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).
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.
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