Multi-currency bank accounts allow non-residents, expats, and foreign business owners to hold, receive, and spend money worldwide without being charged outrageous fees.
Unfortunately, finding a bank that accepts foreign non-residents and offers the currencies you desire in a country where you want to bank isn’t an easy task.
But, it is possible. And, with the right information, you’ll be able to open multi-currency bank accounts 100% remotely with low opening deposits. We’ll explain how below.
Multi-Currency Bank Account
A multi-currency bank account allows individuals and businesses to hold, send, and receive different currencies under one account. This can be beneficial for many non-resident individuals and foreign business owners. However, to unlock the benefits of a multi-currency bank account, you need to navigate the many account opening challenges and roadblocks.
The first challenge you’ll face is finding a bank that will accept your client profile, meet your banking needs, and offers the currencies you want access to.
Luckily, in this article, we’ll share everything you need to know about opening a multi-currency account, including who can open and where.
Here’s a look at everything we’ll cover in this article…
Table of Contents
- Who Can Open a Multi-Currency Bank Account?
- Benefits of Opening a Multi-Currency Bank Account
- Challenges Of Opening a Multi-Currency Bank Account
- Where to Open a Multi-Currency Bank Account
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents find and open multi-currency bank accounts in top banking hubs around the world.
Who Can Open a Multi-Currency Bank Account?
Whether you’re a non-resident, expat, or foreign business owner, opening a multi-currency bank account is 100% possible.
In fact for the right client groups, there are many reasons why opening a multi-currency bank account just makes sense.
That said, anyone can benefit from having a multi-currency bank account, whether you’re sitting in the middle of Europe, the Americas, or Asia. We’ll share some specific benefits with you below.
For now, let’s take a look at which client profiles can open multi-currency accounts:
- Foreigners
- Non-residents
- Expats
- Digital nomads
- International investors
- Business owners
- Foreign businesses
In other words, all client profiles can find and open a multi-currency bank account regardless of their origin. Of course, the key to opening is knowing which bank will offer the benefits you want and will open an account for you.
Benefits of Opening a Multi-Currency Bank Account
Opening a multi-currency account can not only give you access to multiple foreign currencies, but it can provide you with protection from currency risk and thousands of dollars in savings each year.
In other words, if you’re living in a country with a failing economy and a fluctuating currency, opening a multi-currency bank account can protect your money and savings elsewhere.
And, depending on the volume of transactions your sending and receiving internationally, you can easily save hundreds to thousands in foreign conversion and transaction fees.
But, these are just two of the main benefits that people look for when opening a multi-currency bank account.
So, let’s explore some of the other benefits that foreign non-residents can tap into when opening the right account.
Benefits of Opening a Multi-Currency Bank Account:
- Protect yourself from currency risk
- Hold multiple currencies in one bank account
- Receive money in different currencies without conversion
- Diversifying your savings globally
- No exchange fees (varies from bank to bank)
- Earn higher interest rates in different currencies
- Easier to access currencies immediately during travels
- Easily pay for daily expenses when in a foreign country
- Withdraw a currency you need directly from the account
As you can see, there are many benefits to opening a multi-currency account as a foreign non-resident.
But, as we’ve mentioned, it can be very time-consuming and frustrating to find a bank that accepts your client profile.
With this in mind, let’s dive into the challenges that you can expect to face when trying to open accounts.
Challenges of Opening a Multi-Currency Bank Account
It doesn’t matter where you bank or what type of account you want to open, you’re always going to be faced with some sort of challenge. Or, in some cases, challenges.
But, depending on your client profile, some challenges can be completely avoided, while others cannot.
That said, while it’s possible to open a multi-currency bank account as a foreign non-resident, not all banks offer this service.
And, in many cases, those banks that do offer multi-currency accounts to non-residents, require significantly higher account opening deposits.
Though, that’s not always the case…
Again, this highly depends on your client profile and the bank you choose to open accounts with.
With this in mind, let’s look at some of the common challenges non-residents face when opening a multi-currency account.
Challenges of Finding a Multi-Currency Bank Account:
- Not all banks offer multi-currency bank accounts
- Many banks don’t open multi-currency accounts for retail clients
- Banks typically only offer a specific selection of currencies
- Choosing banks with reasonable maintenance fees
- Choosing banks with reasonable transaction and exchange fees
Challenges of Opening a Multi-Currency Bank Account:
- Meeting high account opening deposits
- Providing the required identification
- Proving tax (fiscal) residency
- Demonstrating economic ties to the country
- Providing justification for banking locally
- Proving you are a profitable client
- Local address and telephone requirements
As you can see, there are plenty of challenges you need to overcome when finding and opening a multi-currency account.
Not surprisingly, this process can be time-consuming and frustrating if you’re not prepared.
That said, knowing where to open and which bank matches your client profile can dramatically reduce the challenges that you’ll face.
So, let’s take a look at several popular banking jurisdictions where foreign non-residents can access multi-currency accounts.
Where to Open a Multi-Currency Bank Account
The following banking jurisdictions are just some of the top banking hubs where non-residents and foreign business owners can open multi-currency bank accounts.
Of course, the banking jurisdiction that is suitable for you will depend on your specific client profile and whether or not you can meet the bank-specific requirements.
That said, here’s a look at where you can open a multi-currency bank account as a foreign non-resident:
Open a Multi-Currency Bank Account in Singapore
Singapore is a popular banking destination for many foreign non-residents and foreign business owners seeking multi-currency accounts.
Additionally, Singapore is an attractive banking option because of its stable, well-managed, and conservative banking system.
That said, foreign non-residents can have a difficult time opening accounts here. Especially, if you don’t know which bank, branch, or banker to speak with directly.
But, if you have the right information and know how to properly go about applying, foreign non-residents can open multi-currency bank accounts in Singapore… including 100% remotely (yes it’s possible!).
If you’re interested in banking in Singapore and want to learn more about the account open strategies, we’ve got you covered.
Our premium members-only report “Banking in Singapore: Global Banking at Its Best (and How To Get In)” covers the entire account opening process. Including who should bank in Singapore, the risks of banking here, and how to successfully open accounts.
You can access this report immediately when you join GlobalBanks IQ.
Open a Multi-Currency Bank Account in Georgia
The Republic of Georgia has been a popular banking hub for digital nomads, entrepreneurs, and expats that lead location-independent lives.
That said, we’ve often cautioned against banking here due to regional geopolitical risks and the early stage of development of the banking sector.
But, despite challenges, Georgia can be an attractive option for non-residents. This is especially true for individuals looking to open multi-currency bank accounts with access to USD, EUR, GBP, or GEL.
Additionally, banks here have lower deposit requirements, higher risk tolerance, and offer remote opening to foreign non-residents.
So, if you’re interested in opening a multi-currency bank account, Georgia is a viable option that you can consider.
We detail the step-by-step account opening process, specific banks worth considering, and how to contact them directly in our premium members-only report “Banking in Georgia: Nomad Heaven or Eastern Europe’s Cash Haven”.
You can access this report immediately when you join GlobalBanks IQ.
Open a Multi-Currency Bank Account in Europe
Yes, foreign non-residents (and even businesses) can open multi-currency accounts in the EU.
However, EU banking options are especially interesting for anyone that has struggled to open elsewhere.
That’s because, the EU is home to a wide range of banking solutions, including Electronic Money Institutions (EMIs), fintech platforms, and digital banks.
Such digital platforms tend to be more accepting of foreign non-residents, less risk averse, and offer a wider range of currencies than traditional banks.
With the right information, a foreign non-resident can open a multi-currency bank account 100% remotely through such online banking options in Europe.
We cover how you can open a multi-currency bank account through top fintech and EMI platforms in our two premium member-only reports “European EMIs for Non-EEA Individuals” and “European EMIs for Non-EEA Businesses”.
You can access this report immediately when you join GlobalBanks IQ.
Of course, these are just a few examples of jurisdictions that offer multi-currency bank accounts. And, depending on your client profile, there are likely many other banking jurisdictions that you can choose from as well.
But knowing where to open is only one step toward successfully opening accounts. You also need to know which bank is best suited to your specific client profile and offers the benefits you’re after.
Ready to Start Opening?
Whether you’re ready to open a multi-currency bank account today or you’re just starting to explore your options, we can help.
GlobalBanks IQ gives you everything you need to start finding and opening accounts.
When you join GlobalBanks IQ, you immediately unlock the entire GlobalBanks Database of international banks. It’s home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.