Multi-currency Account

With improvements in the sphere of technology and updates in the digitization process in finance, we can use new opportunities and features that banks offer to their users. At this moment, a lot of independent financial companies provide financial services more effectively. The idea of Multi-Currency accounts that come from these institutions, made both local and abroad financial activities faster, with fewer fees, and simpler. Here, we will tell you why Multi-currency accounts are important and what services and features they can provide. 

With a multi-currency account, you can have all of your money in one place. Account-holders will be able to send, receive and save funds in foreign and local currencies. Such an account helps users to lose less money for services and get results quicker than traditional ways. Additionally to the banks, alternative platforms such as OFX and Wise, offer multi-currency accounts that can be used by users. Such programs are more convenient, faster, and can be controlled and managed from everywhere and at any time. By using such tools, the risk of losing money and time is reduced. But before making any investment or opening a foreign currency account, you should be sure that it works for you and that the platform has all the necessary eligibility that you need. 

When Should You Use a Multi-Currency Account?

As mentioned, it is important to ensure that a foreign currency account works for you before creating an account. In this regard, we gathered the main points about multi-currency accounts that can help anyone understand if such an account works for them or not. A foreign currency account will work if you:

• Want to hold and control different currencies in one account and avoid complications
• To send and receive money from abroad like a local
• Want to use perfect exchange rates and low fees compared to the traditional way
• Travel so much 
• Prefer that the management of your financial activities be more clear and united
• Making business with different countries and need to make financial activities with your foreign customers

Such accounts can be not useful for people that don’t have any activities abroad, are not interested in holding different currencies,  and prefer traditional banking methods. Yet, alternative platforms act as a solution in this situation. Some good examples of such platforms are OFX, Wise, Revolut, and Xero. They cover both traditional and modern ways. 

How To Create An Account And Maintain It?

Surely, knowing registration and the account verification process can be a great stage for all international users. This procedure depends on the platform or bank that you choose. However, by using alternative apps such as OFX, Wise, and others of such a kind, users can open an account as simply and quickly as possible. In this case, the main requirement is that the user must be of legal age and complete the registration and authentication process. No deposit is needed for opening an account on alternative platforms and it is free of charge. 

How To Choose A Service?

Choosing the right platform to create a multi-currency account and use its services can be very important. The best service is the one that supports all or at least most of your needs as a merchant or personal needs. The amount of money that you need to send and the number of times that you want to use such a service can justify the best platform for you. At the moment, the alternative platforms that offer multi-currency accounts can be the best choice for individual or small business needs. However, with the quick improvements in such platforms, large and mid-size businesses can use these platforms and go far from traditional banking ways. 

Benefits Of A Multi-Currency Account

The following points can show you the most important advantages of a multi-currency account:

• Having an account with different currencies
• Send and receive money as a local abroad 
• Make transactions quicker
• Lower pricing for converting money and using trading markets such as Forex
• Ability to control and access the account with different currencies, quickly and from anywhere
• No bureaucracy and document work
• Lower fees compared to the traditional banking ways
• Some alternative platforms offer fixed prices for specific countries
• Having a high level of security with the latest protection improvements against any types of fraud

How To Withdraw Money?

The money withdrawal process depends on the service that you use. Yet, by using alternative platforms such as OFX, Revolute, and Wise, you will be able to withdraw your money by transferring it between your accounts. Also, you can make a payment from your account to another bank account. Should be noted that there are some regulations and ranges to the withdrawal procedure that you will need to check before opening an account.  

Available Countries

Currently, many banks and online platforms offer multi-currency accounts to their users. Yet, the popularity and availability of such systems in different countries and regions are not similar. Users from the United Kingdom (British Pound), USA (Dollar), Canada (Dollar), Europe (Euro), and some specific countries in Asia and overseas, at the moment, can find multi-currency accounts in the list of services of their bank or online financial platforms. Here we can introduce you to some of the most popular platforms that cover most countries:

• Wise
• Payoneer
• N26
• Revolut
• OFX
• Paypal

Conclusion

Having a multi-currency account can be useful in our current global community, especially for businesses and individuals. Thanks to technological improvements and the latest financial platform updates, people can use such services and abilities in a safe and trusted atmosphere.  Comparing data of different platforms and their features, we believe anyone can find the best financial solutions that meet their needs and make their life more comfortable in the future.