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Multi-Currency Accounts: For Travelers and International Businesses

A multi-currency account lets you hold and convert money in multiple currencies, not just US dollars, and usually comes with a debit card.

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Bethany Hickey

Edited by

Holly Jennings

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Multicurrency accounts

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).

  1. Airwallex
  2. Revolut
  3. Wise (formerly TransferWise)
  4. HSBC Global Money Account
  5. Citibank Global Wallet
Finder Score Fee Minimum deposit to open Annual Percentage Yield (APY)
Airwallex logo
8.8 Great
Airwallex
8.8 Great
$0 per month
$0
N/A
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Why we like it

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.

Pros

  • Starts at $0/mo
  • Accept payments from 180+ countries
  • Create virtual company cards
  • Paper checks for US customers
  • Multiple software integrations

Cons

  • Phone support only
  • Reviews claim long application process
Revolut logo
9.6 Excellent
Revolut
9.6 Excellent
From $0 per month
$0
4.00% on balances of $0+
3.75% on balances of $0+
4.00% on balances of $0+
Join Revolut and get $20. Make your first virtual or physical Revolut card payment to receive $20 credited to your Revolut account. T&Cs apply.
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Why we like it

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.

Pros

  • $0/month plan available
  • $0 opening deposit
  • International and travel perks
  • Earn up to 4% APY on balances in High Yield Account
  • Earn up to 3.75% APY in Savings

Cons

  • Best perks require paid plan
  • No physical branches
  • Automated customer phone line
Wise logo
7.4 Great
Wise Multi-currency
7.4 Great
$0 per month
$0
3.14%
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Why we like it

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 3.14% 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.

Pros

  • Supports 40+ currencies
  • Converts currency at live rate
  • Interest feature with 3.14% APY

Cons

  • Not a replacement for regular checking
  • Requires external account
  • Extra fees outside currency conversions
  • Must opt in to interest feature for FDIC insurance
HSBC logo
6 Standard
HSBC Global Money
6 Standard
$0 per month
$0
N/A
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Why we like it

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.

Pros

  • Competitive FX rates
  • Free transfers to other HSBC customers
  • Secure transactions backed by a global network and FDIC insured bank

Cons

  • Requires an existing HSBC Premier account
  • Currency selection is more limited than fintech competitors
Citi logo
Not scored yet
Citibank Global Wallet
Not scored yet
$0 per month
$0
N/A
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Why we like it

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.

Pros

  • No currency conversion fees
  • No foreign transaction fees
  • No minimum deposit required to use the feature
  • Automatically switches to the correct currency

Cons

  • Limited to nine supported currencies
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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.

9.2 Excellent

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Capital One 360 Checking

An interest-bearing checking account with flexible overdraft options and international access.

  • $0 monthly fees
  • Large ATM network (70,000)
  • Multiple overdraft protection options
  • 0% foreign transaction fees
  • Works with Zelle
Partner terms and conditions
Member FDIC

Incentive Details and Disclaimers: Current Promotion

Earn a $250 bonus with 360 Checking. Open a new account on or after August 22nd, 2024 using the promo code CHECKING250 then set up and receive at least 2 qualifying direct deposits of $500 or more within 75 days of account opening. Terms Apply.

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.

If a multi-currency account seems like too much for you, compare debit cards designed for international travel instead.

Frequently asked questions

Holly Jennings's headshot
To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
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Written by

Banking editor
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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. See full bio

Bethany's expertise
Bethany has written 466 Finder guides across topics including:
  • Personal finance
  • Banking
  • Auto loans
  • Insurance
  • Cryptocurrency and NFTs

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