How to Open a Multi-Currency Account: Step-by-Step Guide

So, if you are managing money across borders or you are being paid in a different currency, it is probably wise to open up a multi-currency account. In today’s Gig economy, it is quite common to make cross-border payments, we do it every day without even noticing!

Many people are also now working remote jobs, which usually means that they are being paid in a foreign currency. With a regular bank account, you can also get your money, but you’ll lose a lot of money in currency conversion and fees and who wants their profits to be eaten away by some easily-avoidable fees?

This is where the multi-currency bank account comes in handy. But the term multi-currency account can scare a lot of people thinking that it is something overly complicated to manage. In reality, you can open up a multi-currency account in minutes, especially with today’s virtual banks.

So, let’s dive into the process, find out why it is a good idea to open a multi-currency account and explain each step on how to do it properly.

Is Multi-Currency Account Right for Me?

Wondering if it is worth the effort? Well, it is a simple process that might open up new opportunities for you and also save you a lot of money. But is a multi-currency account for you?

Well, it depends. If you are working a remote job, and get paid in different currency, then it’s perfect for you. Multi-currency accounts are also great if you travel to other countries and want to save on those expensive currency exchange fees and unfavorable rates at the airport.

Basically, a multi-currency account can save you a lot of money that you usually pay banks for those hefty exchange and transfer fees. Plus, you get to manage multiple currencies at the same time which not only diversifies your portfolio and protects you from inflation, but also you can hold, send, and receive money with one click.

These accounts are also great for remote workers, international businesses, and people who travel a lot. Check how you can open multi currency account right away.

If we look at 2023, the average international transaction fee was around 3% (not including the unfavorable rates), so if you transfer $10,000, you are basically gifting your bank at least $300.

Step 1: Pick the Right Provider

This is one of the most important steps and requires a bit of research. You don’t just casually choose your banking provider. You have to look at Fees, Accessibility, which currencies are supported and many other things.

Some providers charge annual fees or conversion fees, so make sure to pick the one that works best for you. Since most multi-currency accounts support over 30 or 40 currencies, you wouldn’t have a problem here, but it is worth checking.

Another important thing is to check whether this provider has a mobile app where you can manage your portfolio remotely with a few taps on your phone.

Step 2: Gather Your Documents

Now, don’t panic—this isn’t a passport application! Most providers keep it simple. Here’s what you’ll typically need:

A valid ID (passport or driver’s license).

Proof of address (like a utility bill).

In some cases, proof of income or tax identification numbers for compliance.

Step 3: Create Your Account

Ready for some clicks? Here’s the drill:

1. Sign up: Providers like Genome allow you to register online in minutes. Fill in your details, upload your ID, and wait for verification—this can take anywhere from a few minutes to a day.
2. Choose currencies: Select which currencies you want to hold. Many platforms let you add or remove currencies anytime.
3. Add funds: Use your local bank account, a card, or even PayPal to deposit money. Most providers will convert it automatically.

Tip: Keep an eye out for deposit fees. Some platforms use the real mid-market exchange rate with minimal fees.

Step 4: Start Spending Like a Local

Once your account is set, here’s what you can do:

Receive payments: Share local account details (like IBANs or sort codes) to get paid in different currencies without conversions.

Make transactions: Pay for goods, services, or subscriptions directly in the required currency.

Spend globally: Many accounts offer debit cards, like the Genome Business Debit Card, which lets you spend in any currency at low fees.

Step 5: Manage Your Account Smartly

You’ve got the account—now what? Keep it optimized:

Monitor exchange rates: Rates can swing wildly. Use apps or tools to convert currencies when the rates in your favor.

Stay within fee-free limits: Some platforms allow fee-free withdrawals up to £200 per month.

Automate recurring payments: Freelancers rejoice—set up recurring invoices or payments in just a few clicks.

FAQs About Multi-Currency Accounts

Are these accounts free?

Not always! Some platforms have no monthly fees, but you’ll pay for conversions. Traditional banks may charge maintenance fees.

Can I hold unlimited funds?

There’s usually no cap on balances, but some countries impose limits on single transactions.