As the name suggests, a multi-currency bank account allows you to receive, pay, and hold multiple currencies.
You can use it to deposit and withdraw cash in various currencies and carry out transactions through a single platform.
The main advantage of a multi-currency account is that you do not need to open separate accounts in different countries.
It is also worthwhile if you are a frequent traveller who has to often transact in multiple currencies. The same applies to a business that has to deal with various types of currency regularly.
These international multi-currency accounts have also gained a lot of popularity abroad as an investment option.
If you want to protect yourself from exchange rate volatility, you can save some money in foreign currency accounts like US Dollars etc.
It allows you to hold multiple currencies in the same account, such as USD, EUR, and GBP
You can use the account to conveniently manage transactions and maintain records of various currencies through a single point of reference
It is easy to use and has numerous features like standard login details, apps, and online banking
You can also get a debit card that allows you to spend in local currency when travelling, along with getting the best exchange rates
It is very similar to an online bank account. You can use it to send money, receive and withdraw cash as per your needs. You get access to all the other necessary features like electronic payments, wire transfers, debit cards etc. If you ever face an issue, you can also get access to customer support via telephone or emails.
If you wish to use multiple currencies and open separate accounts for each in the respective countries, you may have to pay an account maintenance fee for each one of them. You may also have to keep a minimum balance as per the requirement of each of the banks. Additionally, there can be transaction-level charges involved, especially for foreign wire transfers.
A foreign currency account, on the other hand, eliminates most of these extra charges. That means all you need to do is pay a small single account fee. There is also no minimum account balance requirement, and FX conversion is at incredibly competitive rates.
An international multi-currency account allows you to manage FX volatility easily by moving your balance to another currency. As these work like holding accounts, you can also wait for a favourable exchange before converting one currency into the other.
These accounts are easy to open and manage. The monthly accounting is also less demanding as everything is in one place, and you do not have to juggle between different banks in multiple jurisdictions. You can also seamlessly track your income and spending.
International transactions are usually time-consuming. But if you use these accounts, you can effectively eliminate the waiting period by making or receiving payments in local currencies. It can improve your overall banking experience and let you enjoy faster local settlements.
You can access these accounts from any corner of the world and at any time. It can allow you to make and receive payments digitally without the need to visit any bank physically.
If you run a business globally and manage multiple currencies regularly, these accounts can be very advantageous. You can use them, for instance, to get paid by your client in one currency and paying the suppliers or employees in another.
Some other instances in which these accounts can be valuable to you are -
If your business trades internationally, that is, exporting, importing or both
If you are an online seller across several marketplaces
If you operate an e-commerce store and sell goods or services in multiple currencies
If you work with freelancers from across the globe or hire staff from abroad
If you are an independent contractor or freelancer who works with international clients regularly
If you opt for a traditional Indian bank, you may not have many choices for a multi-currency account. Most Indian banks offer resident foreign currency accounts only to NRIs who have returned to India. A few others give international accounts, but these come with high minimum balance requirements and premium charges.
North Loop, however, offers foreign currency accounts to Indian residents without any minimum balance requirement or high monthly charges. We offer swift, digital and affordable services to make it convenient for you to get an international multi-currency account.
If you choose the right platform, like North Loop, you can open an international multi-currency account conveniently. Unlike the services offered by other banks, we ensure that the process is seamless and pocket-friendly. You can sign up with North Loop and get your account within minutes, all from the comfort of your home.
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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.