A personal multi-currency account is a dedicated IBAN that can hold multiple currencies at once. This type of account can be helpful for people who regularly travel to other countries, as it allows them to quickly and easily move money between currencies. 

Personal multi-currency accounts also offer a variety of perks in comparison to traditional bank accounts, such as lower fees and better exchange rates.

A multi-currency account allows you to hold multiple currencies in one account, which can make it easier to manage your money when travelling. This means that customers can take advantage of currency movements and protect themselves against currency fluctuations. 

Payset’s personal multi-currency account solution allows you to manage up to 38 currencies from one centralised dashboard. Currencies can be transferred at competitive rates at a time that suits you, ensuring freedom and flexibility with your payments.

Here are some of the key benefits of using a multi-currency account:

• Convenience: Having a personal multi-currency account makes it easy for you to manage your personal finances and switch between different currencies. This can be especially helpful as you don't have to worry about exchanging your money into the relevant local currency each time you need it.‍
• Diversification: Personal multi-currency accounts offer both security and peace of mind when it comes to your finances. For example - if your home country experiences an economic downturn - your savings may be worth more in another currency.‍
• Cost-efficiency:  By spreading your money across multiple different currencies, you can take advantage of favourable exchange rates when they arise. This can save you a significant amount of money over extended periods of time, particularly if you regularly travel or make payments to international vendors.

A multi-currency account allows you to send, receive and hold multiple currencies in a single account. The Payset multi-currency account allows you access to 34 different currencies as well as exchange between 38 currency pairs. You can learn more about multi-currency accounts in our complete guide. 

While most multi-currency accounts are designed for use by business clients, Payset also offers personal multi-currency accounts to allow individuals to send fast and easy cross-border transfers to over 200 countries around the world.

Yes, absolutely. 

A Payset multi-currency account allows you to send, receive, and hold up to 34 different currencies from a single account dashboard. 

While traditional bank accounts are typically limited to a single currency and carry larger currency exchange fees, online multi-currency accounts like Payset’s are increasingly common. They make transferring between currencies faster and cheaper and allow you access to all your different currency holdings in one place. A Payset account also allows you to transfer funds to over 200 countries around the world in the currency of your choosing.