Multi-Currency Accounts Compared: Wise, Revolut, HSBC and More

A multi-currency account (MCA) lets you hold balances in two or more currencies simultaneously, with separate sub-account numbers (or IBANs) for each currency. You can:

• Receive salary or payments in foreign currencies without forced conversion.
• Convert between your currencies at mid-market or near-mid-market rates.
• Spend any of your currency balances via a single debit card.
• Send domestic-rail transfers in each currency (e.g. send a EUR SEPA transfer from your EUR sub-account, not your USD).

Compared to a regular bank account where everything converts to your home currency at retail FX rates, this can save thousands per year for anyone with international cash flow.

• Currencies held: 40+ (USD, EUR, GBP, INR, AUD, CAD, SGD, AED, INR, etc.).
• Local account details: Receive details in 9 currencies (USD, EUR, GBP, AUD, CAD, NZD, SGD, HUF, RON). Effectively act as a local recipient in each.
• Conversion fee: ~0.4-0.5% on most major pairs (mid-market + small fee).
• Card: Wise Debit Mastercard available globally. No FX fees on spend in your held currencies; small fee for conversion if spending in an unheld currency.
• Best for: Heaviest international users, anyone receiving foreign-currency salary, founders/freelancers receiving multi-country payments.
• Limitations: Not a bank — so no full deposit insurance. Funds are safeguarded in segregated accounts.

• Currencies held: 30+.
• Local account details: Limited to GBP and EUR for most users; USD via Revolut USA (separate entity).
• Conversion fee: Free up to monthly limit (£1,000 on Standard, £5,000 on Premium); 0.5-1% above that. Weekend markup of 0.5-1%.
• Card: Revolut Visa/Mastercard. Free FX on spend up to weekly limit; 1% above. Free ATM withdrawals up to monthly limit.
• Best for: Travellers who need a card for occasional international spending. Multi-currency holders who want easy app UX.
• Limitations: Lower limits than Wise on free conversions; weekend FX surcharge is annoying for active users.

• Currencies held: 8 (USD, EUR, GBP, AUD, CAD, HKD, SGD, AED).
• Local account details: Yes for held currencies via HSBC's network.
• Conversion fee: 0% headline FX margin within Global Money, but HSBC's mid-market is slightly worse than Wise/Revolut's.
• Card: Use any HSBC debit card linked to the account; cards withdraw from the local-currency balance first.
• Best for: Existing HSBC Premier customers (need £100k+ assets in some markets). Convenient if you already bank with HSBC across multiple countries.
• Limitations: Premier tier required in many markets. Slower app UX than Wise/Revolut.

• Currencies held: EUR primary; some Spaces in other currencies for holding only.
• Local account details: German IBAN.
• Conversion fee: 1.7% surcharge on non-EUR debit transactions (Standard); free on Premium tiers.
• Card: N26 Mastercard. Good for EU travel; less competitive for cross-Atlantic users.
• Best for: EU-based users who primarily transact in EUR but occasionally spend abroad.
• Limitations: Not really a multi-currency account in the same sense as Wise/Revolut. Better thought of as a EUR-first bank with travel cards.

• Currencies held: GBP only natively (multi-currency 'Pots' announced but limited).
• Local account details: GBP only.
• Conversion fee: Mastercard rate on FX, no surcharge from Monzo.
• Card: Monzo debit Mastercard. Best free FX experience for UK-based travellers.
• Best for: UK residents who travel a lot but don't actually need to hold foreign currencies.
• Limitations: Not actually multi-currency in the strict sense.

• Currencies held: 10+ via specific tier.
• Local account details: Yes for major currencies.
• Conversion fee: Mid-market with small markup. Better than retail bank rates but not as good as Wise.
• Card: Citibank debit; works across the global Citi network.
• Best for: Citigold customers ($200k+ assets) who travel in Citi's network footprint.
• Limitations: Citigold tier required for most features.

• Best overall (most currencies, lowest fees): Wise.
• Best for travel cards: Revolut Premium or Monzo.
• Best for existing HSBC customers: HSBC Global Money.
• Best for EU residents: N26 or Wise.
• Best for high-net-worth (>$200k assets): Citibank Citigold or HSBC Premier.
• Best for a single 'travel card': Revolut Standard, Wise debit, Monzo.
• Best for receiving foreign salary: Wise (most local-account-detail coverage).

• Are these accounts safe? Wise and Revolut safeguard customer funds in segregated accounts at major banks; HSBC and Citi are full banks with deposit insurance. Both models are regulated; both are safe for typical use.
• Can I receive my employer's salary directly? Wise: yes, via local account details. Revolut: yes for EUR/GBP. HSBC Global Money: yes. N26: EUR only.
• What about exchange-rate risk? Holding foreign currency balances exposes you to FX risk. If you hold £10k worth of EUR and EUR drops 5%, you lose £500. Match holdings to your actual spending currency.
• Tax implications? Holding foreign currency balances is fine; the conversion event creates a tax event in some countries (US Section 988). Most personal users are far below the threshold where this matters.