What is a multi-currency account and 4 options for using it 

Have you ever heard of multi-currency account? Surely you've already come across an advertisement with this proposal.

And the word multi-currency already gives us an idea of what it might be, but what would be the point of an account with currencies other than the Brazilian Real?

In today's article, we'll talk a little about this subject, explaining in detail how this type of account works, as well as looking at 4 alternatives available on the market.

If this subject interests you, read on!

Multi-currency account: what is it?

Multi-currency account proposals have been growing a lot around the world, so they are already taking their first steps here in Brazil.

In general, advertisements involve promises such as "connect to the whole world" or "pay in multiple currencies from one account". 

This gives us an idea of the functionality of this type of account, but we're still missing that detailed explanation, aren't we? So here goes:

A multi-currency account is nothing more than an international bank account that allows transactions such as transfers, payments and deposits in multiple currencies to different countries, thanks to "sub-accounts" in each of the currencies.

So, in practice, it's as if you had a general international account, which allows you to have sub-accounts in different currencies, making it easier to carry out transactions to different countries.

So, with the same account you can make transactions in Euro, Dollar, Real or many other available currencies.

The advantage of this type of service lies in its practicality, since the amounts are automatically converted into the chosen currency when the transaction is made.

What's more, if you used to need different accesses and passwords, now you can do it all in one place. Cool, right?

Reasons to bet on a multi-currency account 

After the above description, you'll no doubt understand what a multi-currency account is and know that it offers a lot of practicality.

But, especially for those who don't usually make international transactions, having a multi-currency account may not seem so useful.

That's why we're going to take a look at some of the reasons why you should sign up for this type of account. Check them out!

Easy payments 

You've probably tried to make purchases on an international website and noticed that the instant approval payments were only for local banks.

Or you saw that when you bought a plane ticket with a local airline, you noticed that certain banks in the country offered discounts for purchases on their cards.

In both cases, having a multi-currency account would be very useful, as it would make your payments easier and offer better conditions.

Fewer tariffs

Only those who have tried to make an international payment know that the fees can be frightening.

And with a multi-currency account you have some options to pay less fees, such as:

• Choose accounts from countries that use the same currency;
• Choose to carry out transactions between accounts in countries with some kind of tax reduction partnership.

So, as we've seen, in addition to practicality, it's also possible to obtain savings and advantages by using this type of account.

Discover 4 options available on the market 

By now you probably already know the reasons for having a multi-currency account, as the advantages are significant.

But the question remains: where can you find this type of account?

It is true that it is not so easy to find this proposal in traditional banks in Brazil, so the answer lies in digital banks or fintechs.

And if you still have no idea how to find this type of account, don't worry, we've listed some options below!

1. Wise

Wise is one of the most famous companies in the multi-currency account sector, as it operates in more than 160 countries with 40 currencies.

With this, you can easily make transactions to different countries, thanks to the international account card.

What's more, you can choose 9 currencies to carry out transactions free of charge, and the exchange rate is done automatically, taking into account the best rate at the time.

Opening an account is very simple, as the process is free and can be done via the company's website or app.

Once you've opened your account, just put money in it and start making your transactions all over the world with ease.

Find out more: Wise Multi-Currency Account | Foreign Currency Account - Wise

2. Global Account Banco Inter 

Banco Inter's Global Account is an excellent proposal for those looking for a more well-known service, since the financial company is very famous in Brazil.

With this multi-currency account, you can take advantage of an international account that allows you to make transactions in dollars.

In addition, the account comes with a dollar card, which is accepted all over the world and works through quick conversions via the bank's app.

It's important to say that this proposal doesn't include currencies other than the Dollar and the Real, but because the Dollar is one of the most widely accepted currencies in the world, it makes up for this "lack".

In addition to common transactions, you can also make purchases at a discount and many other exclusive advantages for Banco Inter customers!

Open your account: International account: open your Global Account Inter

3. Nomad multi-currency account 

Along the same lines as Banco Inter's Global Account, Nomad is also a multi-currency account that allows transactions in dollars.

However, this account is more focused on everyday life, as it has interesting features and facilities for making purchases.

What's more, if you enjoy traveling, you'll have access to the best exchange rates, discounts on accommodation and much more.

The account also provides a debit card accepted in over 180 countries, so you can make purchases and withdrawals without any problems.

Check out the details of the proposal: Nomad: digital account in dollars, card and investments (nomadglobal.com)

4. Husky: international transfers 

Husky currently works in partnership with Nomad, so the multi-currency account services are very similar.

However, Husky's support is different, in addition to its functionalities, as the company focuses on international payments and transfers.

This means that if you need an account to receive foreign currency or even need to pay for international services, Husky can help you.

The application's interface is simple, practical and communication is often by e-mail, which certainly offers better support.

Find out more: Husky: International transfers without bureaucracy

Do you like the proposals? Then check out the one that best suits you, so you can start making your international transactions without any headaches!