Have you been surprised by a foreign web store’s charge? Do you think the charge differed from the receipt? Online shopping is popular since it’s easy to browse, choose, and buy from home. When making foreign purchases, travelling, or transferring money, many Malaysians confront unjust taxes and hidden costs. Now, this is when multi-currency accounts come into play by streamlining any payments. For personal or business purposes, a global currency account provides added freedom and removes borders.

4 Ways On How To Save Money With A Multi-Currency Account

1. Spend In Local Currency While Shopping Internationally

A reputation for shopping fervour among the Malaysian population is well-earned. In the wake of the pandemic, many Malaysians choose to shop online instead of at brick-and-mortar stores. Many Malaysians turned to online shopping because they needed to in order to make ends meet, but the ease with which they can now purchase their favourite brands without leaving their homes has been a boon to the economy. But it could be frustrating to deal with unclear conversion rates and hidden fees. This account is convenient since it enables you to pay in the currency of the country from which the purchase is being made. You’ll save money and get a better exchange rate if you shop like a local!

2. Don’t Let Your Good Sense With Money At Home Go While You’re Away

In the wake of the epidemic, many Malaysians are making travel plans to countries that have reopened their borders. Traveling internationally? A multi-currency card will let you make purchases in a variety of currencies at more favourable exchange rates than those offered by your standard bank. With a multi-currency account, you can instantly freeze your card and receive quick notifications of any suspicious transactions, so you never have to worry about fraud. Using the ATM card, you can access the funds in your multi-currency account from any ATM in the world.

3. Accept Payments In Your Native Currency From Customers Located Anywhere In The World

Having the freedom to work remotely from an office can be a great benefit of freelancing. Many people see it as an opportunity to form partnerships with corporations from other countries. It means being in charge of your own time while still being expected to maintain a consistent output of work. It’s possible that outcomes and compensation from working with regional or worldwide clients will be higher.

So, how do you get your money? Freelancers typically only receive payments in their own currency from companies. Payments such as salaries and invoices can be received in their native currency and converted to your preferred method of payment with the help of a multi-currency account. Both parties can finally rest easy knowing that they will no longer be subject to excessive bank fees or unfair currency rates.

4. Remotely Manage Your Worldwide Property Portfolio

After purchasing property in another country, you may be concerned about meeting the costs of utilities, taxes, and repairs. Bank transfers can be a pain due to a lack of clarity and the possibility of incurring fees. Considering the negative financial consequences of knowingly paying too much, no one would ever do it intentionally. That is especially true if you purchased the house as an investment and are now using it for Airbnb or events. Now, you can make purchases and deposit funds in the local currency, and then convert the currency as needed using a multi-currency account. Lessen the time spent and money spent on property management.

When opening a bank account, the capacity to hold, receive, and convert many currencies at reasonable rates is a must. Wise offers the mid-market exchange rate for currency conversion, transfers, and other needs without additional fees. Three-factor authentication (3-D Secure) is another precaution utilized by Wise. Just remember, access to several currencies is crucial if you plan to make international internet purchases or travel internationally.

Visit Wise for the much detailed explanation on why multi-currency could benefit your international transactions.

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