Best Multi-Currency Account in the USA 2023 - What is it & How it works - Exiap (2024)

Opening a multi-currency account can make it easier if you need to receive or send payments in a range of currencies. Individuals who have bills to pay abroad, freelancers getting paid by overseas clients, and businesses with customers paying in a foreign currency may all benefit.

While multi-currency and foreign currency account products can be super helpful to both personal and business customers, it can be tricky to find options from traditional banks which suit individuals and small business owners in the US. Even if you’re eligible for a multi-currency account from a major US bank, the accounts on offer aren’t necessarily the most flexible, and can come with high costs. Specialist providers like Wise and Revolut can be good alternatives.

In this article, we’ll cover what you need to know about opening a multi-currency account, including the best multi-currency accounts on offer in the US, the costs involved, and how to open one.

Best multi-currency account option in the US – an overview

First, a quick look at some of the key US multi-currency account providers we’ll explore:

• OFX – Payments and currency risk management solutions with 24/7 phone support and no transfer fee
• Wise Account – Personal and business accounts with 50+ currencies, great exchange rates, transparent fees and quick delivery, local account details in 10 currencies including GBP, CAD and EUR
• Revolut – Hold and exchange 25 currencies and get some international ATM withdrawals without fees
• Payoneer – Accounts for digital business owners and ecommerce sellers, to pay and get paid in foreign currencies
• HSBC Global Money – Existing HSBC US customers can open a Global Money account to hold and exchange 8 currencies with preferential rates
• TIAA Bank – Accounts and Certificates of Deposit in single currencies or a basket of foreign currency options
• East West Bank – Traditional Demand Accounts and Certificates of Deposit in major foreign currencies
• Citibank Foreign Currency Account – offers foreign currency accounts through Citi International, high minimum balance requirement
• Wells Fargo Foreign Currency Account – allows businesses to receive payments in foreign currencies, for corporate customers only.

What is a multi-currency account?

A multi-currency account can be useful for individuals who live an international lifestyle, freelancers and online sellers getting paid from abroad, and businesses who trade around the world.

Being able to get paid in foreign currencies, hold multi-currency balances, and send money overseas without needing to convert the currency can cut your costs.

Can a multi-currency account be opened in the US?

There are a handful of multi-currency accounts available from traditional banks in the US, but the options tend to be limited. Most banks specialize in corporate services and only support a small number of currencies.

Check out instead specialist online providers like Wise and Revolut, to open a low cost digital multi-currency account which may have lower fees and a better exchange rate compared to traditional US banks.

What are the advantages of multi-currency accounts?

There are advantages to multi-currency accounts for both individual and business customers.

As an individual you might want to buy a foreign currency when the exchange rates look good, to hold on to and use as travel money for a future vacation. As a business owner maybe you get paid by customers, marketplaces or PSPs in a foreign currency, and want to use these funds to cover your VAT or taxes overseas.

Getting paid in a foreign currency means no immediate and unnecessary conversion costs and gives you a natural hedge. Make multi-currency payments from your balance instead of having to convert from pounds every time, even if the rate isn’t looking great.

Best multi-currency accounts in the US

Ultimately, the best multi-currency account for you will depend on your specific needs and personal preferences. To help you pick, let’s look at an overview of some of the most popular foreign currency and multi-currency accounts in the US.

OFX Multi-currency Account (business customers only)

OFX is a currency specialist which has multi-currency accounts for business owners and online sellers. You can get local bank details to get paid by clients in foreign currencies, or withdraw from PSPs and marketplace sites easily. Hold or exchange your funds, or use them to pay VAT and suppliers overseas. OFX has a 24/7 phone service for customers which can be helpful if you’d rather talk through your options before transacting.

• Foreign Currencies: 9 currencies supported for holding and exchange
• Fees & Exchange Rates: No monthly fee, exchange rates include a small markup
• International Transfers: Send to a range of countries – no transfer fee
• Debit Card: Not available

Wise Multi-currency Account

You can open a Wise multi-currency account online or in the Wise app, with options available for business and personal customers. There are no ongoing fees to pay and no minimum balance to maintain, so you can use the account as and when you need it, to access currency exchange which uses the real mid-market exchange rate and low, transparent transaction fees.

Order a linked Wise debit card for a one time fee, to spend and make withdrawals in 170+ countries, hold 50+ currencies in your account, send payments to 80+ countries, and get paid with local bank details from 30+ countries.

• Foreign Currencies: 50+ currencies supported for holding and exchange
• Fees & Exchange Rates: Low transaction fees and the mid-market exchange rate
• International Transfers: Send to 80+ countries, with fees from 0.41%
• Debit Card: Available – Wise International Debit Card

Revolut Multi-currency Account

East West Foreign Currency Account

Get Demand Accounts and Certificates of Deposit in major foreign currencies from East West. There’s a pretty good range of currencies and you’ll get a better exchange rate with this account than you may otherwise with East West. No minimum balances apply, but you may need to pay a monthly fee depending on the account and currencies you select.

• Foreign Currencies: 14 currencies supported
• Fees & Exchange Rates: Fees and rates vary by currencies involved
• International Transfers: Send to a range of countries
• Debit Card: Not available

Citibank Foreign Currency Account (from Citi International)

Citibank offers multi-currency and foreign currency account options to customers who maintain a high minimum relationship balance. These accounts are available in 21 currencies and allow customers to access detailed investment advice and favourable fees for foreign exchange services.

Citibank USA doesn’t offer multi-currency account, but they can refer you to Citi International. But even with Citi International, there is a high minimum balance requirement of 200.000$

Key features:

• Suited to high wealth individuals with a balance of at least 200,000 USD held by Citi
• Debit card provided for worldwide use, online and mobile banking features available
• Get foreign exchange solutions to help manage fluctuating exchange rates
• Hold balances in different currencies, switch between them and send global payments

Wells Fargo Foreign Currency Account (Business Customers Only)

Wells Fargo offers international treasury management services, and multi-currency account services to corporate business clients. These services are operated through offices based in Europe and Canada and allow business customers to receive foreign currency payments, and accumulate foreign currency deposits with one institution.

Key features:

• Corporate clients only – contact Wells Fargo directly for advice about the accounts which may suit your business needs

How to open a foreign currency account online

Exactly what you need to do to open a multi-currency account in the US will depend on whether you choose a traditional, digital or specialist provider. Many accounts can be opened online or through a provider app – but keep in mind that you might need to pop into a branch to get a foreign currency account through a traditional bank.

The steps you’ll usually need to take to open a multi-currency account include:

1. Choose the best provider for your needs
2. Check you meet any eligibility criteria
3. Register for your account online, or through the provider app
4. Give your personal and contact information
5. Complete the required verification steps
6. Fund your account – and you’re ready to go

US legislation means that all banks and account providers must complete verification steps to make sure that customers don’t use their products fraudulently or illegally. That means you’ll usually have to provide some paperwork in person or by uploading an image when you choose a digital account provider. Usually you’ll be asked for:

• Government issued photo ID to prove your identity
• Proof of address – a utility bill or bank statement in your name for example
• Business registration documents if you’re opening a business account

When is a multi-currency account needed?

Multi-currency accounts let you hold and exchange a range of currencies, which can be handy for both personal and business customers.

Holding foreign currencies can cut the costs of currency exchange if you get paid from abroad, or if you need to send money internationally often. If you pick a multi-currency account from a specialist service you may also get a linked international debit card for low cost withdrawals and spending overseas, as well as local bank details to get paid like a local from a range of countries.

How do multi-currency accounts work?

Account features do vary depending on the provider you select, but if you pick a modern provider with flexible account options you can often do the following with your multi-currency account:

• Top up your account in USD or a foreign currency from your regular bank or card
• Check your balance and review transactions on your phone – often with instant transaction alerts
• Manage your card – freeze and unfreeze – on the go in the provider app
• Exchange currencies within your account
• Send payments to others to be deposited into their bank accounts
• Spend with your linked debit card, all around the world
• Receive payments with local bank details

How to choose the right foreign currency account for your needs

Before you pick a multi-currency account, it’s worth comparing a range of options, and looking carefully at both the features and the fees of each. Consider:

• Are the currencies you need covered?
• What are the ongoing fees and charges?
• How high are transaction fees for the transactions you’ll need to make often?
• Can you get a linked debit card?
• Do you get local bank details to get paid easily in foreign currencies?
• What security measures are in place?

What is the eligibility for a foreign currency account?

Multi-currency accounts with traditional US banks are usually aimed at corporate and large business customers which need a full suite of financing and treasury services. As a result they may have relatively high fees and minimum balance requirements, plus strict eligibility restrictions which make them unsuitable for individuals and small business owners.

Multi-currency and foreign currency accounts from modern alternative providers are chosen by both personal, business and enterprise level customers. Depending on your needs, these specialist services can offer greater flexibility, lower fees and more convenience compared to the options available from many big traditional banks.

Conclusion: What is the best foreign currency account in the US?

As more people travel, work and trade internationally, multi-currency accounts are becoming more popular with both personal and business customers. Holding a range of currency balances can mean you spend less on unnecessary currency conversion, and can pay and get paid more easily in foreign currencies.

The choice of multi-currency accounts in the US from traditional banks can be limited – and the features, flexibility and fees do vary significantly. Alternative providers like Wise and Revolut can be a good option for both personal and business needs, with easy account opening processes, low fees and great exchange rates.

Make sure you do a bit of research before you get started to find the best match for your needs from the traditional, online and specialist providers out there.

Best Foreign Currency Accounts in the US FAQs

Which US banks offer multi currency accounts?

A few US banks offer foreign currency or multi-currency account options, like East West, HSBC, and TIAA. However you may find a broader choice with more flexible account options from alternative providers like Wise and Revolut.

Can I open a Wise Multi-currency Account in the USA?

Yes. You can open a Wise Account from the US, online or in the Wise app, in just a few simple steps.

How to choose a multi currency account provider?

Before you pick a multi-currency account, it’s worth comparing a range of options, and looking carefully at both the features and the fees of each.

How can I open a foreign currency account in the US?

Many accounts can be opened online or through a provider app – but you’ll probably need to pop into a branch to get an account through a traditional bank.

How does a foreign currency account work?

Foreign currency account features do vary – however you’ll usually be able to add money to your foreign currency account in USD or the currency of your choice, to hold, exchange, send or spend as you choose, all around the world.

Can you transfer money abroad from a foreign currency account?

Yes. Exactly what you can do with your foreign currency account will vary by provider, but you can usually send international payments – often with lower fees and better rates than with standard checking accounts.