With many Fintech revolutions now coming of age, the digital disruptor banks are spreading their wings to offer more innovative services. A shift from the days of catching attention with a colourful debit card, some online bank’s offerings now include multi-currency accounts, trading accounts, currency conversion, etc.
As is the norm in Fintech, the customer is at the centre of the revolution in all things they do. The multi-currency account is no different. It allows the customer to pay for just about anything, often without going through the currency conversion hassles. As the e-commerce industry is estimated to record $6,542 billion in sales by 2023, having this kind of convenience in your bank account is more critical than ever.
So, in this article today, we will look at some of the features of a multi-currency account that make it essential for a global citizen of today.
All Your Banking in One Account
Many people are living in the UK who rely on a lot of European companies for various services. At least, they buy things online, sometimes from a cross-border seller. If that sounds like you, the multi-currency account is a must. It will allow you to pay bills in Europe like a local or shop anywhere without worrying about extra fees. The same applies to people who work remotely or conduct businesses abroad, as they can get paid in both GBP and EUR.
Debit Cards and Mobile App
A multi-currency bank account, especially if it’s from an online bank, tends to come with a feature-rich smartphone app and one or more debit cards. The app usually helps to do all the usual banking services – sending, receiving, withdrawing, setting up pay-orders, direct debits, etc. It also allows keeping track of your money, with live notification of each of your spending. And if you need to withdraw some cash, you can always do so with your Debit card(s). Some banks even offer different debit cards for other currencies, allowing you to withdraw in both the UK and EU without paying a withdrawal fee.
Savings on Currency Conversion
As you would be sending, receiving, and holding money in multiple currencies, you may not ever need to convert a foreign currency to the native one. That way, you won’t have to worry about incurring losses from currency fluctuations. However, you can easily convert from one currency to another right in the app in any exceptional circumstances. Moreover, the conversion fee is relatively lower than the traditional banks or FX service providers. To be precise, you can save up to 5% in fees that you usually need to pay with some other popular money transfer providers. So, as you can see, a multi-currency account operates just like a regular account, except that it offers a lot more convenience for a lot less fee. It is made for the digital generation of the borderless world. If you have one, you may not need any other bank account at all!