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The average cost of an international transfer from a bank since 2016 has been upwards of 17% of the total send amount. When receiving money into your bank account you will pay fees of around 3% just to receive the money.
A specialist multi-currency account offers better rates for exchanging money with minimal fees. The total cost of transfer using a multi-currency account starts from 0.35% for sending money and is the same for receiving money.
They allow you to hold multiple currencies, and reduce the cost of spending currencies in other countries.
Within this page, I will show you our top picks for multi-currency accounts based on some key aspects.
All are covered in more detail later:
"Over 16 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."
"Revolut has 50+ million customers globally. You can hold up to 36 currencies in the app and send money quickly in 70+ currencies to 160+ countries."
"Currencies Direct have over 30 years of global money transfer expertise. Award winning service with a TrustPilot rating of 4.9. Lock-in rates for the future or trade 24/7 on web or mobile."
The importance of comparing multi-currency accounts
Each of our chosen accounts in detail
I’ve compiled the coverage and ongoing costs and tested the experience of the multi-currency accounts listed. This is to give you a breakdown of how to pick the best account for your specific needs.
These are personal accounts only, for business accounts please see our business multi-currency accounts page.
For all the recommended accounts, I've provided more detailed information and data using our comparison engine. This is to ensure you can pick the correct account for your needs.
Where there are tiered accounts, I have provided this information as well. Where needed, I have drawn comparisons between each option.
Following this, I have outlined some scenarios like big transactions and regular cash withdrawals. This is to highlight the differences in costs of different accounts over time.
10 local accounts supported
Best free multi-currency bank account on offer
Biggest choice of holdable currencies
The best overall cost at around 0.35% in fees for sending
Can be paid a salary, pension, and other payments that can be converted upon receipt
Local accounts and currencies
Wise offers one of the strongest contenders for multi-currency accounts.
The 10 local accounts include USD, CAD, and GBP (all are listed below).
There's also the ability to send and receive money in over 70 currencies. These include Mexico, Brazil, and countries in Europe not using the euro. These would technically be kept in your ‘local’ account in the USA.
Exchange rates
I strongly recommend the account because exchange rates match the mid-market rate. So the amount you buy currency for is pretty much as cheap as it gets.
However, you pay 0.35% to convert to another currency within your account and the same to send.
Then sending fees are similar, 0.35% of the total amount. This puts the overall cost of sending money from the account very low - it's listed as our cheapest company for sending money.
Remember, if you convert and then send, it's a total of 0.7% of the transfer.
For comparison, Revolut offers an exchange rate of around 0.4% - but you pay a 1% premium over the weekends.
For semi-regular, bigger payments, Wise could be the better option.
Interest rates
You can also earn interest on USD, GBP, and EUR at annual rates of 5.1%, 4.7%, and 3.65% respectively. This isn’t as competitive as Revolut - where rates are 5.4% on USD, 5.26% on GBP, and 3.97% on EUR balances.
Spending and ATM use
There are no fees and costs for opening an account, but there is a $9 fee to get a card. This card is where the Wise account might put some people off.
It’s the only account on our list with an initial card charge.
You can spend as much as you want per month on the card, paying the conversion fee when you move the currency to the currency you want.
Each month, you can withdraw up to $100 or make 2 withdrawals before incurring costs. These costs are then 2% of the amount withdrawn, plus $1.50. Whilst not great, this is about right when compared to other multi-currency cards.
You can use a virtual bank card through the app, Google Pay or Apple Pay. When paired with the limit on ATM withdrawals and card fees, this is a better option in my opinion.
Other points
Receiving money into the Wise account is a great option as it supports over 40 currencies.
Personally, I use a Wise multi-currency account as it offers the best option for local accounts (10). For regular transfers, it is the most cost-effective option. It’s also the simplest app to use, and best for incoming transfers.
Under the read more you will see a breakdown of Wise’s account and sending money options, as well as a breakdown of fees.
Multiple account tiers depending on your needs
Works better for everyday use in your home country
Multiple account structures
Local accounts and currencies
Revolut is another option that offers great flexibility within the multi-currency space. The account offers access to hold 37 currencies and send in 77 currencies in total.
What you can do with these accounts depends on the tier you sign up for with Revolut. We've covered tiered membership in more detail in our Revolut review.
As mentioned above, Revolut also offers one of the more competitive interest rates for USD, EUR, or GBP.
Whilst you can access 37 accounts through virtual means, these are not local accounts.
Also, you can only have 2 at a time - and one of them has to be USD. So really, it’s only the one additional account you get.
I would consider Revolut a bank with multi-currencies accessible. This isn't necessarily bad, or worse, but is an important distinction to make if you want local accounts.
Potential US customers should be aware that Revolut is transitioning its platform bank. This is from the Metropolitan Commercial Bank to the Community Federal Savings Bank. Accounts started moving on 26/04/2024, but the process is likely to take a bit of time. So some users you speak to may be seeing slightly different rates.
Revolut multi-currency account plans
Standard | Premium | Metal | |
|---|---|---|---|
Average exchange rate markup | est 0.30-0.50% | est. 0.30-0.50% | est 0.30-0.50% |
Sending fees | 0% up to $1,000, then 0.5% per 30 days + 1% for any transactions after 5 pm Friday and 6 pm Sunday | 0% up to $10,000, then 0.5% per 30 days + 1% for any transactions after 5 pm Friday and 6 pm Sunday | 0% |
Additional fees (on transfers over $200) | Up to 5% | Up to 5% | Up to 5% |
Additional fees (on transfers under $200) | Up to $10 | Up to $10 | Up to $10 |
Monthly Fee | $0.00 | $9.99 | $16.99 |
Initial card cost | Up to $5.00 for postage | $0.00 | $0.00 |
Replacement card fee | $0.00 | $30.00 | $70.00 |
Exchange rates
Revolut does not publish its exchange rate and calls this, 'The Revolut Exchange Rate'. This is quite misleading but after some digging. I found it to be around the 0.3 to 0.5% mark.
Then, there are sending fees on top. For amounts under $1,000 on the standard plan- the fee is 0.2%. Incoming payments from debit cards outside the US incur a fee of 3% and inside the US a fee of 1%. This sending fee increases to 0.5% after $1,000 across the month and has an additional 1% charge for weekends.
The Premium plan offers transfers up to $10,000 per 30 days before the increase to 0.5%. This also has a 1% charge for weekends.
The Metal plan has fees of 0.2% for all amounts, with no cap and no additional 1% charge at weekends.
If you think you will spend upwards of $16.99 on fees and exchange rates monthly, Revolut’s Metal card option is best.
However, for transfers above $1,000, Revolut isn’t as competitive, with fees of 0.5% compared to the 0.35% from Wise.
For non-USD international wire transfers, you’ll also pay up to $10 for anything up to $200. Then you will pay up to 5% for anything above.
For regular bank transfers, I can safely say, that Revolut is not the best or cheapest option.
This fee is also apparent on incoming or outbound wire transfers INSIDE the US - which are charged at $10 each. So I would advise you to not pay bills using a Revolut account.
Spending and ATM use
Like Wise, ATM fees and limits are quite low - so getting access to cash can be costly.
Initial limits are higher than Wise at $200 or 5 transactions (whichever comes first). Costs thereafter are charged at 2%, or $1 (whichever is higher). You do not have the additional $1.50 charge with Revolut as you do with Wise.
On both accounts, I would avoid using ATMs where possible. If you want to withdraw funds regularly in a different currency, opt for a foreign currency account in the relevant country.
Other points
Receiving money into the Revolut is supported. As with sending, you may hit transfer limits and pay higher conversion rates quite quickly.
My one problem with Revolut is that it doesn't tell you the exchange rates until you've signed up and isn't clear why or how they change. I like Wise because I know it's a 0.35% fee, and I get the mid-market rate.
Under the read more you will see a breakdown of Revolut’s account and sending money options. This includes a breakdown of fees.
Established money transfer provider with competitive exchange rates
Supports Nordic countries - which others don’t
Local accounts and currencies
Currencies Direct offers a multi-currency debit card attached to your currency wallet. This differs from the specific accounts offered by Wise, Revolut, or HSBC.
I’ve added them to this list as it’s a relatively new product that I think has a decent future. However, unless you're already using Currencies Direct, the flexibility and fees offered by the Wise multi-currency account are a better option.
Using the card you can buy the more popular currencies on the market (GBP, USD, EUR, and AUD). Support is also offered on the Danish Krona, Norwegian Krone, Polish zloty, and the UAE dirham.
Exchange rates
Exchange rates on average are higher than Wise or Revolut, at around 2%.
This is likely a result of Currencies Direct historically being a managed service. I’d expect these to decrease in time.
Spending and ATM use
Physical cards are only available in Europe, so anywhere else will be using a virtual card for the time being.
Against others, barring HSBC, Currencies Direct offers the best ATM options at £500. They don’t list USD prices at the moment because of the lack of physical cards in the US.
However, they do state transactions are charged at the following:
1.90 per AUD transaction
8.70 per DKK transaction
1.20 per EUR transaction
1.00 per GBP transaction
13.50 per NOK transaction
13.90 per SEK transaction
1.40 per USD transaction
1.70 per CAD transaction
4.60 per AED transaction
5.20 per PLN transaction
Other points
Currencies Direct is a decent option if you already use them. If you’re looking for a multi-currency account and have no affiliation with any company, I’m not sure Currencies Direct offers the best option.
That being said, if you plan to send and receive in GBP, EUR, or USD in particular and have a need for bigger transfers in the future, it’s worth considering.
Under the read more you will see a breakdown of Currencies Direct’s account and sending money options, as well as a breakdown of fees.
A great option for retired expats or high-net-worth individuals
No ATM fees or limits if you have the currency in your account
Local accounts and currencies
The HSBC Global Money account is an expat-focused account from one of the world’s biggest banks. The account offers an account in which you can hold up to 19 currencies, and send and receive from a total of 58. These numbers are under a third of what Wise offers for holding currencies and 15 less for sending money.
Again, this is a case of having the currency in your local account, as opposed to having a local bank account in a different country. The big benefit is if you’re an expat, you can register the account in your country and still use it as you want to.
As with all accounts - the ‘big players’ like EUR, USD, and GBP are accounted for.
There are a couple of options available for this account. From a US-focused account (which offers access to just 6 accounts) to the Global Money account I’m discussing here.
I’ve added the Global Money account as you can access your funds in multiple locations. However, you need to keep a minimum of $15,000 in the account.
For this reason, I believe it to be a good option for retired expats or higher net-worth individuals. But potentially not for those looking to make or hold lower volumes of money.
Exchange rates
The average exchange rate for sending money is 2.75%, but there are options for limit orders or forward contracts. This is one of the higher rates of sending money on the list.
This amount is higher as banks often charge higher rates, and in this case, your money will be held locally in one account - whilst giving you access to another.
For sending anything over $5,000, I’d always recommend a forward contract. This is because a tweak in the exchange rate by a few cents could make a massive difference to the overall cost of the transfer.
Spending and ATM use
ATM and card fees are almost non-existent, and one of the perks of this account. There are no limits on fees, although if you withdraw via an ATM and don’t have the supported currency in your account you’ll pay 2.75% exchange rate. Planning ahead, means you can use your card as you wish in the supported locales.
Other points
As mentioned, I think HSBC is a better option for higher-net-worth expats, but wouldn’t recommend it.
Ultimately it is a bank and banks tend to offer worse exchange rates. If you want to manage large amounts of money in a couple of different currencies - it’s a great choice.
Under the read more you will see a breakdown of HSBC’s account and sending money options, as well as a breakdown of fees.
Coverage
Local accounts: How many local bank accounts in OTHER countries you can use through the account? This includes the tiers on offer and what you get for each of these accounts. This can save a huge amount of money when regular transfers and spending are concerned.
Holding currencies: This is the amount of different currencies you can hold in the account. These are held in the USA, as opposed to being a LOCAL account. This offers convenience and reduced cost, but has some limits also.
Sending currencies: These are the currencies you have for sending money out of the account. Currencies with less support will likely cost more.
Cost
Exchange rate: The amount you pay per dollar for a currency.
Initial costs: Amount paid for initial sign-up.
Ongoing and other costs: Monthly fees/replacement card fees.
Using a card in another country: Costs, ATM fees, withdrawal fees.
Payment limits: Some multi-currency accounts will offer bigger maximum payment limits.
Experience
Live testing: How easy are these accounts (and their apps) to use?
Customer support: Options for customer support.
Security and regulation: How your money is protected. This is in here as multi-currency accounts are regulated differently from traditional banks.
Differences between multi-currency accounts and other international options
Multi-currency accounts better serve multiple purposes, rather than one. A couple of years ago, I was a huge fan of foreign currency accounts for regular transfers, but now I’d pick a multi-currency account every time.
This is due to better exchange rates, inbound and outbound options, and overall cheaper costs.
Feature | Multi-currency Accounts | Traditional Bank Accounts | Virtual Bank Accounts | Foreign Currency Accounts |
|---|---|---|---|---|
Primary Use | Hold multiple currencies | Standard banking | Digital-only banking | Hold foreign currency |
Account Management | Managed via online platforms | Managed through branches and online banking | Managed entirely online | Managed through branches and online banking |
Currencies Supported | Multiple (often a wide range) | Usually one (home currency) | Typically one, but some offer multi-currency options | One foreign currency |
Feature | Multi-currency Accounts | Traditional Bank Accounts | Virtual Bank Accounts | Foreign Currency Accounts |
|---|---|---|---|---|
Conversion Rates | Competitive, often real-time rates | Bank-determined, usually less favorable | Competitive, often real-time rates | Vary by the bank, typically less competitive |
Transfer Fees | Low to moderate | Can be high, especially for international transfers | Low to moderate | Moderate |
Cost | Rarely any monthly fees, offset by the reduced exchange rates | May have monthly maintenance fees | Usually low fees, some free options | Varies, often higher fees than traditional accounts |
Exchange Rate Markup | Low, often mid-market rates (from 0.2%) | Higher, includes the bank's markup (from 3%) | Low, often mid-market rates (from 0.2%) | Moderate, varies by bank (from 2%) |
ATM Withdrawal Fees | Not competitive - upwards of 2% after hitting $100 limits | High for international withdrawals | Low to moderate | Moderate to high, especially abroad |
Feature | Multi-currency Accounts | Traditional Bank Accounts | Virtual Bank Accounts | Foreign Currency Accounts |
|---|---|---|---|---|
Travel Benefits | Convenient for traveling, supports multiple currencies | Limited to home currency, less flexible | Convenient, often comes with travel benefits | Useful if frequently traveling to one specific country |
Card Availability | Often includes a multi-currency debit card for a cost | Standard debit and credit cards | Digital debit cards, sometimes physical | Standard debit and credit cards, specific to currency |
Regulation and Security | Regulated, secure but less physically accessible | Highly regulated, secure, physically accessible | Regulated, secure, but dependent on tech reliability | Regulated, secure, may be less flexible |
Using a multi-currency account
The reasons people use multi-currency accounts will differ. I use one as I have family who live in New Zealand, so it makes things like Christmas easier (if a little lazier!) if we’re not going to be in the same country.
I can make payments, and move money as I need to without the worry of exchange rates, or without having to use my bank account. What I don’t do with a multi-currency account is pay bills or withdraw money. I just don’t think it’s worthwhile.
I have used the account whilst visiting Europe on holiday. This was handy and being largely cashless I didn’t really feel the ATM fees or limits.
Other options include:
Business management
Multi-currency accounts are used by businesses making or receiving payments in multiple countries or through multiple currencies. This could be outgoing payments to staff or incoming payments from cross-border transactions.
While the focus has been on personal accounts here, I’ve also covered business accounts in great depth within the business section of our site.
Traveling
If you're a regular traveler or are going on holiday, I'd recommend a multi-currency account as well. Wise is often the best way to access currency when traveling. Ultimately, you get a better rate on things like euros in the US and can convert it back at the mid-market rate if you do not spend it all.
Sending regular payments home
Using a multi-currency account to send money home as well is a great option.
If you make regular payments weekly or monthly, a multi-currency account can mitigate ongoing costs. Opt for Wise here to avoid Revolut’s $1,000 threshold or weekend charges.
Paying for a wedding
Getting married abroad is costly. Regularly, paying over the odds for exchange rates will increase this cost.
A multi-currency account offers freedom here in the sense that you use a local account to send money to local providers. Then, when in the country, use cards to spend and put down deposits, (or just treat yourself!).
When to use and how to choose a multi-currency account
The pros and cons of using a multi-currency account will differ depending on your needs. There are common themes to look out for when choosing an account.
Within this section, I have outlined the pros and cons of using a multi-currency account.
This includes scenarios where different multi-currency accounts would be useful.
- Multi-currency accounts allow you to keep currency in your account without having to exchange. This can result in significant savings of transferring back and forth between currencies. This is better than using a foreign currency account as it also offers the ability to exchange at a much cheaper rate (should you need to).
- Savings and interest in competitive markets. This is more specific to Wise and Revolut, but bother offer interest on balances held in USD, EUR and GBP. This is a nice perk as it allows you to grow your balances in each currency.
- Simpler international money management. Using a multi-currency account provides you with one location to manage international finance.
- Overdrafts aren’t available on local currency accounts as they’re not banking institutions that can offer capital in this way.
- ATM fees and limits (for the same reason above) are weak compared to banks. I see this as being like a cash advance on a credit card and would recommend using a multi-currency account as digital only.
- Whilst finances are protected by money services acts in most states, it’s not quite the same regulation that a bank would offer. I should note, this does not make a multi-currency account unsafe in my opinion. I think the setup of an account and ability to keep your money with one provider, one customer service team and one network much safer.
Comparing scenarios
I don’t necessarily think it’s fair to say there is one outright best multi-currency account, simply because everyone has different needs. What I do think, however, is that more often than not Wise is likely to offer the best option.
I’ve put together some scenarios here which highlight the differences between the accounts listed. This helped me understand when, and why, an account might be best - and is reflected in the reviews.
I did this to give a fair overview of accounts and what they are useful for - not just what my gut tells me they are good for.
Cash withdrawals with a multi-currency account
This table highlights the cost of 2 x $50 dollar cash withdrawals in Europe over 1 month
Provider | 2 x $50 withdrawals |
|---|---|
Wise | $0 |
Revolut | $0 |
HSBC | $2.75 |
Currencies Direct | $1.90 |
This table highlights the cost of 5 x $150 dollar cash withdrawals in Europe over 1 month:
Provider | 5 x $150 withdrawals |
|---|---|
Wise | $19.00 |
Revolut | $11.00 |
HSBC | $20.625 |
Currencies Direct | $9.50 |
Sending money with a multi-currency account
This data shows the cost of making 20 small transfers of $100 each to Europe from the USA over the course of a month:
Provider | Total Cost | Total Received (EUR) |
|---|---|---|
Wise | $7.00 | €1,787.42 |
Revolut | $14.00 | €1,783.43 |
HSBC | $55.00 | €1,702.36 |
Currencies Direct | $40.00 | €1,728.72 |
This data shows the cost of a one-off $2,000 transfer to Europe from the USA using a multi-currency account:
Provider | Transfer $2000 Fee | Transfer $2000 Exchange Rate | Transfer $2000 Received (EUR) |
|---|---|---|---|
Wise | $7.00 | €0.90 | €1,787.42 |
Revolut | $5.00 | €0.88 | €1,748.00 |
HSBC | $4.00 | €0.88 | €1,747.00 |
Currencies Direct | $0.00 | €0.88 | €1,764.00 |
This data shows the cost of a one-off transfer of $10,000 to Europe from the USA using a multi-currency account:
Provider | Fee | Exchange Rate | Amount Received (EUR) |
|---|---|---|---|
Wise | $35.00 | €0.90 | €8,937.11 |
Revolut | $47.00 | €0.88 | €8,739.81 |
HSBC | $275.00 | €0.88 | €8,511.81 |
Currencies Direct | $200.00 | €0.88 | €8,643.60 |
Common fees associated with multi-currency accounts
There are some fees you can expect to pay when using a multi-currency account, but not many. The cost is mostly sucked up by exchange rates or fees for sending.
Exchange rates and sending fees
Monthly costs
Card fees
Other costs
Using multiple multi-currency accounts
In my opinion, using multiple accounts regularly does not add any benefit. All accounts will offer the core currencies (USD, EUR, GBP, CAD, AUD, etc). Unless you need two specific currencies that are not on one platform, there’s not much to be gained. This being said, in rare occasions, accounts can be blocked or restricted due to things like inactivity or re-verification that is needed. It can pay to have a backup account if needed.
Further, if you wanted a specific currency that isn’t supported on any multi-currency account, I’d recommend using a foreign currency account. The benefits aren’t as great for transferring between multiple currencies, but any financial product - whether a loan, multi-currency account, or insurance - should be in support of your needs.
Eligibility for a multi-currency account
Signing up and opening a multi-currency account is pretty simple and most people will find themselves eligible.
The key points that cover eligibility are:
Being over 18
Having proof of address in the country in which the base account is located
Not having previously had an account shut down by the same company
Minimum account limits - these start at $0, but for as mentioned above, the HSBC Global Money Account requires a minimum balance of $15,000. Wise and Revolut do not have minimum amounts for opening an account.
Multi-currency business accounts have very different criteria.
Regulation in multi-currency accounts
Regulation is different for multi-currency accounts in line with traditional banks. This does not make them any less safe. This is because they are regulated in the same way as a traditional money transfer company.
For example, Wise is registered in the US with the Financial Crimes Enforcement Network (FinCEN) which has to be renewed annually. It is also licensed as a money transmitter in a number of states.
Where a state isn’t registered, protection is offered by the Community Federal Savings Bank, supervised by the Office of the Comptroller of Currency. Revolut is also currently moving over to the is model at the time of writing.
This offers a high level of protection on finances and I would not recommend any company where I feel your money would not be safe.
A recap and making your choice
Choosing to use a multi-currency account will differ based on your own needs - but I’d choose Wise. Here’s a recap of everything I ran through:
A multi-currency account is the best option for sending and receiving regular transfers
A Wise multi-currency account will offer the best value for money overall
Having access to more currencies does not always mean you can hold them all at once
Having access to a local account will allow you to reduce overall costs in locations where you know you will spend
HSBC is a great option for expats
The multi-currency account will continue to grow in the near future as the potential of them is further unlocked
Help & FAQ
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