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A multicurrency account is a bank account that allows you to send and receive multiple currencies from the single account. This type of bank account is available for both personal and business users and significantly cuts costs and time when handling foreign currencies from received or sent from a number of different countries worldwide.

What is the best Foreign Currency Account?

Transferwise Multicurrency Account is an International Bank Account that is FREE to open, charges a fee per transaction and provides competitive exchange rates. Not only this but Transferwise is the cheapest way to send and receive currency around the world compared with using a local bank or Bureau de Change. The Transferwise multicurrency account gives you local bank accounts in the following countries (to receive these currencies into your Transferwise bank account(s) is FREE):

What currencies can I exchange using a Transferwise Multicurrency Account

You can transfer, hold and manage over 50 currencies including major currencies worldwide such as Euro, Pound, US Dollar, Australian Dollar, New Zealand Dollar, Canadian Dollar, South African Rand and many more.

Transferwise Mastercard is included with the Multicurrency Account

Not only can you transfer money using your Transferwise International Bank Account(s) but you also are provided with a Transferwise Mastercard that you can use worldwide anywhere that accepts Mastercard including ATM's where you can withdraw money for FREE (FREE when withdrawing upto £200 per month).

What are the costs of opening a Transferwise Multicurrency Account?

There is no opening fee and no annual fees when using the Transferwise Multicurrency Account. There are low fees for making foreign exchange conversions and the exchange rates are very competitive. Transferwise is known worldwide by its customers for its low fees and competitive exchange rates. If you compare the fees and exchange rates with using your local bank or Bureau de Change you will see that the Transferwise Multicurrency Account is the best option for dealing with Multiple Foreign Currencies in one single international bank account.

Alternative multicurrency accounts

FairFX offers international money transfers for US and UK customers. This FairFX money transfer account is for transactions to and from multiple worldwide currencies where one side of the transaction (sending or receiving) is UK pounds or US Dollars. This worldwide conversion converage for UK and US resident is ideal for people living in the UK or US. FairFX can trade to and from all States of the US which other money transfer companies do not offer. PayPal also offer foreign currency payments to friends and family and eBay Users worldwide.

Business Account

A Transferwise Business Account is also available for Business Customers. This international business bank account is FREE to open with no annual or monthly fees. The Transferwise Business Bank Account is suitable for Freelancers, entrepreneurs, sole traders, small-to-medium sized businesses aswell as large businesses. Your business can hold over 40 currencies and send money to over 70 countries and you also get a business debit card which is a Mastercard for making international payments.