If you spend your life watching the global markets, looking for global opportunities or simply investing or trading in different currencies, you’ll know how expensive and how time consuming it can be to have to make currency exchanges every time you want to make a move. With foreign currency or multi currency bank accounts, life can be made so much simpler. No matter where you’re resident or domiciled, if you’re trading in numerous currencies, you’re likely to reap huge rewards by taking advantage of one of the offshore multi currency accounts available today.
Making a call on when to exchange currency and shopping around for the best rates and commissions can consume not only too much of your valuable time, it can also be the cause of profitable deals turning into loss making situations because of inevitable delays. If you’re a global investor, you won’t need to be persuaded of the benefits of holding “stocks” of the currencies in which you operate, but it may well be that you’ve yet to find the most efficient way of doing so. A multi currency bank account, or even better, an offshore multi currency bank account, as its name suggests, typically allows you to hold balances in up to 20 or so currencies, with instant access to your funds day or night.
With online banking being a part of everyday life for pretty much everyone these days, there’s no reason why you can’t be transferring Hong Kong dollars at the opening of the market there and United States dollars when the market’s closing down state side. Being nimble footed when it comes to currency and liquidity can make life so much easier and so much more profitable when you’re operating on a global platform.
When it comes to managing your money, in today’s climate, you’re almost certain to have the need (and the desire) to hold a healthy proportion of cash, but being forced to convert it to a single or dual currency each time you transact can be financial suicide. With a multi currency account there’s no such need. Agreed, you may well make currency calls from time to time and decide to lighten or strengthen your holdings in any one currency, but it should be YOU making that decision, not your banking system.
If you trade regularly or size-ably on the global markets, choosing the right multi currency account will make a huge difference to your financial effectiveness. This, together with a good relationship and access to an effective, affordable and secure global fund transfer system won’t just make your life easier, it’ll really add extra power to your financial elbow. What’s more, add into the equation the opportunity of the benefits of an offshore multi currency account and you really start to see the pull. Offshore, in this context purely means that your cash or investment is held or registered in another country from where you live, enabling you to take advantage of potentially huge tax saving opportunities (of course dependent on your own personal circumstances). Add these two together…multi currency and offshore…and the world truly does become your oyster.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
Subscribe to newsletter
Grab my Badge