What is a multi-currency account and how does it work?

3 minutes reading

eduardo SEO Specialist and content production, I have worked in several renowned companies in Brazil and abroad. I write about money, technology and more!

Have you ever wondered about getting a multi-currency account? If you live or work abroad, it can be an option to make your days a bit smoother and your transactions in hand. After all, this is an alternative to manage different currencies in one place.

When you need to manage transactions using different currencies, your wallet may feel the impact, and so does your time. It’s always better to avoid multiple bank fees (sometimes higher ones) whenever you have to transfer money to another country. So a multi-currency account may come in handy to turn the whole process into a less complicated task.

So while sending money abroad (or receiving) for business purposes or personal use, let’s see what is a multi-currency account, when you need one and how it works. Keep reading!

What is a multi-currency account?

Through technology, people around the world can connect with others in an easy and fast way. Every year complicated tasks step back, while digital solutions turn our lives easier wherever we are. You can purchase goods from the other side of the globe, join a job interview, or leading international businesses.

Besides debit and credit cards, currency exchange services, and nonbank transfers — to overcome the different currencies from each country — there is the option to get a multi-currency account. What is it?

In a few words, it’s an account at a bank or digital platform where you can send and receive money using multiple currencies. For instance, if you work in the United States and need to pay an employee from Brazil, you pay in USD while your worker will receive it in BRL.

So it allows you to quickly manage payments in a foreign currency without a new bank account overseas. Inclusive, all the details — such as beneficiary name and account number — remain the same. Whether for business purposes or personal use, a multi-currency account brings more freedom and removes any borders through technology.

Benefits of a multi-currency account

Since you can manage multiple currencies, convenience is the broad advantage of a multi-currency account. Whether running a business abroad or sending money from one country to another, it will save you time.

It also helps avoid confusion while dealing with different currencies through a single account. You can also escape from the fluctuation of foreign exchanges — either for conversion or transaction fees.

Besides convenience, time-saving, and fluctuation, this option is easy to use. All you need to send and receive money is in one place: one single account for multiple currencies without keeping track of different bank accounts. Plus, consider a digital platform to avoid additional fees (for transactions or maintenance) for international payments.

Using Husky as your digital currency exchange platform for international transfers, you’re free of bureaucracy and unclear fees. Make any transaction from your home, office, or hotel. And the cost is 2% of the amount — which can reach 1% with a coupon, plus the IOF (0.38% or 1.1%).

When do you need a multi-currency account?

Let’s get to the point! A multi-currency account is not for everyone. If you’re on a short trip abroad, there is no need to adopt one. However, if you live in another country — working or studying — think about your needs and goals. This option is useful when:

  • Dealing with multiple currencies;
  • Employing staff abroad or working with freelancers across the globe;
  • Working as a freelancer for international clients or remote for any company;
  • Sending money to family or friends regularly.

It helps save time, costs, and efforts, plus it avoids currency conversions whenever you need to manage a transaction. To sum up, consider this option if you manage frequent transactions with people abroad using multiple currencies.

How does a multi-currency account work?

A multi-currency account works similarly to a standard bank account. To get started, fill in some personal information and check the type of fees you need to handle when you make a transaction. If you choose a digital platform, the whole process is online, in the comfort of your home, hotel room, or office.

It feels intuitive based on your experience with traditional bank accounts. When done, all you need to do is send the data about your account to the person making a transfer to you. On the other way round, ask about the beneficiary’s account to send a payment.

Husky can help you save time and money

Whether you’re sending or receiving money, Husky can make your life abroad easier — simplifying this process with transparency, quick response, and fair fees. Both the application to open your account and the management of any transfer are 100% online. Besides, the cost is only 2% (or even 1%) of the amount, plus the IOF. All to help you save time and money, so you can focus on your life abroad while efficiently sending or receiving payments.

When you finish a transaction through Husky, we make the conversion in your multi-currency account and send it to any Brazilian bank. Usually, it takes only one business day (sometimes it can be a bit longer, up to five business days). Sending and receiving money using multiple currencies is simple, fast, and safe with our help.

Did you know many companies already use Husky to pay their employees in Brazil? Join them and make your transactions easy!

eduardo SEO Specialist and content production, I have worked in several renowned companies in Brazil and abroad. I write about money, technology and more!

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