In today’s world, technology has made it easier for you to control finances and process payments. From spending and transacting within the comfort of your home and online sites to operating personal activities in different countries, the need to explore other currencies to get all we need has increased. No doubt, you want to quickly send money or get paid in another cash different from your local currency. But how can this be done without you losing a large chunk of your money through fees and without managing plenty of single currency accounts and dealing with the aches accompanied by this?
This is why the need for multi-currency accounts has increased as more individuals and students are now looking for opportunities that enable them to transact in other currencies and manage all their finances without being restricted to local policies and hideous fees. To guide you on leveraging multi-currency accounts in embracing opportunities as individuals and students, this article’s focal point is to broaden your understanding of multi-currency accounts and open you up to its benefits.
To start with, let’s examine what a multi-currency bank account means.
What is a multi-currency account?
A multi-currency account is a type of account that makes it possible for you to hold and manage multiple currencies in a single account. This type of account benefits individuals and students who transact in various currencies or operate in different countries. For example, with a multi-currency account, anyone can hold and transact in currencies like:
US Dollar (USD) | Canadian Dollar (CAD) | British pound (GBP) | Euro (EUR) | Hong Kong dollar (HKD) | Singapore dollar (SGD) and many more.
This type of account is also known as a foreign account, and its essential purpose is to simplify foreign transaction processing for an account holder. In addition, by owning a multi-currency account, you can avoid the hassle of owning and operating numerous accounts for various foreign currencies.
Sounds intriguing. Let's dissect how a multi-currency account functions, benefits and how you can leverage it in greater detail.
How does multi-currency accounts work?
A multi-currency account works in different ways. Take a look:
Our multi-currency account processes transactions quickly through technological processes, which implies that you can transfer your funds across borders without issues.
Allows you to make payments in foreign currencies online or when traveling abroad in your home currency. In addition, a multi-currency account lets you deposit and withdraw money in different currencies.
When you open a Leatherback multi-currency account, you can deposit and withdraw funds in various currencies. The account will have different sub-accounts, each designated for a particular currency. You can transfer funds between these sub-accounts or convert currency as needed, often at a preferential exchange rate compared to regular currency conversion fees.
That's how our multi-currency account works. Next, let's review the benefits you gain when owning one.
Benefits of owning a multi-currency account
Multi-currency accounts can be a valuable tool for individuals who frequently deal with multiple currencies, such as travelers, students, expats, freelancers, or employees of a particular firm.
Here are benefits you enjoy when you have a multi-currency account:
Swift international transactions: By owning a multi-currency account, you are allowed to conduct international transactions quickly. You can carry out worldwide transactions promptly with a multi-currency account, without incurring exchange fees or dealing with fluctuating exchange rates.
Account management from a single point: Let's presume you regularly conduct business in Canada but do most of your banking in the United Kingdom, it can be challenging to manage many accounts and could result in costly transfers and currency conversions. However, when you own a Leatherback multi-currency account, you can manage multiple currencies on your profile.
Access best exchange rates: At Leatherback, we offer better rates than traditional banks or currency exchange bureaus. As a result, you can save money on exchange fees and benefit from more competitive exchange rates. A multi-currency account can offer competitive exchange rates and lower transfer fees than traditional banks or money transfer services if you need to send money abroad.
Receive funds & make payments with ease: If you plan to study abroad or are schooling in another country, a multi-currency account can be very helpful. You can use the account to receive funds from your parents in your local currency and easily convert the money to the currency of the country where you are studying. Also, if you frequently travel to different countries, a multi-currency account can make it easier to access and spend your money in the local currency without carrying cash or paying high exchange fees.
Hedge against currency fluctuations: Owning a multi-currency account allows you to hold different currencies, which can act as a hedge against currency fluctuations. If you expect a particular currency to weaken, you can have your funds in a stronger currency, thereby protecting your wealth from any loss of value.
Save funds in different currencies: If you receive funds in multiple currencies, a multi-currency account can help you save money by allowing you to hold the funds in the respective currencies. This can help you avoid exchange rate fluctuations and save money on currency conversion costs.
There you go! Now, let’s review the opportunities that await you, with a multi-currency account, offered by Leatherback.
Leveraging Leatherback multi-currency accounts as individuals & students
Multi-currency accounts can offer various opportunities to those who need to manage money in different currencies.
Here are some potential opportunity pathways to take advantage of:
Study abroad: If you are a student planning to study abroad, having a multi-currency account with Leatherback is a great way to manage your finances while you are away. With this type of account, you can keep your funds in different currencies, avoiding costly currency conversion fees and exchange rate fluctuations. You can also use your account to pay for expenses in the local currency, such as tuition fees, accommodation, and daily expenses.
International travel: If you travel frequently, a Leatherback multi-currency account can be a valuable tool for managing your money. You can use the account to withdraw cash in the local currency, avoid currency conversion fees when using your credit card, and transfer funds between currencies as needed.
Shopping: If you frequently shop from international retailers, a Leatherback multi-currency bank account can help you save money on currency conversion fees. You can use the account to pay for purchases in the retailer's currency rather than in your own currency, which can result in significant savings over time.
Investment opportunities: Multi-currency accounts can also provide opportunities for individual investors to take advantage of fluctuations in currency exchange rates. By holding funds in multiple currencies, investors can buy and sell currencies as needed to take advantage of market movements.
Diversification of assets: An owned multi-currency account can help you diversify your holdings across different currencies, reducing your risk of losing everything due to currency fluctuations or political instability in a single country.
Saving opportunity: Lastly, if you work as a student freelancer or provide services to clients outside your home country, a multi-currency account rewards you with opportunities to receive payments in different currencies.
A multi-currency account can be a valuable tool for anyone who needs to manage money in different currencies. Whether you are a student studying abroad, a frequent traveler, or an investor, this account can help you save money and manage your finances more effectively.
Conclusively, how to own a Leatherback multi-currency account!
Opening and managing a Leatherback multi-currency account in your country is no hassle.
Leatherback eases the stress of opening multiple single-currency accounts by providing a one access point, connecting you to the currencies of your choice. On the Leatherback app, you can transact in the following currencies:
US Dollar (USD)
Canadian Dollar (CAD)
British pound (GBP),
Hong Kong dollar (HKD)
Sudanese pound (SDG)
Chinese Yuan (CNY)
Indian rupee (INR)
West African Shillings (XOF)
Central African Shillings (XAF)
South African rand (ZAR)
Tanzanian shilling (TZS)
Uganda Shilling (UGX) and lots more.
Here’s how to open a Leatherback multi-currency account:
Visit our website leatherback.co to open a Leatherback account
Click on “Create an account”
Click on the residence i.e the country you are signing up from and click on what you are signing up as (individual).
Create your account with an email address and enter your password
Verify your email address using a confirmation code
Click on the entity type you want to be onboarded as '’Individual"
Verify your identity
Enter the personal details (Name, residential address, phone number, state)
Upload your means of identification and proof of residential address
Verify the documents uploaded. We verify your documents and this takes up to 48 working hours.
Once you have your account set up and approved, you can request secondary accounts by following the instructions on our website.
With our local accounts, you enjoy the following:
A dedicated multi-currency account
No hidden fees + all payments on your Leatherback GBP account are free
Make single & bulk payments to multiple beneficiaries
At Leatherback, your accounts are yours, and you have all you need to bank across 21 countries. For more information about how to open a multi-currency account, visit our support portal on the website and connect with us on LinkedIn, Instagram, Facebook and Twitter.