Offering an account to hold multiple currencies, a multi-currency bank can be of massive benefit in this global world.
Every single day that passes by, the world becomes a little more connected while we get a little closer to becoming a true global citizen. It is now part of the usual to shop online from international sellers while studying or working abroad isn’t that difficult either. Opening up offices in multiple destinations has become much easier too.
So, how to handle this massive influx of money changing hands in spite of borders and different financial regulations, without falling on the wrong side of the monetary policies? The answer lies with a smart multi-currency bank. A relatively popular phenomenon in Europe, these specialised banks can facilitate a seamless transaction between multiple currencies.
So, let’s find out all the important things you need to know about banks that effortlessly handle multiple currencies from below.
What is a Multi-Currency Bank?
In its basics, a bank that offers clients the opportunity to open a multi-currency bank account can be categorized as a multi-currency bank. If you don’t know already, a multi-currency account is a bank account where you can hold multiple currencies in one single account.
Depending on the banks and the place of origin, these banks can offer a number of different multi-currency accounts such as Direct Deposits Accounts (DDS), Certificates of Deposits (CD), Money Market Accounts (MMA), etc.
With some banks, you can have a multi-currency account that operates pretty similarly to standard current accounts, while some others only offer the functionalities of receiving payments and saving in foreign currencies.
What are the Advantages and Benefits of Such Banks?
Offering an elegant money management solution for the global village, a multi-currency financial institute comes with many advantages and benefits. The main advantages include favourable and real-time exchange rate in as many as 20 currencies, savings in conversion and transfer fees, instant transfers and bill payment like a local, 24/7 local customer service, and many more.
Therefore, whether you are an entrepreneur involved in cross-border trade, an ex-pat, an independent contractor, or a currency trader you can massively benefit by maintaining your cash flow with a bank offering multi-currency business and personal accounts. The benefits include:
- One account to deposit, hold, and withdraw all your currencies.
- Free cash withdrawal and direct debits in multiple destinations.
- Saving and switching between different currencies at ease.
- Efficient, cost-saving, and time-saving transfers between multiple borders.
- Opportunities to trade in the forex market to profit from currency fluctuations.
How to Find the Best Bank Offering Multi-Currency Accounts?
Considering the global nature of the modern world, many traditional and smart banks now offer the opportunity to hold multiple currencies in one account. However, to find the best one, you have to carefully read the fine prints for regulatory certifications, fees and exchange rates, availability of debit cards, etc. You should also research thoroughly about the quality of customer service and the requirements.