What Is a Multicurrency Bank Account?
Quick Answer
A multicurrency bank account allows you to withdraw, receive and send money in multiple currencies. Multicurrency accounts may give you access to over a dozen currencies.

A multicurrency bank account allows you to hold, send and receive money in multiple currencies—all within a single account. Not everyone needs a multicurrency bank account, but if you travel often, send money to family in another country or are temporarily living abroad, a multicurrency bank account can save you money and simplify your finances.
If you're considering opening a multicurrency bank account, here's what you need to know.
What Is a Multicurrency Bank Account?
A multicurrency bank account, sometimes called a foreign currency account, allows you to withdraw, receive and send money in multiple currencies. The features are similar to a regular checking account, aside from the fact that a multicurrency account can hold several currencies. Features can differ between accounts; for example, some multicurrency accounts come with debit cards, while others don't.
How Does a Multicurrency Bank Account Work?
Multicurrency bank accounts are handy for those who travel internationally on a regular basis. For example, say you live in the U.S. but often travel to London for business. A multicurrency account allows you to hold both U.S. dollars and British pounds within your account and avoid the hassle of frequently exchanging money.
You don't need a multicurrency account to make purchases in another country. You can also use a credit or debit card, but you'll have to pay foreign transaction fees if your card charges them (most travel credit cards don't).
Multicurrency accounts may give you access to a dozen or more currencies. The exact currencies you'll be able to use within your account vary by bank, but common currencies may include:
- U.S. dollar
- Canadian dollar
- Euro
- Swiss franc
- Australian dollar
- British pound
- Hong Kong dollar
- Japanese yen
- Indian rupee
- Omani rial
- Chinese renminbi
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Pros and Cons of a Multicurrency Bank Account
Each multicurrency bank account has different features, fees and limitations, so research individual accounts before choosing one. In general, however, multicurrency accounts offer the following pros and cons:
Pros
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Lower exchange rates: You'll pay fees to exchange currencies within your account, but they're typically lower than those you'd pay at your traditional bank.
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Simplicity: Having one bank account with multiple currencies is easier than managing multiple accounts in different countries. It's also simpler than exchanging money every time you travel.
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Perks: Some multicurrency accounts come with perks that are unique to this account type. For example, some accounts may earn interest on balances in different currencies.
Cons
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No fraud protection: Credit cards offer fraud protection, but multicurrency bank accounts may not.
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Possible lack of insurance: Your entire balance may not be protected in case of bank failure. For example, multicurrency accounts from the fintech company Wise sweep U.S. balances into banks insured by the Federal Deposit Insurance Corp. (FDIC), but cash in other currencies may not be protected.
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Fees: Multicurrency accounts may come with fees, such as conversion fees, monthly fees, ATM fees and more.
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Balance requirements: Some banks may require a minimum account balance, which can be difficult to maintain if you make frequent transactions.
Do I Need a Multicurrency Bank Account?
If you don't spend much time abroad or support family in a foreign country, you likely don't need a multicurrency bank account. You wouldn't get much use out of it, and you can access foreign currencies in other ways when needed.
However, a multicurrency bank account may be worth it if you:
- Frequently travel, work or do business abroad
- Study or live abroad for an extended period of time
- Financially support family in another country
How to Open a Multicurrency Bank Account
Opening a multicurrency account is similar to opening a regular checking account. The process can differ slightly by bank, but these are the general steps:
- Sign up. Open an account online, over the phone or at a bank branch.
- Submit documentation. You'll need to provide personal documentation, such as a photo ID and proof of address, then wait for the bank's verification.
- Fund the account. Finally, you can fund the account with the required minimum balance, if applicable, and select your currencies.
Other Ways to Make International Payments
If you don't want a multicurrency account but need to make the occasional international payment, you have several options. The following methods vary by cost and efficiency, so weigh your options before choosing.
- Wire transfer: You can use an international wire transfer to send money across borders, but your bank typically charges a fee for doing so. Often, this fee is around $35 to $50 for outgoing wires.
- Online international money transfer: Companies like Western Union and MoneyGram are built for convenient international transfers. Fees can vary based on transfer amount, destination and payment method.
- Digital payment service: Some digital payment services and peer-to-peer payment apps support international payments. For example, PayPal lets you send money to people in more than 110 countries. CashApp also works for international payments but comes with a 2% foreign transaction fee.
- Travel credit card: Using a credit card abroad can incur transaction fees, which can add up. But many travel credit cards don't charge these fees, making them convenient for international use.
The Bottom Line
If you make frequent international payments, consider a multicurrency bank account. The convenience and cost savings can be worth it if you're making a high volume of transactions. On the other hand, if you don't travel internationally on a regular basis, there are other ways you can make payments without opening a new bank account.
Keeping tabs on your credit while you travel—especially for long periods of time—is important to protect yourself from identity theft and unauthorized charges. Sign up for free credit monitoring from Experian to be notified of any changes to your credit report while you're away.
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Emily Batdorf is a finance writer based in northern Michigan. She specializes in topics including budgeting, banking and debt payoff, leveraging her education background to break complex topics into approachable content.
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