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Benefits of Having a Multi-currency Account in Hong Kong

7 minute read

A multi-currency account is a powerful tool when you need to send and receive money from abroad on a regular basis. This kind of account allows a user to hold a balance in a foreign currency. In addition, a user can spend or switch to the domestic currency whenever the need arises.

Keeping money in one or more currencies comes in handy if a person moves abroad or is running a business in a foreign country. This way, one can avoid complicated transactions between different accounts or unfavourable rates.

In the article that follows, you will find more details about having a multi-currency account in Hong Kong.


What is a multi-currency account?

A multi-currency account is a type of bank account that allows a user (or a business) to receive, pay, and hold money in more than one currency. The main feature of a multi-currency account is that all the account details such as beneficiary, account number, and SWIFT code stay the same for all currencies. Fortunately, most banks in Hong Kong offer multi-currency accounts. In general, one should be able to start a multi-currency account that features the following currencies:

  • Hong Kong Dollar
  • US Dollar
  • Euro
  • British Pound
  • Singapore Dollar
  • Japanese Yen
  • Australian Dollar
  • Chinese Yuan

When dealing with foreign currency, you can face many inconveniences. High conversion fees and security issues are just two of them.

Even more serious problems can occur if you become a victim of forgery. It doesn’t matter if you weren’t the one to create the forged banknotes, you shall suffer legal detriments.

However, a multi-currency account will protect you from these perils. In addition, it will do much more than just that.

How does a multi-currency account work?

The way a multi-currency account works can depend on the bank you select. However, the differences are not too significant.

To be precise, they usually include different interest rates, different charging structures, and linked benefits such as savings accounts or overdrafts.

However, keep in mind that standard features usually include:

  • The ability to hold more than one currency within a single account — Euros, US Dollars, Hong Kong Dollars, British Pounds, etc. Transacting with each of the held currencies is possible within one account.
  • Lower fees compared to holding separate currency accounts in different regions. Separate accounts charge separate fees for operating the accounts and often require a minimum balance.
  • App and other online banking features that make the management of an account easy and convenient.
  • Some banks offer competitive overdraft fees, telephone banking, affordable business loans, and other benefits.

This type of bank account works fairly simply and it is similar to standard bank current accounts. As a client, you can withdraw payments whenever you want to. You can send and receive funds too.

Additionally, you should be able to:

  • Access funds by a debit card
  • Have wire transfers
  • Make electronic payments
  • Pay with cheques

Do know that it is possible to have variable rates of interest sometimes, depending on the currency you hold.

The fees vary from one provider to another, but prepare for a monthly account fee and charge fees when withdrawing or depositing outside the set values.

Also, there are usually charges for transfers or deposits of certain currencies. And when sending money to other bank users, additional charges may apply.

Fees are usually waived when payments are made to customers using the same bank.

Benefits of having a multi-currency account

As a foreigner or if you work with international clients, you should be able to enjoy quite a few benefits of holding a multi-currency account.

Save on foreign exchange cost

When your company only has a single currency account, you might have additional commission fees coming your way whenever you make transactions abroad. If a client was to make a payment in another currency, your bank will convert it into your home currency to deposit funds into your account.

Logically, your bank shall charge a substantial foreign exchange commission to convert the funds. And if a business receives a lot of payments in multiple currencies, these costs can add up quite fast.

One great advantage of having a multi-currency account is that there are no foreign exchange commissions. Funds paid to your business (or yourself) shall be credited to your multi-currency account with no need to make any conversions.

Hence, there shall be no more funds lost in currency conversion.

Flexible trading with different partners

This type of bank account gives users flexibility when it comes to payments. There is no need to depend on a debit card to withdraw money every time it is needed for an international deal.

As a business person, you won’t need to approach money changers to exchange your currency whenever you need to go abroad. You can just change your card linkage from one currency into another.

With a multi-currency account, you can pay and get paid like a local in a foreign country. And if you are selling, you will be able to sell your items through more platforms.

Better experiences with customers

As an entrepreneur, it is your duty to deliver the best possible experience for your customers. Providing a streamlined and simple customer experience is of high priority.

So, never force a customer to go to a bank branch in order to pay for your products or services. The process mustn’t be complicated when it comes to international payments.

Customers often get confused by account numbers that are formatted differently than in their home country and the transfer may not even arrive.

Provide payment instructions your customers are familiar with and make it easy for them to pay you. That will make them happy and you will receive payments easily thanks to the multi-currency account.

Manage your accounts with ease

Instead of opening multiple bank accounts in different jurisdictions, having a multi-currency account with a unified business banking platform saves an individual from a lot of hassle and financial burdens.

On top of that, banks are not always eager to open an account for companies incorporated outside of the bank’s location. Even if they are willing to do so, it takes time and effort on the company’s side to apply.

With a multi-currency account, on the other hand, one has access to more than one account in different jurisdictions. There is no hassle of juggling multiple banks and applications.

An overview of the company’s total funds is usually provided within an app. There is no need to switch back and forth between the dashboards of different banks or calculate everything on your own.

Managing everything from a single account is a lot easier than having to manage every account separately. Keeping track of all income sources and expenses becomes much easier too.

Wrap Up

It doesn’t matter whether you are just an individual currently located in Hong Kong or you want to move your business there, a multi-currency bank account will most certainly be of great use to you.

Many business people claim that having a multi-currency bank account is an invaluable business asset nowadays. As people grow closer and closer and business networks grow wider, the need for international transactions becomes higher too. And with potential changes in exchange rates, opting for a multi-currency account is normal and essential.

Finally, easy and convenient management of money in different currencies from a single platform/account is vital.

If you have any questions regarding multi-currency accounts and benefits of having one such account Hong Kong, feel free to contact Sleek.

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