If you are someone who has to deal with multiple currencies, you must have heard about or used multi-currency bank accounts.
Mostly businessmen and travellers have to face the problem of transactions of foreign currency, so multi-currency accounts are of great use to them.
A multi-currency account is a bank account which allows you to transfer, pay and hold multiple currencies in a bank of your home country or another country. Multi-currency accounts facilitate trading and investing in different markets.
How do multiple currency accounts works?
A multi-currency account has multiple subaccounts, each holding a different currency. It helps in the management of different currencies at the same time while you are travelling or working in different countries. You don’t need to open an account overseas. These accounts provide online transaction facilities via online payments and wire transfers.
Benefits of multi-currency accounts:
These bank accounts provide many facilities to the account holder like they reduce the transaction costs and conveniently and efficiently manage foreign exchange. They also facilitate easy conversion of different currencies. While international transactions take too much time, transactions with the help of multi-currency accounts happen swiftly.
While Indian banks offer multi-currency bank accounts to NRIs who have settled back in India, foreign banks provide it on a high minimum balance requirement. One can search the online solution for this problem. Some online platforms provide an easy transaction with multi currency account without the need for high minimum balance or maintenance fees.
Today world has shrunk on a fingertip. These accounts benefit the new Indian who represents India’s future. Nowadays, foreign exchange is not costly and time-consuming. Online platforms have played a great role in easing the process. One can open a bank account according to their comfort from their home.