SWIFT transfers are an essential part of your banking experience. But as with any service, you can face problems when sending money using SWIFT. This time, Genome’s team will describe the main problems that can occur when making a SWIFT transfer, so you can be aware of them and, in some cases, avoid them. Problems you can face during SWIFT wire transfers Bank SWIFT transfers timeframes The timeframes of SWIFT transfers are usually the part people complain about the most. No wonder, as these types of payments usually take much longer than domestic and SEPA transfers. In general, it is
What’s better than having an online wallet? Having a wallet with multiple accounts that can hold different currencies. Yes, this is what a multi-currency online wallet is all about! Using it, you gain access to various currencies, which allows you to make payments and transfers with low exchange rates and store funds in a preferable currency.
Today, we at Genome explore the topic of multi-currency wallets and if they are available for the euro currency.
What to know about multi-currency online wallets
Online wallet is a broad term, but it usually refers to software or an application that allows storing the person’s financial data to make payments and other banking-related operations. There are different types of online wallets:
- Digital wallets – these are linked to your bank account and store your payment details;
- Mobile wallets – these are used on smartphones and tablets. You download the mobile wallet app and link your card to the wallet to make online and contactless payments with your device. The most notable mobile wallets are Apple Pay, Google Pay, etc.
- E-wallets – these can be similar to digital ones. But sometimes, electronic wallets can only be used as a prepaid solution, meaning you don’t link your account or card and just make money transfers to it.
Find out more about different types of online wallets in this article.
A multi-currency wallet is a wallet for multiple currencies that allows you to store and make payments in more than one currency. Such an option is convenient for people who are traveling or running a business and need to pay contractors or employees in different countries. And even if you rarely move outside your country, having an additional account can be handy once in a while – for one-off transactions to friends abroad or international purchases, for instance!
Thus, if you live within the EU and are thinking of getting an online wallet, we advise applying for a multi-currency one that includes the euro currency. In this case, Genome is the right bet!
Multi-currency wallets inside Genome
Genome is an electronic money institution that provides online wallets for individuals and companies along with many other financial services.
Our wallets are multi-currency ones, as, within them, you can start accounts in euros, British pounds, and US dollars. This is how it works:
- When opening a wallet at Genome (whether a personal or a business one), you automatically get your first euro account.
- If you need more accounts in EUR, USD, or GBP currencies, you can start them right away from the dashboard. Just click the “+” button and add the account in the preferred currencies. It will take you seconds!
- You can have up to 5 accounts in each currency listed, so 15 accounts maximum per wallet.
- All the accounts can be used for money transfers, we provide SEPA and SWIFT options, as well as instant transfers to other Genome users.
- You can also link your accounts to virtual and physical debit cards we provide. This way, you can make payments on the go, online, and contactless.
What is a multi-currency wallet?
It is a digital wallet for multiple currencies that allows individuals and/or companies to have accounts in different currencies inside them. For example, you can have many accounts in EUR, USD, and GBP currencies within our Genome wallets.
How do I open a wallet account?
First of all, you need to find a provider or an EU bank that offers such a service. Once you have done so, apply for the account. That’s how it works at Genome: you sign in and provide basic information about yourself. Then pass a quick identity verification using your phone camera and identification documents. All is done entirely online, and your wallet will be available in no time!
How can I open a digital wallet?
As in the case with the previous question, research the best digital wallet providers on the market. Or, you can pick an easier route and try Genome! Our team provides all the essential financial services you may need in your personal or business errands, including a euro wallet.
What is a euro wallet?
It is a digital wallet that allows you to hold money in the euro currency. Such wallets can be especially handy for people in the EU and Europe.
What is the best multi-currency wallet?
The best multi-currency online wallet is the one that provides all the currencies you need to carry out everyday financial operations stress-free. Genome offers EUR, USD, and GBP – the most common currencies to use in Europe. Moreover, the currency exchange is transparent, and you can make payments easily from one dashboard.
How to open a euro wallet to make a payment?
Need a euro wallet – try our platform! That’s how the process goes if you choose Genome. You will first need to provide information about yourself and pass the identity verification. If you want a business wallet, you will need to fill in some details about your company. Once this is done, you can either go to the Transfers menu from Genome’s dashboard to send money or link your account to the Genome physical or virtual card to pay with it.