Multicurrency Accounts Emerging as a Requirement for the New Economy

Distance is no longer a barrier to intercontinental business. International travel is now both accessible and affordable. Global communication and commerce have become remarkably efficient due to advancements in technology and data transfer speeds. Official numbers also seem to reinforce this trend. According to the European Central Bank, the world’s cross-border economy is rapidly growing, with transactions estimated to reach $320 trillion USD by 2032. The same report notes that international transaction volumes are growing much faster than global GDP growth. Cross-border transactions are also omnipresent, playing a significant role in client-to-business, business-to-client, and business-to-business exchanges conducted by both private and corporate entities.  

Everyone is part of a “New Economy,” a term that was coined by Time Magazine’s Charles P. Alexander in 1983. Although his forecast despondently stated that the “…fall of the blue-collar worker…paved the way for the forthcoming Dot Com Bubble.” In reality, there wasn’t a replacement or a fall so much as a new type of work or perhaps even a new approach to work was created. At the center of this New Economy are today’s borderless workers: digital nomads, freelancers, contract workers, and e-commerce entrepreneurs.

Practically anyone who offers a digital service, from developers to designers, can work from anywhere in the world for anyone in the world.

Solutions for the Financial Challenges of Digital Nomads

The “New Economy” represents a shift away from traditional forms of economic activity to contracted, freelance, and remote work. Through rapid technological advances, people are no longer tethered to physical locations, and nations around the world are taking notice. Currently, a total of 73 countries offer a “Digital Nomad” visa. The specific immigration status enables individuals to reside in one of these 73 countries while working in a different location.

These visas are extremely attractive because they offer various benefits, including lower taxes than those of the digital nomad’s original domicile. It is also an amazing opportunity for people to experience different cultures while earning an income.

In certain cases, this type of work can secure a digital nomad a higher-than-average salary compared to those offered in the host country and, in combination with lower living costs (as a consequence) than those of their home country, can result in an overall better quality of life.

Although the lifestyle sounds very attractive, there are a few potential issues to consider. One of the first obstacles a digital nomad may encounter is a lack of access to personal banking. Opening a bank account in some countries involves extensive bureaucracy, official verification of documents through embassies or consulates, and inconvenient footwork.

Additionally, if you don’t have local physical currency upon arrival, you may encounter significant difficulties covering day-to-day expenses. Some digital nomads who travel frequently may not even have a physical address to use when opening an account.

Once you start working, you may encounter another obstacle: your employer pays in a currency that’s different from the local currency. That means you have income but can’t use those funds where you live. All of these potential problems can be easily avoided, though, with a multicurrency account.

Borderless Personal Banking

Many digital or challenger banks’ products and services can be a simple way to solve the issues a digital nomad may encounter when getting paid in one country and living in another. A multicurrency account connected to a debit card enables non-domestic employees, contract workers, and remote workers to access their funds securely and quickly, regardless of their location*.

Freelancers, Contract, and Remote Worker Benefits

As a freelancer, contract worker, or remote worker, you may not work outside your home country, but your clients or employer might be based abroad. If they pay you in their own currency, such as the British Pound, exchanging it through traditional banking institutions can carry both hidden and high transaction fees. Additionally, if you are a freelancer or contract worker, having a multicurrency account can significantly enhance your clients’ experience. No more delays, rejections, or other inconveniences that are usually associated with transferring funds from abroad to a traditional bank account.

It also benefits you by greatly shortening the time between receiving payment and accessing your funds. If you manage an e-commerce business, then the ability to accept and process payments and purchases in multiple currencies is of immense value.

A Comparison of Digital Banks and Multicurrency Accounts

Fortunately, there is a long list of digital banks currently offering personal accounts that would be a good choice for digital nomads, freelancers, and remote and contract workers. BankPro, Nubank, Monzo, and Starling Bank all offer accounts that support international currency transactions and feature a credit or debit card. Here’s a breakdown of their features:

Starling Bank

• Type: Digital Bank
• Personal Accounts: Yes – Free GBP Current Account
• Business Accounts: Yes – Business & Sole Trader Accounts
• Cards: Debit Mastercard
• Daily/Monthly Transfer Limits: Up to £10,000 (or the equivalent in other currencies) per day on the card; £100 per contactless payment in the UK
• International Payments: Yes, with fees (via Wise integration)
• Foreign Currency Cards: No fees abroad (Mastercard FX rates)
• Interest on Balance: Small interest on balances
• In-app Support: 24/7 Chat Support
• Unique Perks: Kite card for kids, multi-currency, overdrafts
• Regions Available: UK & EEA
• Physical Branches: Digital only

Monzo

• Type: Digital Bank
• Personal Accounts: Yes – Free GBP Current Account
• Business Accounts: Yes – Business Account
• Cards: Debit Mastercard
• Daily/Monthly Transfer Limits:
  • Card payments (in-person & online): Up to £10,000 per day
  • Bank transfers (Faster Payments, Monzo-to-Monzo, Wise/International): Up to £10,000 per day
• International Payments: Yes, with fees (via Wise)
• Foreign Currency Cards: No fees abroad up to limits
• Interest on Balance: Small interest on savings
• In-app Support: 24/7 Chat Support
• Unique Perks: Joint accounts, salary advance
• Regions Available: UK & EEA
• Physical Branches: Digital only

Nubank

• Type: Brazilian digital bank
• Personal Accounts: Yes – Free BRL Digital Account
• Business Accounts: Not yet available
• Cards: Credit Card (main product)
• Daily/Monthly Transfer Limits:
  • Cash withdrawals via debit card: Up to R$ 3,000 per 24h period
  • ATM usage incurs a fee of R$ 6.50 per withdrawal (Banco 24Horas/TecBan network)
• International Payments: Limited to BRL transactions
• Foreign Currency Cards: No FX fee within credit card’s limits
• Interest on Balance: On credit card revolving balance (if unpaid)
• In-app Support: 24/7 Chat Support
• Unique Perks: Strong credit card rewards, fee transparency
• Regions Available: Brazil, Mexico, Colombia
• Physical Branches: Digital only

BankPro

• Type: Offshore Digital Private Bank
• Personal Accounts: Yes – Multicurrency Account (20+ currencies)
• Business Accounts: Yes – Business Account
• Cards: Platinum Visa
• Daily/Monthly Transfer Limits: Unlimited transfers and card spending
• International Payments: Low-fee multicurrency transfers
• Foreign Currency Cards: Zero FX markup
• Interest on Balance: Competitive savings rates
• In-app Support: 24/7 Chat and AI Advisor
• Unique Perks: One account can hold 20+ currencies (EUR, USD, GBP, CHF, JPY, and more), no limits on transactions
• Regions Available: Global*
• Physical Branches: Digital only

The value of not being limited to traditional banking services is immense, especially for individuals who work internationally. With digital banking, you can travel and work freely while always having access to your funds. Easy cross-border transactions enable you to serve your clients more easily, quickly, and cost-effectively. In some cases, even blockchain-based payment rails are beginning to supplement these digital banking systems, though they remain a secondary option for most users today. 

Additionally, it is practically impossible to stay relevant and competitive as a digital worker without the support of a secure, credible digital bank and multicurrency account. Finally, low fees and unlimited transactions are crucial. The first, low fees, ensure you keep as much of your hard-earned money as possible (no matter what currency it’s in). The second, unlimited transactions, means that you can earn as much as you can when you can, because as everyone knows, freelance work can have ebbs and flows of activity.

If you don’t have a multicurrency account, now might be a great time to consider one, and hopefully, this article has helped you gain a deeper understanding of what the market has to offer.

_{*Certain limitations may exist due to international laws and regulations.}

This industry announcement article is for informational and educational purposes only and does not constitute financial or investment advice.