Best Multi-Currency Accounts and How They Work

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 These costs are then 2% of the amount withdrawn, plus $1.50.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.

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.

Revolut multi-currency account plans

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.

This fee is also apparent on incoming or outbound wire transfers INSIDE the US - which are charged at $10 each. So I would suggest 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.

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.

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.