Foreign transaction and currency conversion fees can add up — avoid those pesky fees with a multi-currency 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.
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.
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).
The HSBC Global Money account is a complimentary add-on for HSBC customers. This account has no monthly fees, and you can hold up to eight currencies in this single account. You can save, convert and transfer some currencies with no fees. It’s also an instant payment service, allowing you to send up to $250,000 daily to HSBC and non-HSBC accounts in over 200 countries and territories in multiple currencies. To use it, you must have an HSBC account, which includes either a Premier Checking, Premier Savings or Premier Relationship Savings account. And if you’re an HSBC Expat customer, you can hold up to 19 currencies in your Global Money account.
Airwallex is an Australian fintech company with a multi-currency business account. There are no monthly fees, foreign transaction fees or opening deposit requirements. Accept payments from over 180 countries, create multi-currency cards and sync your account with software like QuickBooks. The foreign exchange margin is competitive, typically between 0.5% and 1%, depending on the currency. The fintech claims you can save up to 90% on foreign transaction fees with global transactions and currency conversions. The fintech accepts businesses registered in over 50 countries, including the US and Canada, and you can open subaccounts with local bank details in over 60 countries.
Revolut is a financial technology company with a hard-to-beat multi-currency account, and there’s a plan with no monthly fees up for grabs. You get a prepaid debit card, unlimited virtual cards, competitive APYs on savings, international transfers, access to kids’ banking and more. You can spend in over 140 currencies, and each plan includes complimentary currency exchanges for over 25 fiat currencies up to certain allowances. There are three plans to choose from: $0/mo for Standard, $9.99/mo for Premium and $16.99/mo for Metal. With higher-priced plans, you can get higher savings rates and more fee-free currency exchange allowances, and the Metal plan gets you a complimentary metal debit card.
Wise is a money transfer service, and it also offers a Wise Visa debit card for spending with no monthly fees. You can use this multi-currency account and card in over 160 countries and more than 40 currencies. You can hold, send, receive and convert money globally at mid-market exchange rates, with a starting 0.43% fee for conversions or sending money in one of its supported currencies. Wise also has a conversion fee calculator, so you’ll have an idea of how much you’ll pay before converting. You can also add local bank details in 22 currencies, earn up to 4.85% APY on your USD balance in the account and create “jars” to separate your savings goals. However, if you want the debit card, there’s a $9 one-time fee, and the fees get complicated for ATM withdrawals.
If you have a Citibank account, you can turn on the Citibank Global Wallet. This feature lets you switch your debit card to the currency you want, so you avoid the currency conversion and foreign transaction fees. The Global Wallet supports nine currencies, including USD, EUR, AUD, CAD and GBP. This feature is available to any existing Citibank customer, and it doesn’t require a minimum deposit in your account or any other requirements — simply turn on the feature in your mobile app.
A multi-currency account is best for:
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.
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.
If a multi-currency account seems like too much for you, compare debit cards designed for international travel instead.
SoFi Plus is a membership option for SoFi customers that comes with no monthly fees with direct deposit, offering higher APYs and more perks.
Over 2,000 banks use Zelle, but some of the best accounts with this P2P integration include Chase, Discover, Fifth Third, SoFi, Ally and more.
Chime provides legitimate banking services through partner banks, which also offer typical FDIC insurance up to $250,000. See our full review here.
Wealthfront’s Cash Account has a very high 4.50% APY with no monthly fees and gives you a debit card for spending.
Current wins for its high-APY savings pods and positive customer reviews, but Chime is still a good pick for credit-building.
Banks like SoFi, PNC, HSBC, US Bank, Axos, KeyBank, Fifth Third Bank and more offer instant fund availability with mobile check deposit.
SoFi®is better for earning stronger savings rewards, while Chime is better for credit-building. Compared head-to-head, SoFi® wins.
Top online banks like Chime include SoFi, Varo, Current, Axos, Capital One, Step, Fizz and more. See how these Chime alternatives compare.
Compare TD Bank and Bank of America on fees, features and convenience to find your fit.
