Multicurrency Account

International transactions entail the use of different currencies. Whether you are planning to hold foreign currency, send foreign currency, or receive foreign currency, a multicurrency account is a useful resource for personal or business use.

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It’s not necessary to open multiple different bank accounts in different countries; multi-currency accounts require a single account number for all currency types. As its namesake suggests, a multicurrency account can handle transactions for multiple currencies such as JPY, SGD, USD, GBP, CHF, AUD, NZD, ZAR, et cetera. Foreign currency accounts function similarly to regular bank accounts. Multicurrency accounts with mobile banks are much more useful since everything is conducted online through an app, in the palm of your hand.

You can send and receive money anywhere and everywhere, withdraw funds, access your foreign currency for electronic transfers, send cheques, and earn interest on the money. Multicurrency accounts offer convenience and easy access to the global market, courtesy of borderless payment platforms. Today’s top mobile banks offer multicurrency accounts through travel cards, and many of them have no foreign exchange fees, ATM fees, or tax number requirements.

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Bunq offers what it deems a ‘fully mobile forex bank account’ allowing clients to set up a free account within 5 minutes. The mobile bank account does not require a Tax Information Number (BSN) upfront, but it is needed 90 days later. Accounts can be set up via mobile phone, using ID. The multicurrency account with Bunq is offered through Wise. Clients can send funds abroad in 39 available currencies, with real exchange rates provided, and no hidden fees. The global coverage options through MasterCard and Maestro allow for rapid payments anywhere in the world. Clients are given 3 cards in the Bunq Premium account, the Joint subscription, or the bunq Travel Card.

Among the many benefits of using the multicurrency accounts at Bunq include no forex fees whatsoever. While traditional banks charge up to 3% with worldwide cards, regardless of whether you use your card for foreign exchange, Bunq does not do that. Plus, Bunq offers complimentary worldwide ATM withdrawals up to 10 times per month. The registration process for the multicurrency account can be completed in just 5 minutes, and clients are given a complimentary 1 month trial of the Bunq Easy Green Personal account. All that’s needed is an ID, address, and telephone number. Read a full review.

Wirex offers multicurrency functionality to users in the form of a next-gen travel card. The Wirex Visa Card instantly converts traditional fiat currencies at the POS (point-of-sale). This allows seamless expenditure of foreign currency in real-time. You can use the Wirex Visa Card anywhere and everywhere that Visa is accepted. The benefits of using the Wirex multicurrency account include effective currency management in a single platform, with a dozen popular currency options available. The Wirex multicurrency account can easily be funded by bank transfers, debit cards, or credit cards. Plus, clients can track all payments, and manage accounts via the app.

Other features include easy transfers of fiat currency anywhere in the world, and the ability to transfer funds in/out of your account courtesy of SWIFT/SEPA, truly borderless payments offered. It is also possible to exchange traditional currencies online, or via the app instantly. Wirex offers over-the-counter rates, ensuring the best deal on currency transfers. With unrestricted access to OTC rates, and unrestricted access to live interbank rates, because savings are guaranteed over traditional high-street banks (estimated savings of 5% – 8%). With PCI DSS level 1 certified security, the Wirex multicurrency account proves to be a formidable solution for holding, sending and receiving forex. Read a full review.

N26 is a leading mobile bank with multicurrency account functionality. Thanks to Wise, N26 facilitates international money transfers with accuracy and ease. The hassle-free account features multiple currencies for overseas money transfers at prevailing exchange rates. All of these powerful functions are provided courtesy of the N26 app. It’s easy to send money to friends, family, and colleagues abroad, pay bills overseas, or to transfer funds between international banks. Several dozen currencies (38) are currently supported in the multicurrency account at N26 with Wise.

Among the many benefits of the N26 multicurrency accounts are complete transparency of transactions, and minimal fees. Clients are charged the real market currency exchange rate, and not the exorbitant fees charged by banks and other forex money services. Transparency is assured by way of detailed reviews of all transactions before they are initiated. The primary features of the N26 multicurrency accounts include TUV approved transfers, much cheaper cost compared to traditional banks, no unwelcome surprises, and full mobile functionality (via the app) for sending money abroad. The Wise integration is available for personal account holders, but N26 business account holders can use the Wise website directly. Read a full review.

FinTech disruptor, Paysend recently introduced its Global Account. This features fee-free mobile money services with a multicurrency wallet. Its expressly available to European clients. Among others, the Global Account at Paysend is geared towards tremendous cost savings on currency fees, commissions, and bank charges with international transactions. This multicurrency account allows clients to hold, pay and spend their funds in a multicurrency wallet. Currently, the Paysend solution is functional with the world’s premier 7 currencies, including the CNY (Chinese Yuan). The platform at Paysend uses the mid-market exchange rate, making for seamless currency conversions.

Account holders conduct all of their forex transactions via the app courtesy of the Global Account. The currencies can instantly be linked to your Paysend card, and clients can use the Paysend Smartcard anywhere that MasterCard is accepted in a fee-free format.  International money transfers are possible across 90 countries from the palm of your hand, or on PC and Mac devices. Among others, clients can also instantly freeze the multicurrency card if it gets lost, and travel without exorbitant bank fees is entirely possible. The benefits of the Paysend multicurrency account include real-time notifications, ready customer support, and online account functionality in minutes. Read a full review.