The benefits of multi-currency accounts with a FinTech.
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What are multi-currency accounts in FinTech, how do they work and why are they great to have when travelling and going on holiday?
Using multi-currency helps to make FX fees become a thing of the past.
MULTI-CURRENCY ACCOUNTS - OVERVIEW
It’s a term that is used a lot in the financial industry these days, but what exactly is a multi-currency account?
In essence, a multi-currency account allows you to open separate accounts, each in a different currency. Specifically, you would have one account for Pound Sterling, one for Euros and another for Dollars. Traditionally opening and managing these many accounts would have been incredibly difficult, but with advancements in technology, this can now be managed all within one app.
The benefit of opening multiple accounts is that it offers you greater convenience when you have to do a transaction in a foreign currency – for example buying something from eBay from the USA. Rather than paying from your normal current account that is based on British Pounds and incur the poor exchange rate and maybe even FX fees, you can pay straight from your USD account. It’s all about saving you time and money and allowing you to spend like a local.
Opening a multi-currency account has many benefits, and we’ve summarised a few below.
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MULTI CURRENCY ACCOUNTS - BENEFITS
Manage all your currencies in one place
Opening a multi-currency account is a quick and easy process and you get direct access to all of your currency needs within one application. This allows you to manage your balances and view your spending in real-time, from anywhere in the world.
Take advantage of the best rates
You can exchange from one currency to another simply and conveniently. As a multi-currency account holder, you are in a better position to take advantage of changes in the exchange rate and exchange money as and when you want to.
Spending like a local
With a multi-currency account you can avoid extra conversion fees and overseas charges when spending abroad. Using the sync. debit card, linked to your multi-currency account, you can spend or withdraw funds directly from the currency in question without incurring the traditionally high costs with banks.
Relocating and living overseas
Moving abroad can be a stressful process, and opening a new account is an extra burden that is difficult and time consuming. With a multi-currency account you no longer have to open a new account as you can get paid into the currency account in sync.
MULTI CURRENCY ACCOUNTS - SUMMARY
In summary, multi-currency accounts offer you the flexibility to travel, move abroad and buy things from abroad without having to deal with poor FX rates and high fees. As our demand for currencies grow, opening a multi-currency account today helps to save time and money.
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