Open Multi Currency Account | Reason for Multi Currency Account
Bank Accounts | Singapore
by Priyadarshini
9 March 2021
If you are a frequent overseas traveller or an expat here, you need to get a multi-currency account in Singapore. No more going to shady money exchange stores, hunting for good exchange rates, waiting hours to transfer money back to your home country. No more hassles! Even if you have many credit cards with rewards and benefits for shopping overseas, you can’t save on the conversion or other extra charges you have to pay. Yes, even with credit cards you are charged extra fees for every transaction you make overseas. So, why keep paying these extra charges. In this blog, we tell you why you should open a multi-currency account in Singapore.
Why Open a Multi-Currency Account in Singapore?
Get the Best Exchange Rate
If you are an expat or someone who needs to deal with multiple currencies on a regular basis, then a good exchange rate would really matter to you. Money changers do not offer a good exchange rate and when they do it’s once in blue moon and a hard-to-catch deal.
Open a Multi-Currency account, and you can reap the benefits of any changes in foreign exchange rates. Moreover, the Account also offers you the facility to lock in an exchange rate at any given time.
Unreliable Money Exchangers
It is always advisable to exchange currencies from a bank as compared to any local money exchange store. If you are thinking why? First of all, they are not completely reliable, the exchange rates they offer are poor and most of the time it’s a straight loot! You may require currency at odd hours, maybe last minute before catching a flight and you may not be able to find an exchange store at that moment.
Also, the money exchange place may not have the currency you are looking for and even if they do, you may be charged an exorbitant rate for it. Moreover, why not simply have a multi-currency account and say bye to shady money exchangers and a ton of hassle? With a multi-currency account, you can simply exchange the currency, at your own wish online.
No need for Multiple Accounts for Multiple Currencies
Those days of having separate accounts for separate currencies are gone. And now multi-currency accounts has made transactions and holding multiple currencies way simpler and easier. Open a Multi-Currency Account, and you will have only one account number and with which you can handle up to 12 foreign currencies. Of course including the Singapore dollar.
No Overseas & Extra Conversion Charges
Why pay extra charges on every expense you make overseas with your credit card? Did you know that these extra charges may go up to 5% of the cost you pay? Now, this could cost you a lot considering when you make expenses of a few hundred dollars overseas. But if you have a Multi-Currency Account then you can remit, withdraw and receive foreign currency funds directly without any extra costs. And with a debit card, you can swipe the card to make any purchases you like.
