USD INR ₹ 88.13
GBP INR ₹ 108.49
CAD INR ₹ 60.03
Articles

Top 5 Multi-Currency Wallets

Updated on August 23, 2021 09:53 am
Multi-currency

Digital technology has enabled us to connect, interact and engage in a world of possibilities. The question we have to ask is - why don't we have global banking for a global village?

Answer - Multi-currency accounts. It allows hyperlocal banking for global citizens. 

You can purchase a product from another country sitting in the very comfort of your home. Sending money internationally to your family or friends from any part of the globe is possible with just a click or a tap. Exchanging currency through tedious processes and several mediums are the talks of yesterday. Today, opening and operating more than one bank account in different countries is a matter of choice.

If you are a global business or an expat working abroad, you may already have a multi-currency account. If you are uncertain and wondering if you require a multi-currency account, here's what you need to know.

What Is A Multi-Currency Account?

A multi-currency bank, also known as a foreign currency account or borderless account allows you to hold multiple currencies in a single bank account. It allows you to deposit and withdraw money in different currencies. The best feature - it allows you to make transactions in multiple currencies through a single operational bank account, accessible in respective currencies to make payments and receivables.

Most global businesses have a foreign currency or multi-currency account. It makes monetary transactions and finance operations easier with reduced currency exchange fees. It makes managing international transactions in different currencies easy.

Most expats or individuals who frequently travel open a multi-currency account Or carry a multi-currency card to access banking facilities such as making payments, deposits, and transfers in real-time.

C5A21D35-3C2C-4AB8-8C42-ACD9CE692DD6.jpeg

Although there are transactional charges, these are comparatively lower than charges levied on transactions made through a normal bank account in your residential country.

This enables saving money in foreign currency possible through a multi-currency account. There are financial institutions other than banks that offer multi-currency accounts to individuals, enabling them to send money or make payments from one country to another and in different currencies.

Advantages Of Having A Multi-Currency Account

If you are an individual who travels frequently, or indulges in online purchase of products from different countries, or hires services while abroad or from abroad, then constantly converting currency can be an arduous task.

Here are the advantages of owning a multi-currency account:

  • Manage your money when abroad through global banking account access offered by multi-currency banks like CitiBank
  • Hold more than one currency in your account, like USD, GBP, EUR, HKD, etc.
  • Make instant transfers or payments abroad with your debit card provided by global banking or financial organizations like Western Union, Citibank, and Moneygram
  • It facilitates easier and faster money conversions and transactions in different currencies with access to your account from any global branches
  • It is easily accessible and operative through online and mobile banking facilities offered by the issuing bank where you hold a multi-currency account 

Besides these, you also earn an interest depending on the interest rates in the respective countries and eligibility.

Disadvantages Of A Multi-Currency Account

While your multi-currency account is accessible through any of the bank branches abroad, it is limited by your bank's payment network such as VISA or Mastercard, and the number of currencies covered. The most common currencies banks cover are Canadian Dollar (CAD), UK Sterling (GBP), US Dollar (USD), Euro (EUR), Australian Dollar (AUD), Hong Kong Dollar (HKD), Japanese Yen (JPY), Singapore Dollar(S$), South African Rand (R), Swedish Krona (SEK), Swiss Franc (CHF), etc.

However, there are certain disadvantages:

  • There is an additional fee or transaction charge levied on opening a multi-currency account
  • There is an additional conversion fee when you send money to different countries in most cases
  • There might be an annual maintenance charge on the account or a very high minimum balance requirement
  • Charges on every transaction may not affect an individual significantly but over time making multiple transactions per day can add to additional costs
  • Several banks may have a high minimum requirement for opening an international banks account
  • The interest rates comparatively may not be high as your standard savings account

Also, the constant fluctuations in the value of money will affect the total balance of your foreign currency account.



Top 5 Major Banks Offering Multi-Currency Accounts

There are several such banks with global branches offering multi-currency accounts to not only global businesses and entrepreneurs but also to individuals, such as:

CitiBank

The Citi International Personal Bank offers an offshore banking and multi-currency account including a debit card facility for transfers across 16 different currencies.

To qualify you must maintain a minimum balance of $200,000 USD or currency value equivalent per day. The account offers

  • Debit card facility, to use at any global ATM machine as well as paying for goods and services hired abroad
  • It provides free online banking services
  • Access to global fund transferring and savings facilities in 21 different currencies free of charge although exchange rates will apply on cross-currency transfers
  • Access to a range of investments in different currencies and Foreign Exchange solutions on fluctuating exchange rates

Currencies supported by Citi are Euro (EUR), Great British Pound (GBP), Australian Dollars (AUD), Canadian Dollars (CAD), Danish Krone (DKK), Hong Kong Dollars (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Polish Zloty (PLN), Russian Rubles (RUB), United Arab Emirates Dirham (AED), US Dollars (USD), South African Rand (ZAR), Swedish Krona (SEK), Swiss Francs (CHF)

HSBC

HSBC offers Expat banking accounts, current accounts in three currencies, and linked savings accounts in 19 currencies.

To open a multi-currency account with HSBC, you must be 18 years or above and meet one of the following criteria:

  • own a minimum of 50,000 GBP or equivalent currency
  • have a sole salary of 100,000 GBP or equivalent currency
  • is a qualified HSBC Premier account holder in another country.

An HSBC Premier client in the U.S must have one of the following:

  • owns at least $75,000 in total deposits and/or investments
  • or at least have $5,000 in total direct deposits per month
  • or an active U.S. residential mortgage loan, an original loan amount of about $500,000

Currencies supported are Canadian Dollar (CAD), UK Sterling (GBP), US Dollar (USD), Euro (EUR), Australian Dollar (AUD), Czech Koruna (CZK), Danish Krone (DKK), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Israeli Shekel (ILS), Japanese Yen (JPY), New Zealand Dollar (NZD), Chinese Renminbi (CNY), Saudi Arabian Riyal (SAR), South African Rand (ZAR), Swedish Krona (SEK), Swiss Franc (CHF), Singapore Dollar (SGD), Thai Baht (THB), UAE Dirham (AED), Norwegian Krone (NOK), Philippine Peso (PHP), Polish Zloty (PLN)

TIAA Bank

The TIAA Bank offers transactions in 21 different currencies through the World Currency Access Deposit Account.

To qualify you must have $2,500 to open an account or commit to a $100/month purchase plan.

Supported currencies: Australian Dollar (AUD), Brazilian Real (R$), British Pound (GBP), Canadian Dollar (CAD), Chinese Yuan (CNY), Czech Koruna (CZK), Danish Krone (DKK), Euro (EUR), Hong Kong Dollar (HKD), New Zealand Dollar (NZD), Norwegian Krone (KR), Polish Zloty (Z), Russian Ruble (RUB), Hungarian Forint (HUF), Indian Rupee (INR), Japanese Yen (JPY), Singapore Dollar(S$), South African Rand (R), Swedish Krona (SEK), Swiss Franc (CHF)

DBS

The DBS Corporate Multi-Currency Account helps maintain balances and perform transactions in 9 different currencies:

  • Does not permit currency conversions when transacting and adds no administrative costs
  • Simple to operate through online service
  • Automatically creates an EEFC (Exchange Earners' Foreign Currency) account as soon as funds are received and
  • Automatically links new currencies for transaction initiation and reporting

Supported currencies: Singapore Dollar (SGD), US Dollar (USD), Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Hong Kong Dollar (HKD), British Pound (GBP), Japanese Yen (JPY), Swiss Franc (CHF) and Indian Rupee (INR)

However, every bank has its own policies and regulations subject to the laws of their local land and governance of countries where their branches operate. It is advisable to first learn about the policies and laws prevalent in your home country, followed by the bank of choice and respective countries and their currencies which will vary from country to country. If you are unsure about opening a multi-currency bank account, perhaps try owning a multi-currency debit card, like the Wise multi-currency debit card.

Wise

Wise is a mediatory financial institute facilitating multi-currency electronic money accounts. It is not a banking institution. It safeguards your transactions but is not covered by the Financial Services Compensation Scheme (FSCS) or any other protection scheme, unlike a bank account. You cannot get an overdraft or loan, nor earn any interest.

However, the Wise debit card benefits in the following way:

  • You can hold and receive money in about 50 currencies around the world with low conversion fees and zero transaction fees
  • You can get account details for some currencies you are to receive money in
  • You can send money from your account to a bank account whenever against a fixed fee charged, and a conversion fee when you send to a different currency
  • And, you can spend the currencies in your account around the world using the Wise debit card but first learn if the Wise card is available in your country

It is currently available for multi-currency account-holder residents in the UK, US, Australia, New Zealand, Singapore, Japan, Switzerland, and EEA.

In conclusion, a multi-currency account is a necessity in a digital world, managing transactions in multiple currencies is cheaper and faster with all your banking needs streamlined in one place. If you are only looking to transfer money internationally, online money transfer companies are likely to give you better rates. Compare before sending money internationally.

Banking regulations vary depending on the countries and local laws. For example, HSBC may offer multi-currency accounts but not in all countries where it operates. Such examples would be specific to countries or eligibilities. Hence, it is important to check with your local branch office if they offer similar services in your countries as regulations vary in each.

 32494 views
Rate article:
(5.0)
 
 
Money Transfer FAQ's
Related Articles
Wise Travel Card
The Wise Travel Card: Your Perfect Companion for International Travel

Traveling abroad comes with many exciting opportunities, but managing your money efficiently can sometimes be a challenge. This is where the Wise Travel Card becomes an invaluable tool. This prepaid travel card allows you to spend in multiple currencies, avoid high fees, and make your travel experience smoother. In this article, we’ll explore everything you need to know about the Wise prepaid card, how it works, and why it’s one of the best travel cards available today.What is the Wise Travel Card?The Wise Travel Card, also known as the Wise prepaid card, is a prepaid travel card designed to help you manage your money when traveling abroad. Unlike traditional credit cards, this card lets you load money in different currencies before your trip, making it easy to pay for services and products in local currencies without dealing with high exchange rates.How Does the Wise Travel Card Work?The Wise Travel Card works by allowing you to convert your money into several currencies at the real exchange rate. You can load money onto the card before you travel, and once you’re at your destination, you can spend it in the local currency without paying extra fees. This makes it one of the best credit card alternatives for travel.For example, if you’re traveling to Europe, you can convert your home currency into Euros through the Wise account, load the Euros onto your card, and use the card to pay for everything from meals to souvenirs without any hidden fees. It’s a seamless way to manage your money on the go.Why Choose the Wise Prepaid Travel Card?There are many reasons to choose the Wise prepaid travel card over other options:Low Fees: Unlike traditional credit cards, the Wise travel card doesn’t charge high foreign transaction fees or markups on exchange rates.Real Exchange Rates: Wise uses the real mid-market exchange rate, which is often better than what most banks or credit card companies offer.Global Usability: The card works in over 150 countries, and you can hold more than 50 currencies on your Wise account.Security: You can freeze and unfreeze the card anytime using the Wise app, which adds an extra layer of security.How to Get a Wise Travel CardGetting a Wise prepaid travel card is easy. You need to sign up for a Wise account, complete a simple verification process, and then apply for the card through the Wise app or website. Once approved, the card will be delivered to you, and you can start using it as soon as you load money onto it. If you’ve ever wondered how to get a Wise travel card, the process is straightforward and can be completed within a few days.Is the Wise Travel Card Good for You?The Wise Travel Card is a great choice for many types of travelers. Whether you are going on a short vacation or traveling for business, the Wise card offers flexibility, lower fees, and global access, making it an excellent tool for managing your travel expenses. It’s also ideal for people who want to avoid the high fees associated with credit cards while traveling internationally. Many Wise travel card reviews from users confirm that it’s a good alternative to traditional credit cards.What Makes the Wise Card Stand Out?When comparing the Wise prepaid card to other travel cards, you’ll notice several advantages. First, it’s one of the few cards that offer the real exchange rate with no hidden charges. Second, it’s easy to manage through the Wise app, where you can track your spending, freeze your card, and convert currencies instantly. This level of transparency and convenience is why many consider the Wise card for travel to be the best choice.Are Prepaid Credit Cards Good for International Travel?Yes, prepaid credit cards like the Wise card are excellent for international travel. They offer control over spending, lower fees, and safety since you can only spend what you load onto the card. You don’t have to worry about incurring debt or paying high-interest fees, as is often the case with traditional credit cards. So if you’re wondering, “Are prepaid cards good for travel?” the answer is a resounding yes, especially when it comes to the Wise card for traveling.How to Apply for a Wise Travel CardTo apply for a Wise travel card, simply sign up on the Wise website or download the Wise app. After completing a quick verification process, you can apply for the Wise prepaid travel card. The card will be sent to you by mail, and you’ll be ready to use it once you load money onto it.Conclusion: Why the Wise Travel Card is the Best Option for TravelersIn conclusion, the Wise travel card stands out as one of the best prepaid travel cards on the market. It offers low fees, real-time exchange rates, global access, and user-friendly features through the Wise app. If you’re asking, “Is the Wise travel card good?” or “Which credit card is best for travel?” then the Wise card should be high on your list. Whether you’re looking for a reliable way to manage your travel funds or want to avoid the hidden fees of traditional credit cards, the Wise card for travel is a smart choice.

Understanding USD to PHP
Understanding USD to PHP Exchange Rates in 2024

For many immigrants or individuals supporting their families in the Philippines, understanding the fluctuations in USD to PHP exchange rates is very tricky. Navigating the intricacies of these rates involves examining a spectrum of economic, political, and social factors.CompareRemit is here to make life easier for you, so you can make the best decision with little to no hassle on your part. In this guide, we'll unravel the complexities surrounding USD to PHP exchange rates, providing valuable insights to empower you in making informed decisions for your money transfers.​​Interest Rates: The Currency Tug-of-WarOne of the primary factors that influence exchange rates is  interest rates. When the U.S. Federal Reserve adjusts interest rates, it sends ripples through the currency market. Generally, higher interest rates attract foreign investment, strengthening the USD against the PHP. For individuals, keeping an eye on interest rate differentials between the U.S. and the Philippines can offer insights into potential shifts in exchange rates.Inflation: The Balancing ActInflation, the rise in the price of goods and services, plays a pivotal role in currency valuation. Countries experiencing lower inflation rates often witness an appreciation in their currency. Comparing inflation rates between the U.S. and the Philippines allows you to gauge the potential strength of the USD. A lower inflation rate in the U.S. compared to the Philippines may contribute to a stronger USD.Government Policies: Shaping Economic StabilityGovernment decisions and economic policies, both domestic and international, have large impacts on exchange rates. Policies promoting economic stability, prudent fiscal management, and sound monetary measures contribute to a stronger currency. Staying informed about the policies of both the U.S. and the Philippines will allow you to gain an understanding of the economic health and help predict dips and rises in exchange rates. Trade Balances: A Global PerspectiveThe dynamics of global trade, including exports and imports, definitely impact currency values. A country with a trade surplus, exporting more than it imports, may see a stronger currency. It might be very tedious to stay up to date with trade imbalances between the U.S. and the Philippines, but doing so can serve as an indicator of potential exchange rate movements.Historical Data: Patterns and PredictionsAnalyzing historical USD to PHP exchange rate trends can reveal patterns and provide insights. While past performance doesn't guarantee future results, understanding how rates responded to similar economic, political, or social events can guide your decisions. Historical data offers a valuable tool for predicting potential movements in exchange rates.Practical Tips for Informed Money TransfersStay Informed: Regularly follow financial news and updates from both the U.S. and the Philippines to understand the broader economic context. Regularly read our blogs to stay up to date with all the major money transfer news. Utilize Reliable Tools: Use CompareRemit’s online comparison tool and email alerts to track real-time exchange rates, ensuring you get the best value for your money transfers.Seek Professional Advice: Consulting financial experts or using professional services can provide personalized insights tailored to your specific situation, enhancing your decision-making process.In conclusion, comprehending the factors influencing USD to PHP exchange rates empowers you to make informed decisions when sending money to the Philippines. By staying attuned to economic indicators, leveraging historical data, and adopting a proactive approach, you optimize your money transfers, securing a more stable financial future for your loved ones.

Money from India to UK
Best Way For An NRI to Repatriate Money From India to UK

 When it comes to repatriating large sums of money from India, it puts every NRI in a situation where he has to consider different obligations regarding monetary cross-transfer. Taxation, reliability and transfer timelines are a few things that influence these decisions.Personal finances have to be dealt with delicately and ensured that there is no loss during the due process of remittances. There are various options available in the marketplace today, be it via traditional banking or the modern ways of online transfers.CompareRemit offers a platform that allows you to compare different players in the market and pick the best rates that suit your needs.Repatriation from an NRE AccountAs a component of the liberalization scheme of the Reserve Bank of India, remitting funds from India has become relatively easier. Balances in NRE (Non-Resident External) accounts are freely repatriable. No formalities or requisite permissions are required for remittances abroad be it any amount. Funds in accounts are usually funds deposited from abroad or current income like interest or dividends on investments made through foreign funds.Repatriation from an NRO accountBalances in NRO (Non-Resident Ordinary) accounts are subject to certain conditions. The remittance of USD 1 million per financial year from NRO accounts is allowed subject to certain procedural formalities. NRO account balances include income earned locally or certain capital account transactions. Form 15-CA and 15-CB need to be submitted before a remittance can go through.Read more on difference between NRE and NRO account on CompareRemit.The Traditional Option - BanksThe most sought after choice for remittances to the UK are banks. Banks are the most popular means of transferring money to the UK because:There is a high level of trust owing to the various government regulations.Familiarity and the comfort of knowing the neighborhood-friendly banker.There are two ways one could remit funds using banking services:Online - If your bank has given you access to internet banking and allows repatriation through online instructions.In-Person - One could walk into the bank yourself and have the formalities completed there and then and have the satisfaction of seeing it to its destination with a receipt in your hand.However, it is important to note that INR to GBP/GBP to INR exchange rates may not always be competitive. The transfer fees can be high and the charges, not always transparent.Selection of Remittance Service ProviderShould you want to avoid remitting through banks, approaching a marketplace of money changers would be the next best option. A selection of remittance service providers should be made based on the following:- Transfer chargesSpeed of transferExchange ratesCharges on the conversion of currency (INR to GBP)Freeze option on exchange rate while process requirements are completedFlexibility of payment optionsAlternative Options for Remittance from India to UKWise - UK based transfer service supporters - Wise incorporates credit cards/debit cards, SWIFT, international transfers to bank accounts, domestic wire transfers and more. Wise offers competitive exchange rates for pound to rupee or rupee to pound conversions. It assures fast and low-cost online money transfers from India to the UK.ExTravelMoney - One of the easiest services for transferring funds from India to the UK, they also offer the facility of booking orders online.Western Union - In four easy steps available online and your money is sent from India to the UK. They offer competitive rates and faster transfers as well.Thomas Cook - Provides the best foreign exchange rates besides giving the assurance of secure and timely remittances for specific purposes.BookMyForex - With zero commission and zero charges, they claim to send money from India to the UK at guaranteed lowest exchange rates. The time span for the transfers to be effective is 12 to 48 hours.To select the right money transfer service one should keep the cost and time factors in mind. Convenience at a reasonable cost should be the mantra for selecting a suitable remittance service provider.

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App