In our increasingly global economy, you may find that your business is wasting a lot of time and money on costly international transactions. But shouldn\u2019t there be an easier (and, more importantly, cheaper) way to conduct business internationally?<\/p>
That\u2019s where a multicurrency account comes into play.<\/p>
multicurrency accounts lets you hold, spend and receive funds in multiple foreign currencies, helping you save on FX costs and international transaction fees. Let\u2019s walk through our top picks for the best multicurrency card in Canada. Plus, get tips for choosing a foreign currency account.<\/p>
While a standard bank account only lets you hold funds in a single currency, a multicurrency account (also known as a foreign currency account) lets you hold, send and receive funds in CAD as well as foreign currencies like USD, GBP and EUR.<\/p>
A multicurrency account makes it easy to send international payments and convert funds into Canadian dollars whenever an attractive exchange rate becomes available and with low or no currency conversion fees. Some even provide local bank details for different countries.<\/p>