Multi-currency account: what is it and how to open one

The breakneck growth and development of the banking industry leads to the emergence of amazing products. Our team believes that multi-currency accounts are among the best features there are. They are simple, straightforward, and allow a lot of flexibility for clients. 

So, what is a multi-currency bank account? Find out below and learn how to start a multi-currency account inside Genome. 

Multi-currency bank account: the definition

The definition of a multi-currency bank account is easy to decipher based on the name alone. 

In a nutshell, it is a banking account that allows clients to maintain balances in various currencies simultaneously, unlike traditional banking accounts. Simply put, you can receive, hold, and send different currencies within one account.

For instance, if you have a dollar deposit but want to receive a transaction in euros, you don’t need to open another account for the purpose – just use a multi-currency account!

Of course, the number and availability of currencies within a multi-currency account depends on the financial provider you use. 

Benefits of multi-currency bank accounts

Ease of use. Multi-currency accounts are designed for clients to hold balances in various currencies within the same account. It means they no longer need to spend extra time, provide documents, or stand in queues to open additional accounts. Your transactions in different currencies will be processed without any problem. Multi-currency bank accounts are, of course, the most beneficial for those who frequently deal with different currencies.

Currency exchange is usually rapid. Effectively, multi-currency accounts are set up to convert currencies directly within the account, avoiding the need for separate currency exchanges. For example, you have a multi-currency bank account with a dollar deposit. If you try to make a purchase or send money in euros, your funds will be automatically converted to foreign currency.

You may save on fees. International transfers will be more efficient and cost less because of the lack of banking fees for constant currency conversions between traditional deposits. However, keep in mind that the bank can impose other fees for using multi-currency bank accounts. 

A risk management component. By holding funds in different currencies, you can mitigate potential losses due to adverse currency movements.

Drawbacks of multi-currency accounts

Multi-currency bank accounts aren’t as common. Not all banks or financial providers can offer multi-currency accounts. Availability might vary depending on your current location, and the number of currencies each provider supports may differ. Many banks also offer multi-currency cards with minimal lifetime cycles.

Possible inactivity fees. Multi-currency bank accounts are made for frequent numbers of transactions, which is why some banks may charge fees if there’s little to no activity in the multi-currency bank account over a certain period. 

Currency volatility. Currency rates can change, impacting the value of your funds. If you have a multi-currency bank account, it would be wise to frequently check currency rates and choose the most stable currencies to hold your money in. 

Not universally accepted currencies. While multi-currency accounts are widely accepted for international transactions, there might be situations where certain currencies are not supported in your bank, specifically as part of a multi-currency service.

How Genome’s multi-currency accounts work

Now that you know the general gist of multi-currency bank accounts let us explain what a Genome multi-currency account is. 

First things first – you get the multi-currency account option by default! This is how it works: Genome offers personal and business wallets. Once you start any type of wallet on our platform, you get your first account automatically in euro currency.

But there’s more! Inside the wallet, you can get up to 5 accounts in each currency – euros, British pounds, and US dollars. As you can see, all the essentials are in place to receive, store, and send funds!

These types of accounts are seamlessly integrated with other Genome services. 

• We offer an advanced currency converter for all three currencies: see how many funds you will get after conversion on the website or during the transfer process itself!
• You can issue virtual and physical Visa debit cards for your multi-currency accounts! Separate your finances and make purchases in currencies of your choice! Our virtual cards can be used online and contactless (Google Pay, Apple Pay, Garmin Pay-compatible). They are perfect for internet payments, subscriptions, media buying, and more! Meanwhile, physical cards can be used anywhere Visa is accepted!
• The accounts can be managed with ease – all the operations are available from one dashboard, with all information on transactions stored inside your platform or app. Business wallet users get access to a shared account feature that allows you to involve employees in managing your multi-currency accounts to share the workload!  

How to open a multi-currency account inside Genome 

1. Sign in to Genome using my.genome.eu.
2. Start the onboarding process – select a personal or a business wallet. Multi-currency accounts are available for both! 
3. Fill out the information requested and provide the necessary documents.
4. Once your wallet is approved, go to the main dashboard. 
5. Once there, click the plus sign in the upper left corner. 
6. Here, you can add accounts in different currencies, which will be available in seconds!

FAQ

What is a multi-currency account?

A multi-currency bank account is a type of personal or business account that allows storing, transferring, and receiving funds in different currencies, all within one account. Inside Genome, you get access to multi-currency accounts as well. Check the detailed information below. 

How do multi-currency accounts work?

Multi-currency bank accounts offer flexibility for international transactions, as bank clients can send, receive, and hold funds in various currencies. Users can benefit from reduced currency conversion fees and better control over their foreign exchange exposure.

What are the benefits of a multi-currency business account?

The benefits are many. For instance, you don’t need to open many accounts, you only need one. Thanks to a multi-currency bank account, you can save on currency exchange rates. The multi-currency account allows you to be more flexible with your transactions.