A Multi Currency Account is a standard Australian bank account that allows you to send and receive funds in a foreign currency.

Funds can be exchanged or held in whatever currency they are received in, until you want to exchange them.

You can deposit different currencies and switch between different currencies, to take advantage of changing exchange rates and send money overseas and not have to worry, about extra charges for conversion (transfer fees may apply).

This is a good way to handle your money, if you deal regularly with international transactions and good for anyone in the import and export business.

A major benefit of this type of account is that you can keep your money in whichever currency you want and sit on your money, until the rates make it worthwhile to transfer into another currency.

This can be very helpful in business transactions and many foreign currency accounts will even pay interest rates in selected currencies.

When looking at these types of accounts, first research the following:

• The number of currencies available
• Check that your most used currencies are supported by these accounts
• Some banks require you to maintain a minimum monthly balance in the account
• Read the fine print for other fees
• Check the currency conversion fees
• Check the amounts you are allowed to transfer per transaction per day
• How long does it take to transfer money to the overseas bank
• Check what transaction incur fees and if you can make transactions over the phone, internet or over the counter.

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