FinanceInsuranceMortgageTechBusinessTravelLegalHealth/FitnessSportsFashionRenovationReviews

Advantages of having a multi-currency account
Advantages of having a multi-currency account

While shopping online from an overseas website or travelling around the world, you might have faced the various inconveniences that comes with dealing in foreign currency. These could be high conversion cost or safety issues among others. However, with a multi-currency account you can be saved from all the hassle.

 

What is a multi-currency account?

A multi-currency account is a bank savings account where you can deposit and withdraw cash in different currencies. A multi-currency account helps you shop and spend like a local without incurring any currency fees wherever you travel to.

With a multi-currency account, you need not restrict yourself to spend only through your credit card or approach the money changers for currency exchange and save both time and money.

 

Advantages

 

You can do all your transactions using one account

Whether you want to pay the bill for the artefacts bought in Paris or for the new pair of shoes from London, you can easily do both with your multi-currency account. With a multi-currency account, you need not open multiple bank accounts in different countries. You can operate in multiple currencies with a single account. Moreover, you can also create and maintain an international portfolio with investments instruments from multiple countries and stock exchanges.

 

Save money

You might consider a credit card convenient to make payments for your online overseas shopping, but do you know that when you are spending hundreds of Ringgits overseas, you lose a lot of money in conversion fees and exchange charges. Instead, with a multi- currency account, you can save money while you do your banking transactions. Moreover with a foreign currency account you can pay, receive, remit and withdraw directly through the account without any extra foreign exchange fees. This helps you save money and do your shopping freely.

 

You need not rely on money changers

Every time you need to travel abroad, you have to rely on the money changers to get your currency exchanged. Imagine you have to leave the country urgently and have no time to get your cash exchanged. Or if there is a sudden fluctuation in exchange rates, the money changers might not be able to sell you the currency you need at the normal exchange rates.

With a multi-currency account, you would not need to face any such problems or deal with money changers.

 

You need not worry about exchange rate fluctuations

 

Multi-Currency accounts help you hedge against foreign exchange fluctuations and safeguard you against unfavorable foreign exchange fluctuations. A multi-currency account helps you lock in an exchange rate at any particular time and pre-book a forward currency exchange through your bank.

 

You can enjoy additional benefits with an offshore bank account

With a multi-currency account in an offshore bank, you enjoy various additional benefits. You can pay for a mortgage, buy property overseas, and pay property maintenance, pay bills without any exchange or other costs. You can manage your banking through channels like debit and credit cards, ATMs and phone banking. Moreover, with a multi-currency account, you can avail the loan in multiple currencies and take overdraft against the foreign currency deposit you do in your account.

Open an international bank account to start saving in multiple currencies and spend across the globe!

+2
Author's Score
2
Up Votes
1
Down Votes
0
Articles
1
Voted on
0 articles
For everything fun and local, you can find it on Fonolive.com, #1 Social Classifieds
Tags:
multi-currency account, multi-currency account,Open an international bank account, Open an international bank account,

Recent Articles

Starting your own business gives you the power to turn all your ideas into reality. The businessman puts all his...
Organizations can't succeed or even work efficiently if they have no clue how they form their budget. In modern...
For salaried individuals, the Employees’ Provident Fund (EPF) acts as a great investment option because...
Insurance of taxi is special insurance that covers you and your vehicle. As a taxi driver, your car is your...
What is a dropline overdraft loan? If you are a businessman or need some loan amount to make sure that everything...


Copyrights © 2019 Voticle. All Rights Reserved.