Foreign transaction and currency conversion fees can add up — avoid those pesky fees with a multi-currency account.
What is a multicurrency account?
A multi-currency account, sometimes called a borderless account, lets you convert or hold multiple currencies aside from just US dollars.
For the most part, US deposit accounts can only hold US dollars. For example, a Chase Total Checking® Account can only hold USD. If you were to perform a transaction in Canada, you’ll be charged a 3% foreign transaction fee and likely a currency exchange fee of around 1% to 3%.
When traveling out of the country or frequently making international transfers, each transaction can result in a charge of around 1% to 6% of the transaction each time. These small fees can eat away at your funds or even dip into your profits as a business owner.
What is a multi-currency debit card?
A multi-currency debit card is a card linked to a multi-currency account and allows you to spend or withdraw money in multiple currencies without constantly paying high conversion fees. It automatically uses the matching currency balance or converts funds at competitive rates. For example, Wise lets you hold 40+ currencies, and it’s free to spend the currencies you already have — or the card can convert for you at a transparent fee when you pay in a different currency.
Top 5 multi-currency accounts
Instead of getting nickel-and-dimed for each international transfer or transaction overseas, consider some of the best multi-currency accounts to avoid those pesky fees. (rhyme not intended, but it’s staying).
Airwallex
Revolut
Wise (formerly TransferWise)
HSBC Global Money Account
Citibank Global Wallet
Who is a multi-currency account best for?
A multi-currency account is best for:
Frequent travelers who want to avoid foreign transaction fees when spending abroad
Expats living in or moving between different countries
International business owners who pay suppliers or get paid in multiple currencies
Those with families in other countries who send money back and forth to each other
In other words, a multi-currency account is great for people who make lots of transactions that aren’t always in USD. Multi-currency accounts that can offer exchange allowances or simply don’t charge foreign currency and transaction fees, saving you money long-term.
Don’t need a full multicurrency account?
If you just need a checking account without forgien transaction fees, there are plently of those around.
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Bottom line
Some banks, like HSBC and Citibank, include fee-free global wallet features if you’re already a customer. For anyone else, there are plenty of personal and business multi-currency cards and accounts out there.
Most banks and credit unions charge you for making foreign transactions, mostly because of currency conversions. For example, buying something in the UK with a US debit card means your bank exchanges your currency and charges you a fee for it, usually around 3%. Extra charges may apply for using foreign ATMs, sending international transfers or currency exchange markups.
It depends on the multi-currency account you have. For example, Revolut supports over 140 currencies, and Wise supports over 40 currencies. Most US-based banks and fintechs with multi-currency accounts support major currencies such as USD, EUR, GBP, CAD, AUD and JPY.
Yes, most multi-currency accounts, including Wise and Airwallex, offer a multi-currency debit card for spending.
Multi-currency accounts can charge monthly maintenance fees, just like regular US-based checking accounts. However, Revolut, Wise and Airwallex offer accounts without monthly fees.
Yes, of course! There are multi-currency accounts designed for international businesses, including the Revolut Business Account and Airwallex. Compare other top business bank accounts.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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