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What is a multi-currency account?

A multi-currency account lets you send, spend and receive money in more than one currency.

If you travel regularly, or have family living around the world who you regularly send money to, a multi-currency account could help make life easier – and potentially cheaper.

What are the benefits of a multi-currency account?

Some of the key benefits of a multi-currency account include:

  • keeping your money in a central location
    you can manage your money in different locations with a multi-currency account, so you won’t need to open multiple bank accounts
  • lower transaction costs
    there may be low or no international transaction fees when sending money with a multi-currency account
  • managing foreign exchange
    with real-time exchange rates, you can convert money into other currencies at rates that suits you
  • saving in a range of currencies
    you may be able to open a savings account in a different currency to suit your goals

Things to consider

There can be added complexity when managing a multi-currency account, such as:

  • higher maintenance fees
    check if there’s any additional fees or costs for having a multi-currency account or for international payments
  • a minimum balance
    depending on the provider and terms of your account, you may need to maintain a minimum balance at all times
  • keep an eye on the exchange rates
    exchange rates can fluctuate, so you’ll need to keep watch if you’re regularly making transfers
  • all currencies may not be covered
    depending on who your account is with, there may be a limit to the number of currencies available

Opening a multi-currency account

You may be able to open a multi-currency account through your bank. This will usually come with other services, such as a debit card and access to online banking.

If you’re an HSBC customer, you may want to consider an HSBC Global Money Account. You can hold up to 21 currencies, convert and send money, all from your HSBC UAE Mobile Banking app, with no minimum balance.

You’ll get both a digital and physical debit card, which you can order online, and manage in the app. You can also add the digital card to your mobile wallet.

To open a Global Money account, you’ll need to:

  • be 18 or over
  • be a UAE resident or have a valid Emirates ID
  • be registered for online banking and have the HSBC UAE Mobile Banking app
  • have at least one active eligible funding account. For example, an individual or joint current, savings, E-Saver or Flexi account

Other eligibility criteria may apply.

Explore more

Find out whether it's cheaper to pay in the local currency when you're outside the UAE.
Learn how to send money outside of the UAE and the pros and cons of each method.
All you need to know about exchange rates when converting money into other currencies.