
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
If you often make payments overseas, today’s online money specialists can help you keep on top of your business overseas or take care of family members back home from one flexible account. These foreign currency accounts aren’t just about helping you manage your finances — you’ll also save time and money with streamlined transactions.
A foreign currency account, also called multicurrency or borderless account, is a type of account that allows you to send and receive funds in multiple foreign currencies, potentially changing your current way of conducting international business. Through these borderless accounts, funds are either exchanged into US dollars or held in the currency of the transaction until you’re ready to exchange them.
You can use a foreign currency account for business and personal needs. And depending on the account, your balance may even earn you interest.
An international bank like Citibank or HSBC may allow you to deposit and withdraw money from your foreign currency account at a branch or online. Some only offer major currencies — dollars, pounds and yen, for example — for withdrawal at a branch.
A foreign currency CDs is a specific type of investment product through which you can invest in foreign currencies from a US-based account. Experienced investors will also find forex trading tools that simplify buying and selling foreign currencies.
Your typical bank account generally converts money to and from US dollars for transactions in foreign currencies. A foreign currency account, however, allows you to send and receive funds in multiple currencies. You save time with a streamlined transaction and money by avoiding the high fees that come with conversions. And you won’t need to worry about short-term currency fluctuations affecting your bottom line.
The ability to switch among currencies helps you to take advantage of strong exchange rates and send money overseas without the extra charges you’d typically pay for wire or bank-to-bank transfers.
Currencies typically accepted into a foreign currency account include:
Matt buys products from China to sells to his customers in North America. Without a foreign currency account, he converted US dollars into Chinese renminbi when purchasing items from suppliers and then converted Canadian dollars or Mexican pesos to US dollars when receiving payments from customers.
The process not only took time for banks to move his money and fees per transaction, but also introduced the risk of losing his hard-earned profits to exchange rate fluctuations when converting across currencies.
Today, his foreign currency account integrates the ability to send and receive money in the currencies he frequently conducts business in. He can buy from suppliers using Chinese renminbi and receive payments from customers in their own currencies directly into his US-based bank account. When the exchange rate is strong, he converts the foreign currencies in his account to US dollars quickly and affordably.
Convenient borderless accounts can save you time and money, but they aren’t without risks. Protect yourself by watching out for these pros and cons:
Send and receive 40+ currencies right from your phone, but with a better exchange rate and low fees.
Find a foreign currency account that’s flexible enough for your needs by comparing accounts across multiple banks. Weigh factors among them that include:
A borderless account can come with monthly, maintenance and transaction fees that can quickly eat into your balance. Shop around for a bank and account that minimizes such charges as:
When comparing accounts, know roughly how many transactions you expect to conduct through your account. Many accounts offer free unlimited deposits for high numbers of transactions monthly.
Back to topSigning up for a foreign currency account isn’t much different from opening any other type of bank account. You’ll need your basic personal and financial information, along with the standard forms of government-issued ID.
Focus on banks that offer foreign currency accounts, like:
You may be able to start the process of opening an account online. If not, call a representative to get started.
Use the currency transfer calculator below by entering the amount you want to send and choose the currency you are sending to.
If you make transactions in other currencies on a regular basis, a borderless account can help save time and money. Whether it’s for personal or business purposes, this type of account can allow you to manage multiple currencies, get better exchange rates and streamline the process of sending and receiving money. Foreign transaction accounts are available from many large banks; just make sure to be aware of any fees before you sign up.
Picture: Shutterstock
If you don’t need your money right now, consider investing in an HSA, blue chip stocks and more.
Usend combines money transfers, bill pay and mobile phone reloading.
Our picks for the best no-annual-fee cards.
Paysend offers transfers to more than 70 countries through its app and online service.
Earn 1.5% in Bitcoin on all eligible debit card purchases with this crypto rewards checking account.
Sending a large money transfer to Hong Kong? Learn about laws and required documentation before you transfer.
TAB Bank’s high-yield savings account has a competitive APY, but it’s probably best for truckers.
This business account supports in-person payments and lets you manage employee spending.
Build credit with this secured credit card.
These international banks offer accounts with 12% APYs or higher, but watch out for risks.
I am running a money transfer business but finding very difficulty to open a foreign currency account. I need your kind help please in order to open an account.
Hi Ansar,
Thank you for reaching out.
This page you accessed is for users in the US and may not works the same if you are overseas. As a gentle reminder, you have reached Finder, we are a general information and comparison website. This page has guidelines on how you can manage your transactions abroad with a foreign currency account.
You can try to contact the banks who offers business accounts and see if they offer a foreign currency account that you can use for your money transfer business.
Hope this helps! 😊
Kind Regards,
Mai