Transact in Multiple Currencies with Private Banking Account12 min read

Transact in Multiple Currencies with Private Banking Account12 min read

The world is getting smaller every day. Citizens and businesses now cross the frontier in new and fascinating ways.  Citizens and enterprises are crossing boundaries in exciting new ways. But international money can still be intimidating when you’re trying to work with funds across currency lines.

This is where a multi-currency private banking  account comes into the picture. By enabling you to hold, withdraw and receive interest on accounts in multiple currencies from a single account screen, it streamlines foreign money transfer. 

Large private banks such as The Kingdom Bank provide this option to its wealthy clients via digital banking. Let’s learn more about how a multi-currency private account will streamline your finances.

What is a Multi-Currency Private Banking Account?

As the name indicates, a multi-currency private banking account is a bank account where you can deposit and do business in different world currencies with the use of one single login. 

In contrast to traditional currency accounts, which require you to create a separate account for each currency you use, a multi-currency account will consolidate all of your accounts and activities into a single account that you can monitor and manage easily.

The following are some of the key features of a multi-currency private banking account:

• Easily deposit, withdraw and move funds between supported currencies within the same account window. This saves the pain of copying money from one account to another.
• Aggregated tracking of your entire global wealth regardless of the underlying currencies, enabling you to easily track your net worth.
• Able to receive payments from overseas in any other currency without converting it to your local currency.
• Spend or invest abroad without paying exchange rates via debit or trading.
• Earn interest on favourable balances across multiple supported currencies at current rates.

With these benefits, a multi-currency account brings private banking to a whole new level by integrating the whole global financial system into a single platform.

What Currencies Can I Transact in With a Multi-Currency Private Banking Account?

The majority of well-established private banks that accept multi-currency accounts cover most of the major world currencies. 

The Kingdom Bank customers, for example, can deposit and transfer money in more than 50 physical currencies such as USD, EUR, GBP, CHF, JPY, AUD, CAD, SGD and digital currencies such as Bitcoin and Ethereum.

This list of currencies could differ among providers depending on considerations such as regulatory approvals and customer demands.

 Yet they all include globally traded currencies such as the US Dollar, Euro, British Pound, Japanese Yen, Australian Dollar, Canadian Dollar and Swiss Franc, which account for most international trade and investment.

Some private banks might even allow you to trade in exotic currencies of smaller economies and emerging markets to diversify your portfolio geographically. 

Make sure to verify compatibility for your particular needs by requesting the supported currency list directly from your prospective provider.

Can I Make International Payments Directly from a Multi-Currency Account?

Most importantly, one of the best features of a multi-currency private banking account is that you can make and receive cross-border payments from within the account. 

This saves you from having to convert the currency as is the case with foreign money transfers from ordinary accounts.

For example, if you have USD and EUR balances in your The Kingdom Bank multi-currency account, you can pay overseas invoices or suppliers without changing accounts directly in their local currency. The payment will go out in the requested currency, and the balance will be removed from your account in that currency.

Likewise, when foreign funds arrive from overseas in currencies such as GBP or JPY, they debit your account in the currency without you having to exchange them yourself. 

This streamlines the handling of cash for active individuals and enterprises around the world.

Some private banks also charge competitive international payments or do not charge for certain high value transfers via a multi-currency account. So you save time and money on international cash settlements.

Can I Earn Interest on Multiple Currencies in a Private Banking Account

One of the greatest benefits of multiple currencies holding via one private bank account is that positive balances in supported currencies earn interest. 

While a single-currency structure lets you earn the highest return from anywhere in the world, multi-currency accounts allow you to earn interest in more than one currency.

For example, when you hold USD, EUR and GBP in your The Kingdom Bank private account, you get competitive interest rates for the balances offered by each market. 

So if the USD is lower than EUR, for example, then you can have more of your wealth held overnight in greenbacks to take advantage of interest rate differentials across the globe.

Interest is charged daily and paid monthly on each currency amount at rates provided by the private bank. They generally match interbank rates across all markets and tend to be more profitable than standard savings accounts.

In the long run, optimizing your money’s sitting positions by the change in interest rates across currencies can actually improve overall returns on your global investment portfolio from one multi-currency private account.

How to Invest in Multiple Currencies in a Single Private Banking Account?

Although it is useful to have deposits and earn interest in various currencies, the more educated private clients are also looking to grow their wealth actively by investing abroad. Multi-currency account for flexible global exposure.

Through its online investment platform, The Kingdom Bank, for example, makes available stocks, ETFs, funds on major exchanges worldwide, that are paid and redeemed in their respective currencies. In this way, clients can build a geo-diversified portfolio that covers USD, EUR and other currency markets.

Cash gains and dividends will automatically add currency in the account. Upon rebalancing or the return of profits, funds can be easily reinvested or used outside the country and no conversion fees apply.

This allows private investors to own growth stories all over the world, and diversify their currency risk to offset inflation risk – all with the click of a button. 

More sophisticated customers can also opt for managed portfolios designed for multi-asset, multi-currency strategies.

A multi-currency private bank account with multiple tools helps with global cash transfers and investments via an online, hassle-free process aimed at today’s mobile-first clients. Because it removes the currency shackles, it also opens the door to true global wealth maximization.

We live in a globalized world where transborder management of funds is becoming more vital. A multi-currency private banking account from banks such as The Kingdom Bank is the perfect solution. 

It unifies the world money system by facilitating deposit, payments and investments in multiple world currencies through a single account interface.

This not only makes cash management easy for globally mobile consumers and enterprises, but allows for potential high returns through interest rate arbitrage and global diversification.

If you are looking for a simple way to consolidate and increase your wealth across borders without squeezing your wallet, a multi-currency private account is worth checking out.

Particularly, The Kingdom Bank’s digital private banking service is distinctive for its extensive currency range (50+ fiat/cryptocurrencies), international payment charges, and strong investment options. 

For multi-currency account options suited to your requirements, contact The Kingdom Bank today. Streamline international money transactions and unlock real global investing possibilities with just one account.