Traveling abroad can be incredibly exciting — experiencing a new culture, taking in new sights and learning about world history. But it can also be frustrating — standing in line at customs, trying to learn a new language in a short amount of time and dealing with jet lag.
They’re called “multicurrency accounts,” and The New York Times described these as accounts which allow travelers “to exchange their money at more favorable rates and with little to no transaction fees.” Funds can be added within the app in various currencies and travelers can use their phones to pay for goods and services when visiting foreign countries. They can be used for both personal and business travel.
How Does a Multicurrency Account / App Work?
You begin by either linking your bank account — via Apple Pay or Google Pay — to load money into the app and then “toggle” between multiple currencies whenever necessary. So, if you are planning a trip overseas with stops in Europe, for example, you can easily change funds saved within the app to the currency you need, when you need it. If you don’t have enough money in your app and need to load more, the app will do so at the lowest available currency exchange rate.
Though there are many credit and debit cards that might waive international transaction fees as part of their member perks, The New York Times noted that another benefit of a multicurrency account is that exchange rates can be even better,