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 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 and proper documents, you’ll be able to know how to open a bank account as a non-resident. This includes opening multicurrency bank accounts 100% remotely with low opening deposits. We’ll explain how below.
- Not all banks offer foreign currencies
- Finding a bank that accepts your client profile and offers the foreign currencies you’re after can be challenging
- Non-residents can unlock many different benefits with a multicurrency account
- There are many popular banking jurisdictions where non-residents can open foreign currency accounts
- Account opening requirements, including deposit amounts, will vary depending on where you choose to open your account
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 you’re after, 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.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Who Can Open a Multicurrency Bank Account?
- Benefits of Opening Foreign Currency Bank Accounts
- Challenges Of Opening a Multi-Currency Bank Account
- Where to Open a Multi-Currency Bank Account
- Ready to Open a Multicurrency 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 foreign non-residents find and open multicurrency bank accounts in top banking hubs around the world.
Who Can Open a Multicurrency Account?
Whether you’re a non-resident, expat, or foreign business owner, opening a multi-foreign currency account is 100% possible.
In fact for the right client groups, there are many reasons why opening this type of account just makes sense.
That said, anyone can benefit from having this type of 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 multicurrency accounts:
- Digital nomads
- International investors
- Business owners
- Foreign businesses
In other words, all client profiles can find and open a multi-foreign currency account regardless of their origin. Of course, the key to opening is knowing which bank will offer the benefits and services you want. But also, which banks aren’t at risk of closing a bank account.
Benefits of Opening Foreign Currency Bank Accounts
Opening multicurrency bank accounts 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-foreign currency account can protect your money and savings elsewhere.
And, depending on the volume of transactions you receive and send money 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 this type of account.
So, let’s explore some of the other benefits that foreign non-residents can tap into when opening the right account.
- Protect yourself from currency risk
- Hold multiple currencies in one account
- Receive & send money in different currencies without conversion
- Diversifying your savings globally
- No exchange rates or 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-foreign currency account as a 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 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 this type of account as a foreign non-resident, not all banks offer these services.
And, in many cases, those banks that do offer multicurrency accounts to foreign 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 foreign non-residents face when opening multicurrency bank accounts.
Challenges of Finding a Multi-Currency Account:
- Not all banks offer multicurrency bank accounts
- Many banks don’t open multicurrency accounts for retail clients
- Banks typically only offer a specific selection of foreign currencies
- Choosing banks with reasonable maintenance fees
- Choosing banks with reasonable transaction and exchange fees
Challenges of Opening a Multi-Currency 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-foreign 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 non-residents can access multicurrency accounts.
Where to Open a Multi-Currency Money Account
The following banking jurisdictions are just some of the top banking hubs where non-resident individuals and business owners can open multicurrency bank accounts.
Of course, the banking jurisdiction that is suitable for you will depend on your specific client profile, the services you require, and whether or not you can meet the bank-specific requirements.
That said, here’s a look at where you can open multicurrency accounts as a non-resident:
Open a Multi-Currency Account in Singapore
Singapore is a popular banking destination for many non-resident individuals and business owners seeking multicurrency accounts.
Additionally, Singapore is an attractive banking option because of its stable, well-managed, and conservative banking system.
That said, 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, can meet the deposit amounts, and know how to properly go about applying, non-residents can open multicurrency 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, services offered here, and whether or not your client profile can bank here, 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.
Open a Multi-Currency 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-resident individuals. This is especially true for individuals looking to open multicurrency bank accounts with access to USD, EUR, GBP, or GEL.
Additionally, banks here have lower deposit requirements, higher risk tolerance, and offer remote opening services to non-resident individuals.
So, if you’re interested in opening this type of 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”.
Open a Multi-Currency Account in Europe
Yes, non-resident individuals (and even businesses) can open multicurrency 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, products, and services, including Electronic Money Institutions (EMIs), fintech platforms, and digital banks.
Such digital platforms tend to be more accepting of non-residents, less risk averse, and offer a wider range of foreign currencies than traditional banks.
With the right information, foreign non-residents can open multicurrency bank accounts 100% remotely through such online banking options in Europe.
We cover how you can open this type of 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”.
Of course, these are just a few examples of jurisdictions that offer multicurrency 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 Open a Multicurrency Account?
Whether you’re ready to start opening accounts today, need to receive or send money in a foreign currency, 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.
To get started, click here to see if GlobalBanks IQ is the right choice for you.