR, IDR, AUD, AED, SAR, PHP, NOK, SGD, CNY, CHF, BND, CAD, BDT, SEK and QAR. With the account, you can earn some interest, and convert currencies at competitive exchange rates.
- Multi Currency Account Maybank. You can open a business or personal bank account. You will get access to multi currency account and you can hold up to 16 currencies. Among them Australian Dollar, Canadian Dollar, Chinese Renminbi, Euro, Sterling Pound, Swedish Kroner, Arab Emirates Dirham, Swiss Francs, Singapore Dollar, US Dollar, Danish Kroner, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Qatar Riyal and Thai Bhat.
- HSBC Multi Currency Account in Malaysia. You can open an account with HSBC and start saving while investing through HSBC online banking. You can hold up to 12 currencies in your account, among them USD, GBP, AUD, SGD, EUR, YEN, BND, CAD, CHF, NZD, HKD and CNY.
- Wise Multicurrency Account in Malaysia. If you are a frequent travel or have a business with cross border transactions, you can open a personal or a business account and get access to Wise multi-currency account. You get to enjoy currency conversion at mid-market rates, no hidden fees when transacting and you can hold over 40 currencies.
Multicurrency Account Singapore
You can open a multicurrency account in Singapore with the following banks.
- Wise allows you to receive, send, spend and hold different currencies in one account in Singapore. You will get your own UK account number, Euro IBAN, US routing number, etc., in Singapore.
- Revolut. You can open a standard or a premium account with Revolut. The standard account is free and allows you to hold different currencies.
- DBS multicurrency account. You can open a current account, savings account and a fixed deposit account with DBS. With any of these accounts, you can hold 13 different currencies like Singapore, US, Canadian, Hong Kong, Australian and New Zealand dollars, euros, British pounds, Japanese yen, Thai baht, Swedish krona, Norwegian kroner and Chinese renminbi offshore.
- Citibank multi currency account. You can also get access to a multi currency account in Singapore with Citibank. You can hold, manage, and spend money from around the world with an account from Citibank. You can manage 14 currencies like US, Canadian, Hong Kong, Australian and New Zealand dollars, Swiss francs, South African Rand, Euros, British pounds, Japanese yen, and UAE dirham.
Multicurrency Account India
The following banks can help you open a multi currency account in India that you can use to hold and spend in different currencies.
- DBS multi currency account. You can use the account to transact in over 10 currencies. With a single business account, you can manage multiple currencies at efficient and cost effective rates. It is easy and simple to open an account.
- SBI multi currency account. You can open an account with SBI, and hold multiple currencies like USD, EUR and GBP. However, you need to maintain a minimum balance of USD 500, GBP 250 and EUR 500.
- ICICI Bank multi currency. You can open a savings account and you can use it to hold different currencies like Pound Sterling (GBP), US Dollar (USD), EURO (EUR), or Japanese Yen (JPY). This account does not pay interest on deposits.
Summary of Multicurrency Bank Account
The above are some of the best banks that can help you open a multi currency account in different countries. A multi currency account is convenient for global traders. frequent travelers, freelancers, and a business with cross-border transactions. With a multi currency account, you can trade in different currencies, maintain the same banking details while holding different currencies, and also eliminates currency conversion fees.