The Advantages of Opening a Multi-Currency Account at Loyal Bank

The multicurrency account was not deliberately designed to be a sophisticated financial instrument. It developed accidentally in smaller European countries like Switzerland, Luxembourg and Andorra where individuals commonly needed bank checking accounts in various currencies. This had been especially true before the euro was introduced when Europeans did business in many different national currencies.

Anyone interested in currency diversification should consider opening a multicurrency bank account, which is one of the most simple and convenient solutions for diversifying out of the dollar or euro.

A multi-currency account is a simple a bank account, with a single account number, in which you can hold balances in various different currencies. Loyal Bank offers you multicurrency accounts in a wide range of currencies: GBP, CHF, JPY, CNY, CZK, CAD and AUD are available to your EUR or USD main account.  When you log in to your NetBank, you see a summary screen showing your balances in all currencies.  

Advantages to this are numerous:

First of all, it is clearly a very convenient tool for anyone who is serious about diversifying currency risk. Instead of having lots of different account numbers and logins probably at different banks, you keep everything on one convenient screen. At any time you can easily exchange your balance in one currency for another currency.

You can transfer money in different currencies without the need for currency conversions.  This type of account is therefore ideal if you often send and receive money internationally in the form of dividend payments, commissions or transfers related to an overseas property.

You can have Cirrus/ Maestro, MasterCard and Platinum Card bankcards linked to your main multi-currency account that can be denominated either in EUR or USD.

Multicurrency accounts are a safe way to hedge against currency risks or make profits with fluctuations as you cannot count on so much potential profit but there is also less potential for loss. This is an easy version of forex trading for people who don’t want check currency rates frequently.

One of the greatest advantages of having a Loyal Bank multicurrency account, besides the currency diversification, is privacy. Privacy is a basic human right, which is unfortunately disappearing fast when it comes to financial services. Loyal Bank, incorporated in St Vincent and the Grenadines, ensures that the up-to-date laws of SVG guarantee proper preservation of confidential relationships in financial services.  

Opening a multicurrency bank account at Loyal Bank enables you to take advantages of our various financial services like the Corporate Payment System, investment trading, precious metal purchase, investment funds too.

To get to know more about our multicurrency accounts, please visit our website at www.loyalbank.com!