A multi-currency account (MCA) is a type of bank account that allows you to hold and manage multiple currencies in one place. As we all know transferring money abroad requires high currency conversion rates, Multi-Currency Account lets its users transact in different currencies without having to convert them every time, which can save significant money on currency conversion fees.
What is a Multicurrency Account?
A multicurrency account is a type of bank account that allows you to hold, manage, and transact in multiple currencies. MCA is a single account for multiple currencies. It is a convenient option for students that regularly deal with multiple currencies.
Having an MCA allows students to keep their funds secure while accessing them easily from anywhere around the world without worrying about dealing with fluctuating exchange rates or losing money through conversion fees charged by banks.
Features of Multi Currency Account
Here are some of the key features and benefits of using a multi currency account:
- This can help you eliminate all sorts of currency conversion charges as most fintech companies that offer multi-currency accounts charge low or no fees for transfers and conversions, and they use the mid-market rate (the real exchange rate) instead of adding a markup.
- A multi-currency account can help you manage your money easily across different currencies. You can access your account online or through a mobile app anytime and anywhere.
- Some multi-currency accounts may also offer interest on your balance depending on the currency and the amount you hold. This can help you grow your money over time and offset any fees or charges you might incur.
Also Read: Know Ever HSBC International Student Account.
Importance of Multi-Currency Account
For students studying abroad, having an MCA can make managing finances much easier and less stressful. When traveling to different countries, International students need to pay bills, tuition fees, and other expenses in foreign currencies that are fluctuating every second. This means they will need access to funds in different currencies while avoiding paying significant conversion fees.
Studying abroad is the go-to option for many students who want to future-proof their careers and have global exposure. One of the biggest challenges students face is managing their finances in different currencies. This is where a multi-currency account comes in handy.
Also Read- Things to Consider When Transferring Money Abroad
Top Multi-Currency Account Providers
Here are some of the Top Multi-Currency Account providers, to look forward for:
| Provider | Key Benefits |
| XE Money Transfer | 98+ currencies available to choose from with transfer between 130+countries Initiates transfer within 24 hours and available 24×7 |
| Wise Mult-Currency Account | 55 currencies available0 monthly feesDirect debit, wire transfer, debit card, credit card, and Apple pay |
| Currency Fair | You can hold over 20 currencies150 countries available Money transfers are up to 8x cheaper than traditional banks |
Also Read: What is Electronic Fund Transfer?
Eligibility Criteria
There is a very basic eligibility criteria that you need to meet for opening a multi-currency account, let’s take a look at them below:
- Your minimum age should be 18 years
- You need to provide a minimum deposit amount that varies depending on the account provider
- You need to have a valid passport and some kind of income proof (Income proof is not always necessary)
- You need to carry all your personal documents like Birth Certificate proof and Residental proof as your supporting documents
- You must have a bank account in your home country or the country where you want to open a multi-currency account.
Also Read: Which International Bank Account Student Should Consider in 2023?
How to Open a Multi Currency Account?
Opening a Multi-Currency Account is just as simple as opening a new bank account, there are a few online ways to open a Multi-Currency Account but it’s not as reliable as the traditional methods as it includes convenience fees, plus additional charges on account opening charges and deposits. So it’s recommended to visit the nearest branch of the Multi-currency Account provider near you with all the necessary documents to open a new multi-currency account.
But If you still insist to go for the online procedure, here is a guide below that you can follow:
- Choose a provider that offers a multi-currency account that suits your needs and preferences.
- Fill out an online application form with your personal and financial details.
- Upload and submit the required documents
- Wait for the verification and approval of your application, which may take from a few minutes to a few days depending on the provider.
- Fund your account by transferring money from your bank account or using another method such as credit or debit card, cash, or cryptocurrency, and after that, you can start using your multi-currency account.
Also Read- Foreign Money Exchange – How Exchanges Work and Who Governs the Rates
FAQs
Multi currency account is a bank account where numerous currencies can be accessed from one account. It enables students to send money without needing separate accounts for each currency.
Although most providers provide an app for managing your multi-currency account, PayPal is one of the most used and user-friendly multi-currency accounts where you can transfer money to any country through a phone number or PayPal ID and hold over 20 currencies with very nominal charges and setting up a PayPal account is also easy.
Just like any other bank account, you can easily close your multi-currency account just by contacting your provider’s customer service or following their instructions on their website or app but before that, you need to withdraw your funds from your multi-currency account.
That completely depends on the provider you choose and the currency you need to pay in. Some providers may allow you to pay tuition fees directly from your multi-currency account using a bank transfer or a debit card. However, some providers may not support certain currencies or countries, or they may charge fees for certain transactions.
Yes, if you frequently transact in different currencies then opening a multi-currency account is beneficial.
Yes, you can withdraw money from a multi-currency card at ATMs worldwide.
Top 3 best multi currency cards are:
1. XE Money Transfer
2. Wise Mult-Currency Account
3. Currency Fair
This was everything related to Multi Currency Accounts. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.
