![]() Whether you’re a business or individual, you can: Having a single multi-currency account can be cheaper to manage, compared to multiple bank accounts in different countries - where you may have to pay monthly fees or maintain a certain balance in each of your accounts. What is a Multi-currency Account? A multi-currency (or foreign currency account) is a type of account that allows you to hold, send, and receive funds in multiple foreign currencies. Traditional bank multi-currency accounts often have higher fees (account maintenance, withdrawal, and more) Check out the multi-currency account alternatives below to avoid these fees.ġ. For more information, see our disclosures here. ![]() Then you can make the best choice for your needs.ĭisclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. In this article, you will learn the benefits and drawbacks of both bank multi-currency accounts and their low cost online alternatives. This new breed of multi-currency accounts is making big waves for their low to no-fees services, and online convenience. While banks make it easy to manage our money (like sending and receiving local payments), things become messy when you’re dealing in foreign currencies.Įxorbitant fees linked to these accounts, high minimum balances, and long transfer times can make banks inconvenient for small businesses and international individuals.įortunately, some great services now make things simpler and cheaper. I started using a multi currency account as way to stop messing around with multiple bank accounts and making payments from multiple cards a couple years ago. Expat, traveller and founder of Transumo (generating different currencies)
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