Exchange rates are reference points, not offers. This guide explains the forces behind the numbers you see.
What is a Multi-Currency Account?
A multi-currency account allows individuals and businesses to hold, send, and receive funds in multiple foreign currencies under a single banking interface or unified IBAN.
Instead of incurring automatic conversion fees on every transaction, holders can convert money when exchange rates are favorable and spend in local currency during overseas trips or foreign vendor payments.
Beware of Dynamic Currency Conversion (DCC) at ATMs
When paying with a card overseas, card readers or ATMs often ask: 'Would you like to be charged in your home currency?' This is called Dynamic Currency Conversion (DCC). Always choose to be charged in the LOCAL currency, as DCC applies exorbitant markup rates of 5%–12%.