What You Need To Know About Multi-currency Wallets

As result of globalization, digital technology has now made connecting with people around the world much easier and faster. Technology makes it possible for us to keep in touch with loved ones from different parts of the world as well as makes the purchase of goods and services from international businesses seamless.

Although the world can be termed as a global village, we are faced with a major problem. Which is the fact that different countries have their own currencies. Thus, if you want to send money abroad or receive money from a loved one in diaspora, things can get a bit complicated pretty fast. For instance issues like international transfer costs, bank fees, high exchange rates, outrageous bank fees and transfer delays, start to spring up.

In the past, there have been efforts to make international transfers more seamless with technologies like SWIFT, SEPA and regional currencies leading the front line for the efforts. Although some of those solutions did help us move money faster and cheaply, it doesn’t come without shortcomings — from long transfer delays to high transfer fees.

Still, these early technologies and networks made it possible for us to leverage on emerging technologies to create solutions that are much more seamless to use, cheap to use and universal. One of such innovations has been with multi currency wallets. A multi currency wallet improves the process of sending and receiving money internationally, breaking borders and providing ways to move your money.

But what are multi-currency wallets and why should you get one? In this article, you will learn what multi-currency wallets are, the benefits and why it’s the solution you did not know you needed.

What is a multi-currency wallet?

Multi-currency wallets enable you to hold, send and receive money in more than one currency. With a multi-currency wallet, you can carry out transactions in different currencies using a single platform. Unlike bank accounts, you do not need to open separate accounts for the currencies you wish to possess. For example, the Stow multi-currency wallet lets you manage multiple currencies all from the comfort of your phone.

These unique wallets are especially useful for frequent travelers, businesses who often transact in multiple currencies, international students studying abroad, individuals who work abroad but send money to their families in another country as well as freelancers who take on jobs outside of their home country.

Benefits of multi-currency wallets

  1. Easy & convenient

Multi-currency wallets are very easy and quick to set up and manage. Compared to managing many currency accounts with traditional banks, multi-currency wallets are less demanding and more efficient. For instance, information about your transactions can be viewed easily on the app or through a dashboard. This cuts out the trouble of requesting numerous bank statements from your bank.

2. Reduced transaction charge

It’s a well known fact that when it comes to international transfers, traditional banks are known for ridiculous charges. Unfortunately, if you make quite a number of international payments, those charges can rack up really quickly. However, with multi-currency wallets, there are little or no charges. For instance, payments can be made via wallet to wallet in the preferred local currency.

3. Visible exchange rates

If you need to make payments or convert money, multi-currency wallets display exchange rates before converting to another currency. Moreover, you can avoid exchange rate costs all together when you receive money in your local currency. Thus, multi-currency wallets allow you to move money easily in the most cost effective and efficient way.

4. Faster transaction time

International transfers can be time consuming and usually takes a long time before getting to the receiver. With multi-currency wallets, transfers and payments are instant- you can make and receive payment in local currencies which automatically eliminates the length of time it takes for international payments to be processed.

5. Accessibility

Multi-currency wallets are very accessible. They come as an app on your mobile phone which enables you to receive money or make payments on the go, from anywhere in the world.

Multi-currency wallets help to avoid large transfer fees, unnecessary bank charges, unreliable exchange rates, lengthy transfer times and the hassle of managing more than one traditional bank account in different currencies.

How do you know if multi-currency wallets are for you?

The simple truth is… not everyone needs a multi-currency wallet. However, if you are contemplating if this is the right option for you, you have to consider what your needs are.

Perhaps ponder over these questions. Do you:

  • Travel frequently?
  • Send and receive international payments often?
  • Run a business that has the potential to expand abroad?
  • Study or will study abroad?
  • Often send money to family and friends living abroad?
  • Sell products or services to customers internationally?
  • Have employees that live in another country?

If the answer is yes to any of these questions, then you will enjoy the benefits of having a multi-currency wallet.

Features of multi-currency wallets

Features of a multi-currency wallet may differ depending on the provider. Regardless though, a common denominator is that multi-currency wallets enable the seamless movement of money from one currency to another and also supports payments to third party platforms i.e a bank account. Other standard features of multi-currency wallets include:

  • A dashboard to view and manage your funds in the different currencies
  • Different currency wallets
  • Funding local currency through bank transfers or card payments
  • Virtual cards to enable payouts into third party accounts

In conclusion…

Given the rise of cross border activities, there is now an increased focus on borderless money movement. The birth of multi-currency wallets evidently represent the future of financial transactions across borders. The focus has shifted from the ownership of multiple currency accounts with traditional banks to a more easy and seamless way of moving money globally through multi-currency wallets.

Join our community of Stow multi-currency believers today!

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Convert and move money seamlessly across different currencies around the globe. #movemoneygoglobal

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Convert and move money seamlessly across different currencies around the globe. #movemoneygoglobal

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