7 Best Multi-Currency Account in the USA (2024 Updated)

Last Updated on December, 2024

Looking for the best multi-currency account and struggling to find the best?

Don’t worry, you’re in the right place.

I have discussed 7 of the best multi-currency accounts in the USA. Everything you need to make the right decision is here. You’ll also learn how you can make a foreign currency account work in your favor, leading multi-currency account providers, and all the necessary details.

All you need to do is read through.

But wait, why trust me?

Why Trust Me?

I have been using the top three picks for years, and I would humbly call myself a currency specialist for that matter.

I also tested the rest of the list for the sake of this review. Remember that I shortlisted 7 picks after evaluating around 10-12 foreign currency account options. That’s why you get the most accurate details.

Without further ado, let’s get started with the best multi-currency accounts in the USA: Wise.

7 Best Multi-Currency Account Solutions in the U.S.

1. Wise – 40+ Currencies

Wise effortlessly dominates the multi-currency account vertically with a 16 million client base. They do it while enabling you to hold foreign currency over 40 types. These include AUD (Australian Dollar), CAD, GBP, JPY, and much more.

The best thing is that these offer multi currency accounts come for both personal and business accounts. Whether it is business or personal finance, Wise doesn’t charge you a penny to hold any of these currencies. 

Another benefit is that you don’t need to maintain a minimum balance, which is seen in some competitors. You also don’t have to pay for any subscriptions which saves you a little fortune.

While Wise allows you to hold 40+ currencies in the account, you can send payments to 160+ countries, which is connected to the Wise debit card. It incurs a one-time fee of $9 and is connected to the Wise app and the web.

That’s why you can use the Wise cards in almost any foreign country whether it is to deposit money or for a money transfer. It’s also recommendable for online sellers. It’s also common with Wise users to use it with a linked debit card. People usually use the app, and Wise knows it.

That’s why the Wise app is one of the user-friendliest finance apps that enables a 360-degree view of your multi-currency account with real-time notifications. 

You can also see currency balances, access accounts, convert foreign currencies, transfer money abroad (while seeing foreign transaction fees), and much more. To do all this, you need a Wise account. 

Currency conversions within the app use the best mid-market exchange rate giving you the best conversions. These favorable exchange rates are one of the USPs of the brand. The cherry on top is that it has no minimum balance requirements. Once again, this is for both business and personal finance needs.

It’s safe to say Wise is the best multi-currency account that enables several other relevant features for the lowest fees and highest security.

This article provides further insights into Wise – check it out.

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2. Revolut – 24+ Currencies

Revolut is the best substitute for a Wise multi-currency account. Revolut allows you to hold 24+ currencies, and covert them within the platform for the lowest mid-market exchange rates. Revolut is somewhat closer to what Wise offers as their app is as good as Wise’s.

You can clearly see all currencies with their respective amounts within the app (just as much as the website). In-app exchange rates are transparently visible, and you can convert currencies within the app.

Don’t panic when I say Revolut has 3 subscription plans; the Standard plan is free. The Premium plan is $9.99 and the Metal plan is $16.99 per month with incremental features. You can view the subscription comparison plan here, and you can see the eligible accounts for different features.

In all plans, you can personalize your card while getting 24/7 customer support, Revolut under-18 accounts for kids, and the first Revolut card is issued for free (although delivery fees may apply). All these features work in 30 countries.

Similar to Wise, Revolut also has no minimum balance requirements.

This article provides further insights into Revolut – check it out.

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3. OFX – 7 Currencies (Only for Business Accounts)

If not for Wise and Revolut, OFX comes to the lead. OFX can hold up to 7 foreign currencies such as AUD, CAD, EUR, GBP, HKD, USD, and SGD (Singapore dollar).

Although some of the other multi-currency accounts in the list after OFX may offer more currencies, several reasons support OFX to come to the third best place.

What are they?

OFX multi-currency accounts aren’t limited to holding money but also for international transfers are PSP withdrawals. Additionally, OFX customers also get 24/7 customer support that puts them in a risk-free zone.

The cost-effectiveness of OFX multi-currency accounts is high as there are $0 set-up fees, $0 monthly fees, and $0 receiving fees. If you’re affiliated with payments done via XERO, OFX can comfortably integrate into the platforms to easily reconcile payments,

The cherry on top is that you shouldn’t have a minimum account balance. OFX users typically rely on the app, and their app has multiple security layers ensuring a straightforward operational mechanism. I’d say the app is as swift as Wise’s and Revolut’s although OFX lacks some operational features in comparison.

Similar to Wise and Revolut, OFX also offers you a debit card that makes everything easier. It’s not as all-rounding as Wise but OFX is a fantastic alternative.

This article provides further insights into OFX – check it out.

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4. Payoneer – 7 Currencies

Payoneer is one of the most popular transactional platforms like Wise amongst freelancers.

It’s because the platform is famous for receiving money in several currencies, being a multi-currency account. Similar to OFX, Payoneer can also hold up to seven currencies such as USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, and AED.

The payoneer operational procedure is a bit similar to Wise’s. The only difference is that while Wise has its own accounts, Payoneer accounts are connected to bank accounts. This is one reason people prefer Wise or Revolut, for starters.

Additionally, Payoneer also charges a $25.95 annual account fee although there’s no minimum account balance to maintain. Conversely, Payoneer also charges you an Escheatment fee and a registration fee. Note that this registration fee might not apply for US customers but there’s no guarantee.

As I said, Payoneer’s value proposition is as a payment sending and receiving portal; the multi-currency account is only a feature. That’s why you cannot convert currencies within the app like with Wise or Revolut whose multi-currency account is

If you’re happy with that condition, Payoneer is another excellent multi-currency account that suits individuals and businesses.

This article provides further insights into Payoneer – check it out.

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5. TIAA – 20 currencies

TIAA is a foreign currency bank account offered by EverBank.

That makes TIAA directly affiliated with a bank making it different from Wise, Revolut, OFX, and Payoneer. There are pros and cons to this.

For starters, TIAA will offer multicurrency accounts that can hold 20 currencies. These currencies include but are not limited to USD, DKK, JPY, SGD, GPB, EUR, NZD, and more. TIAA is mainly meant for investment savings although you can also receive multi-currency holding services. 

TIAA customers also receive FDIC insurance that makes your money safer, while being IRA-eligible. While there are these pros, services affiliated with banks incur higher costs.

For example, they use a (maximum of) 1% markup fee even if they use the mid-market exchange rate. Additionally, TIAA usually charges you between $30-$45 depending on the currency.

TIAA requires you to have $2,500 to open a single foreign currency account or a minimum of $100 monthly purchase for that foreign currency. Additionally, you must also know that some currencies must be converted to USD when withdrawn. You also don’t get a debit card.

It’s up to you to decide whether TIAA fits your requirements, although it’s a recommendable multi-currency account backed by a bank’s accountability.

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6. EastWest – 14 currencies

EastWest is also a bank-based account which makes things a bit similar to TIAA. Let’s see what makes it a great multi-currency account.

EastWest is compatible with 14 currencies including but not limited to GBP, EUR, CAD, MXN, CNH, AUD, HKD, SEK, CHF, and DKK. To complement this, you can also get a demand account and certificates of deposit.

Unlike many other service providers, EastWest offers accounts exclusively to U.S. customers. However, their services are accessible in 44 countries across 10 major world regions.

Some features are missing when compared to Wise or Revolut because the EastWest multi-current account is pretty much a bank account. However, you can convert currencies within the account although it incurs a higher markup.

The positive side is that this is a multicurrency bank; overall security and accountability are there. Additionally, you also receive the standard passbook and online bank statements.

However, similar to the last option, these accounts are foreign currency savings account. In fact, there are different types of accounts bespoke for different currencies such as NZD savings accounts, AUD savings accounts, etc.

All of these features are remotely accessible thanks to the mobile app. It’s not user-friendly or optimized as Wise or Revolut, but works just fine. All things considered, you’re looking for a multi-currency account, and EastWest offers the service in a considerably good way.

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7. HSBC Global – 19 Currencies

The next best substitute for Wise comes from a globally recognized bank; HSBC. This is the HSBC Global multi-currency account.

The HSBC Global account allows you to hold 19 currencies. These are AUD, CAD, EUR, GBP, HKD, SGD, and USD. The only condition is that you need to have another HSBC account product to access the global money account.

In other words, you cannot create a separate Global account. One similarity between Wise and HSBC Global is that it doesn’t charge you a monthly fee. 

Here’s the catch. The other HSBC account you NEED to have will incur high maintenance costs. So, I’ll let you decide whether HSBC Global really has a monthly fee.

HSBC Global adds its own interbank rate to the mid-market exchange rates. This increases the overall fee. On the positive side, their security and accountability will be higher. That’s not all.

As a well-established bank, the global reach of your multi-currency account is high. Working in 62 countries, you also get a physical debit card connected to your digital wallet that can be used worldwide.

Unless stated otherwise, HSBC Global also requires a minimum deposit of 50,000 GBP or your preferred currency equivalent to use these services.

Conclusion: HSBC Global deserves to be on this list.

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What is a Multi-Currency Account? How Do Multi-Currency Accounts Work?

The typical multi-currency account (MCA) allows you to hold and transact in different currencies within a single account. The best thing is that you can send any amount of money within the US or overseas faster and with the lowest fees.

The service’s popularity has birthed several financial organizations specializing in only that, while banks offer similar services. Some of these bespoke service providers have optimized their accounts to a point where you can even convert money within the account itself. Pretty convenient, isn’t it?

While there there so many currencies these accounts can hold, some of the most popular are the Euro (EUR), Canadian Dollar (CAD), Sterling Pound (GBP), Japanese Yen (JPY), and even the Hong Kong Dollar (HKD). Understanding this, let’s look at how to select the best multi-currency accounts in the USA.

How to Choose the Best Multi-Currency Accounts in the USA?

How did Wise come to the top so effortlessly? It’s because it encompasses features unlike any other competitor. I’ll keep it short so you can quickly skim through it.

Banks will always be more expensive although they justify it by the protection and accountability they provide. However, service providers like Wise offer the same and even more protection since it’s their main service.

These are the bare minimum.

It’s also great to have a physical card that has different numbers from your virtual card; Wise does all of this. With that covered, let’s move to the next section.

How to Open a Foreign Currency Account Online?

After that, go to the dashboard and see if everything is updated correctly. Take the security measures recommended by the platform, and you’re good to go. But why do all this? When do you need a multi-currency account?

When Do You Need a Multi-Currency Account?

The biggest advantage of multi-currency accounts is that they save you from the hassle of opening foreign bank accounts for foreign currencies. They can be expensive, hard to manage, requiring tons of documents.

Most non-bank multi-currency accounts are built targeting mobility. That’s why they work worldwide making it an excellent companion for travelers.

The cherry on top is the debit card that comes along with these accounts. You can use it for almost any international payment, ensuring you can pay in whatever currency you prefer.

Who Can Open a Foreign Currency Account?

This criteria mainly varies according to the country in consideration. As a standard operation procedure, you should be at least 18 (or 21) years old to open an account. In the US, it is only possible if you are a registered company in the US.

In the UK, you need to have an active HSBC current account and be 18 years of age or over. As I said, this changes depending on the country, but you’ll also come across different requirements based on the chosen bank.

Next, let me answer an important question; how do multi-currency accounts actually work?

How Multi-Currency Accounts Work?

There’s nothing too complicated to it. Typical bank accounts have only one currency. When you receive money from a different currency, the bank usually converts that and credits the corresponding amount. Multi-currency accounts are different because you receive money from the same currency. 

They act as several different pockets in the same account that don’t interfere with other currencies. This ensures isolated access to each currency whenever needed.

Over to You

Multi-currency accounts make your life easier, whether you’re in the USA or not. They help you hold multiple currencies in one account with additional features such as in-app (or in-platform) currency conversion, overseas payments, and so much more.

Wise comes to first place with a massive lead thanks to its unbeatable pricing and features. Everything can be app-based with 40+ currencies working in hundreds of countries. What more can you ask for? I hope this review was helpful. Be sure to share this in your community to raise more awareness.

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