Personal finance for GenZs: How to explore multi-currency accounts

As the youngest generation, GenZs are starting to come of age and are already making their own financial decisions. While millennials are often touted as the generation facing economic insecurity, GenZs have grown up in a very different world and have a unique financial outlook.

3 mins read
7th June 2023
Explore multi currency.jpg


Leatherback Content Team


GenZ, the iGeneration, Post-Millennials, or Zoomers, is the cohort of individuals born between 1997 and 2012. According to research, they are the youngest demographic group in the workforce, and their unique character traits and worldviews are shaping the future of society. It is of a fact this generation grew up in an era of technological advancements, social media, and instant gratification, influencing their values, attitudes, and behaviours.

Without a doubt, GenZs are known for their inclination towards digital technology and global perspectives. With the rise of international travel and remote work opportunities, multi-currency bank accounts can offer GenZs an added advantage by providing flexibility, convenience, and financial benefits when dealing with foreign currencies.

For Gen Zs, who are just starting to navigate the world of personal finance, understanding the basics is crucial. A key aspect of financial management is having a multi-currency bank account. This article will explain personal finance and why it is essential for Gen Zs, as well as define what a multi-currency account is and its benefits.

A typical GenZ financial outlook

As the youngest generation, GenZs are starting to come of age and are already making their own financial decisions. While millennials are often touted as the generation facing economic insecurity, GenZs have grown up in a very different world and have a unique financial outlook. Here’s a typical GenZ financial outlook.

First, they are realistic about their financial futures. Many GenZs have been raised in households affected by the Great Recession. They saw their parents lose jobs, homes, and savings. This has made them more cautious about their own financial prospects. They know the job market is tough, and they must work hard to get ahead. They also know they need more than just a college degree to succeed.

Second, they are entrepreneurial. Many GenZs see the benefits of starting their own businesses and being their own bosses. They aren’t afraid to take risks and are comfortable with the idea of failure. They are also creative and innovative, using technology and other resources to make new products and businesses.

Finally, they value experiences over possessions. GenZs don’t see the need to own a lot of stuff. Instead, they love occasions like travel, concerts, and social events. They are more likely to spend money on activities that create memories rather than buying things that can eventually burden them.

In conclusion, GenZs are a unique generation with a very different financial outlook than previous generations. With their creativity, innovation, and mindset, they may change how we think about money and entrepreneurship.

Breaking bounds beyond restrictions

GenZs can set themselves up for success by owning a multi-currency account. A multi-currency account allows its holder to transact in multiple currencies by converting their local currency or keeping different currencies in their account. Here's how GenZs can benefit from a multi-currency account:

#1 - Saving on foreign exchange fees

When travelling or paying for goods or services in a foreign currency, GenZs often face the burden of foreign exchange fees. They can bypass these fees and pay in the local currency with a multi-currency account. This can save you up to 3-5% of your transaction amount, which can quickly add up over time.

#2 Hedging against currency fluctuations:

A multi-currency account can help GenZs manage currency fluctuations if you have investments or savings in multiple currencies. By holding a range of currencies in your account, you can offset any losses due to unfavourable exchange rates and opt to convert money when rates are in their favour.

#3 - Ease of international transactions

Multi-currency accounts can offer seamless international transactions without the hassle of currency conversion and the associated fees. This can be especially advantageous for GenZs who travel frequently and require access to global currencies.

#4 - Competitive interest rates

Some banks offer higher interest rates on multi-currency deposits than their local currency offerings, which can provide GenZs with better returns on their savings.

#5 - Financial discipline

A multi-currency account can encourage financial discipline by keeping funds in separate accounts earmarked for different currencies. This can help manage budgets and avoid overspending when travelling or making purchases in foreign currencies.

Multi-currency accounts can offer GenZs the flexibility, convenience, and financial benefits of dealing with foreign currencies. However, GenZs must research some factors before choosing a multi-currency account that best suits their needs.

Factors to consider when choosing a multi-currency bank account

When choosing a multi-currency account, there are several factors GenZs consider to ensure that it aligns with their specific needs. Here are some key factors to consider:

#1 - Currencies supported

Check which currencies are supported by the multi-currency account. Ensure that it includes the currencies you frequently transact in or anticipate using.

#2 Exchange rates

Compare the exchange rates offered by different multi-currency accounts. Look for competitive rates with low spreads to ensure you get the best value when converting currencies.

#3 - Fees and charges

Pay attention to the fees and charges associated with the multi-currency account. These may include account transaction fees, currency conversion fees,

#4 - Convenience and accessibility

Evaluate the convenience and accessibility of the multi-currency account. Determine if the account can be managed through a mobile app, allowing you to easily track and manage your funds. Consider the availability of customer support and the ease of accessing your account while travelling or conducting international transactions.

#5 - Security

Ensure that a reputable financial institution offers a multi-currency account. Look for banks with a solid track record, strong security measures, and regulatory compliance. In addition, research the bank's reputation, customer reviews, and the level of protection provided for your funds.

By carefully considering these factors, you can choose a multi-currency bank account that best suits their needs, provides competitive rates, and offers the necessary features and convenience for your international banking requirements.

One-way GenZs can enjoy the benefits of owning a multi-currency account by checking out our services at Leatherback. On the Leatherback app, GenZs can create individual accounts in their local currency and request additional accounts to be able to transact in British pound (GBP), US Dollar (USD), Canadian Dollar (CAD), Euro (EUR), and other 13 more currencies across 21 countries. Visit to begin your journey.

For guides on how to open a multi-currency bank account, visit our support portal on the website and connect with us on LinkedIn, Instagram, Facebook and Twitter.

leatherback topography

Catch up on Latest News/Blogs

Sign up in minutes