Have you been surprised by your credit card statement after buying from an international online store? Does the total charged differ from the amount during checkout?
Many Malaysians remain susceptible to hidden fees and unfair charges when making international purchases, travelling, and transferring funds. A multi-currency account, offered by financial institutions and banks such as Wise, RHB, Hong Leong and others, can help streamline how you send, spend, or receive money.
Whether you are using it for personal or business purposes, such an account – also known as a global currency account – provides added freedom and removes borders. Here are four benefits to using a multi-currency account and card.
1. Spend locally while shopping internationally
When the pandemic hit, Malaysians transitioned from shopping in malls to online stores, both locally and internationally. This allowed them to make purchases from the comfort and safety of their homes.
It can, however, be frustrating when uncertain conversion rates and hidden fees come into play. One way to navigate this would be by paying in the currency of the country you are buying from – which is where a multi-currency account comes in.
Pay like a local to avoid extra fees and get a better exchange rate.
2. Take control of finances while travelling
With countries having reopened their borders, many Malaysians have been hit with the travel bug. If you are among those looking to travel overseas, a multi-currency card will help you to spend in different denominations no matter the country you are in, with better exchange rates than those offered by your local bank.
You won’t have to worry about fraud as you are always in control, with instant transaction notifications and the rapid ability to freeze your card.
You can also spend like a local by using your card to withdraw money from your multi-currency account at ATMs worldwide.
3. Get paid like a local, even from overseas clients
Freelancing is a great way to support a nomadic lifestyle, and also provides you the opportunity to work with companies in different countries. The question is, how would you get paid?
Most organisations prefer to pay freelancers in their local currency. A multi-currency account would allow you to receive your salary and invoice payments in their currency, which can then be converted to your local denomination with no hefty bank fees or poor exchange rates on either side.
4. Manage overseas property remotely
If you have purchased a property abroad, you might find yourself thinking about the most convenient way to pay utilities, taxes, and other mandatory fees. This is especially true if you bought the property as an investment, and turned it into an Airbnb or other rental space.
A great option is to use a multi-currency account, where you can pay and receive money in the currency where your property is based, then convert it into your desired currency when the rates are right. Take the hassle out of property management and save money in the process.
Remember to select a service provider that allows you to hold, receive, and convert different currencies at the lowest possible rates. Also keep an eye out for 3D secure authentication, which ensures every transaction is safe.