If you ever tried dealing with international multi-currency transactions that involve anything other than your debit or credit card, then you know that performing such actions can be surprisingly difficult and tedious.
Delayed transactions, unexpected fees of unreasonable magnitude, and unfavorable exchange rates for various currencies, make what are supposed to be simple transactions into potential nightmares. How is that even possible, when so many of us travel to, and work from, other countries?
Luckily some financial institutions are starting to catch up and offer better options, suited for the actual circumstances that affect many of us.
A multi currency bank that can provide you with a multi-currency account can not only significantly simplify the financial aspect of your life abroad, but also offer surprisingly favorable terms and conditions that will take away much of the stress involved with paying and earning abroad.
Multi Currency Account and Its Benefits
Let’s take it from the top- what is exactly a multi-currency account? A multi-currency account, as the name suggests, holds different currencies at once.
Depending on the multi-currency bank you use, the fees can be low to none, and the currencies themselves can be converted from one to another with low to no fees, based solely on the particular exchange on that day. With such an account, you can deal with a particular financial transaction as if you were using a local account, without any added fees and delays, and save yourself the trouble of having to open multiple accounts and be subject to various uncertainties.
As you can imagine, this type of account is incredibly useful to many types of individuals. Travelers, who accept high unexpected costs and conspicuous exchange rates as part of their foreign adventure, can deal with the expenses involved in their time abroad with significantly reduced costs and stress. Students and those who work abroad will also have a few obvious advantages. Paying rent and other bills, whether using your bank issued card or by a bank transfer, can occur much faster and appear on your account instantly, without delays and hidden fees, which you would only find out about if you read an ocean of small print.
Choosing A Multi-Currency Bank and Opening a Multi-Currency Account
There can be quite a few options to choose from, and what you want to focus on when choosing your multi-currency bank are the ease of opening the account; fees, rates, and minimum deposits; availability of customer service; customer satisfaction rates; and other services that may be useful to you, should you need them, or want to investigate their potential use to you.
A great example is FinecoBank. Founded in 1999 in Milan, Italy, Fineco serves both Italian and UK markets. This bank offers a bridge between the UK and Europe, enabling expats and travelers to conduct their matters with ease. Their customer satisfaction rates are among the highest, and they offer other services as well, such as an individual savings account and online brokerage services. Fineco stands out by offering excellent rates in regards to all their services, and their customer service representatives are able 24/7, ready to assist their clients anytime, anywhere.
It’s important to keep an eye on such criteria when choosing your banks, as there is no reason to settle.
Getting Started
Opening the account is quick and easy. With Fineco for example, all you will need is a state issued ID, such as a UK driving license or passport, your tax identification number (TIN), your smartphone, and a UK address of residence. You can even book a demo with one of Fineco’s representatives to get an in-depth look at the account’s features, as well as have all your questions answered, and your concerns addressed.
If you intend to go abroad or conduct any dealings in foreign currency, we suggest you get started with a multi-currency bank account right away, as there is no reason to engage in convoluted “traditional” banking approach when it comes to such matters.