It seems as if there is a new way to connect with people every day around the world. Technology allows many of us to keep in touch with loved ones on the other side of the globe and purchase goods and services from international businesses. Most countries possess their currency, and things can get complicated fast if you’re trying to send money abroad but need to convert currency from CAD.
Multi-currency funds can streamline how you send or receive money. Whether you’re using it for business purposes or personal use, a global currency account provides added freedom and removes borders. Here’s everything one needs to know about an open multi currency account, how it works, and whether this type of account is the correct answer for you.
How can one open a multi-currency account?
- A multi-currency fund works essentially the same as your standard bank account. Although the facilities will change depending on where you open your account, you can expect the ability to carry out the standard account actions.
- Certain banks might offer open multi currency account to Canadians, and more global institutions like Citibank or HSBC are also an option to explore. Before you go for a foreign currency account, explore all your options to find the best type of account for your financial needs.
- Many financial services institutions will help you open a multi-currency account. Often, they can handle services for the Canadian dollar, Chinese yuan, Hong Kong dollar, United States dollar, British pound, Singapore dollar, Japanese yen, and more.