Five Everyday Moments Where Multi-Currency Banking proves its worth.

When navigating through everyday life, most people don’t really think about the benefits of using a multi-currency bank account. After all, when people aren’t travelling, there’s seemingly no need to consider other currencies, as you can just spend in your local currency. But there’s always a little bit of extra utility to be had. Learn how multi-currency accounts, such as the iFAST Multi Currency Current Account, can help you make your everyday life that little bit more convenient. 

1. No need to convert your holiday money back 

When people come back from a holiday away, they very rarely spend every drop of their foreign currency. Sometimes that’s because holidaymakers use cash when abroad, but even in cases where those abroad have a local currency bank account, that money is sitting there, inconveniently away from their main bank account. That’s where the iFAST Multi Currency Current Account adds extra utility. With the iFAST Multi Currency Current Account, you can store up to 11 different currencies without conversion, meaning that you don’t have to worry about any of your money being snatched up by conversion fees, and Foreign exchange (FX) can be completed at your convenience, all from the iFAST GB app on your phone. 

2. Send and receive foreign currency with less hassle 

In the age of the internet, it is not uncommon to make international transactions on the daily. Regardless of if the business is corporate or personal, it must still be completed. However, making international transactions means dealing with the inconvenience of transaction fees, and potentially unfavourable FX rates. With the iFAST Multi Currency Current Account, those issues are mitigated. Use any one of eleven different currencies iFAST supports to make your transaction.  Less FX issues, less transaction fees, more peace of mind, and more of your own money in your pocket. Those same benefits also help you receive foreign currency from others, ensuring that anyone you have dealings with can send you money at their convenience, as well as yours. 

3. Hold money in stable currencies 

The financial world is fluctuating all the time, with the value of certain currencies drastically changing daily depending on market and political conditions. Having your money in a stable currency less prone to fluctuations is a good safety net to ensure that you aren’t caught out by any potential risks. With an iFAST Multi Currency Current Account, you can store your money in historically stable currencies, like GBP, USD, AUD, EUR, and others, ensuring that your money is stable and safe. 

4. Manage your own risk 

Holding your money in an iFAST Multi Currency Current Account allows you to manage your money according to your risk preferences. With a single currency account, you are forced to convert all foreign currency automatically. An iFAST Multi Currency Current Account allows you to spread your risk across 11 different currencies, allowing you to convert your money according to market conditions. 

5. Earn interest simply by keeping your money in one place 

In most banks, the only way to earn interest is to put your money in an easy saver account, a time deposit, or an ISA. Any money left in current accounts earns no interest, meaning that banks can use it freely to make their own loans, boosting their profits while giving you nothing in return. The iFAST Multi Currency Current Account lets you earn interest in 11 different currencies, ensuring that not only does your money work for you simply by storing it with iFAST, but it also means that you don’t need to convert your money in order for it to help you make more. 

Summing everything up 

Multi-currency accounts are just as useful in day-to-day life as they are in international travel. With an iFAST Multi Currency Current Account, you can pay merchants, manage your affairs, and more, across 11 different currencies. Without the mandatory FX and currency conversions from single currency accounts, you can deal with different currencies in the way you want to, allowing for more freedom for anyone, not just international travellers.