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Multi-currency accounts for travel ​

Overview of Wise and Revolut

What are multi-currency accounts? ​

Multi-currency accounts are digital wallets or fintech banking services that let you hold, exchange, and spend money in multiple currencies from a single account. They provide travelers, expatriates, and remote workers with a convenient way to manage money across borders without the high fees and poor exchange rates common at traditional banks. Think of PayPal but focused on currency exchange and travel spending.

Popular options are Wise (formerly TransferWise) and Revolut.

  • Neither is a traditional bank, but both partner with regulated financial institutions to hold customer funds.
  • There is no Federal Deposit Insurance Corporation (FDIC) insurance or interest on balances, but they are generally safe for holding and spending money internationally.

Why are they useful for travel? ​

When you travel, banks often charge foreign transaction fees or hide exchange costs in the rate they give you. Multi-currency accounts help you avoid those costs by letting you:

  • Hold multiple currencies before you fly so you are not forced to exchange at the airport.
  • Convert at competitive rates within the app and lock in rates when they are favorable.
  • Pay like a local using a debit card in the destination currency.
  • Access cash abroad via ATMs; watch for local ATM fees.
  • Send and receive money internationally with friends from the same app.
  • Create multiple digital debit cards for added security when shopping.

Wise vs. Revolut ​

Here is a brief comparison of Wise and Revolut for travel purposes:

Wise

  • Supports more currencies (over 50) for holding and conversion.
  • Simpler interface focused on currency accounts, debit cards, and transfers.

Revolut

  • More competitive exchange rates within plan limits.
  • Offers premium plans with added travel benefits (e.g., travel insurance, lounge access).
  • Offers promotions like cash back on spending and discounts at partner shops.

Both

  • Easy to open and manage via mobile apps.
  • Competitive foreign exchange (FX) rates often better than traditional banks.
  • Automatically uses the local currency balance when available and converts at the time of purchase if you do not have enough in that currency.
  • Physical and digital debit cards are available.

Suggestion

  • Create both accounts for maximum flexibility and redundancy because accounts are free to open.
  • Check exchange rates and fees between the two before converting money.
  • If you want only one, pick Wise for broader currency support.

Set up both accounts ahead of time to complete verification and receive physical cards before traveling.

How to set up Wise and Revolut accounts ​

You can set up Wise and Revolut in roughly the same way.

  1. Download the app
  2. Create your account
    • Use your legal name and home address.
    • Expect to provide proof of identity (passport or ID).
  3. Verify your identity
    • Both services require identity checks to comply with financial regulations.
    • Follow the in-app steps to upload identification and take a selfie.
  4. Add money
    • Link a bank account or card and add funds in your home currency.
    • Bank transfers are usually the cheapest funding method.
  5. Create or add currency balances
    • Add the currencies you plan to use (USD, JPY, EUR, etc.).
    • Convert a small test amount to verify the process.
  6. Order a card
    • Physical cards are handy for cash withdrawals and chip-and-personal identification number (PIN) payments.
    • Add digital cards to your mobile wallet (Apple Pay or Google Pay) for online and tap-to-pay purchases.
  7. Set alerts and limits
    • Set rate alerts so you can convert when the exchange rate hits your target.
    • Review spending limits, ATM limits, and any plan restrictions.

Travel tips for using multi-currency accounts ​

  • Plan ahead with automatic conversion at your target rate.
    • This allows you to convert currency when rates are favorable rather than at the point of purchase.
  • Create specific digital debit cards for any suspicious merchant, app, or website.
    • This limits exposure if the card details are compromised.
    • Easily freeze or delete the card in-app without affecting your main account.
  • Use Apple Pay or Google Pay for quick and secure payments.
    • Fewer things to lose and more secure than physical cards.

Always decline "dynamic currency conversion" at checkout and choose the local currency to avoid hidden markups.

References ​