Why international lifestyles need multi-currency banking

In this guide, we explore why people living and working internationally benefit from multi-currency current accounts and how digital banks like iFAST Global Bank are helping people manage their money more efficiently.

If you live or work internationally, banking can be complicated if you don’t choose the right type of current account. You may have multiple accounts to manage different currencies that come with conversion fees and complicated, lengthy transfer processes.

These days, more people than ever have international lifestyles, whether they’re expats, frequent travellers, international professionals, students, or families managing finances across different countries. International lifestyles need banking solutions that are easy to manage across multiple currencies.

Multiple single-currency accounts aren’t efficient

Having separate accounts in different countries or currencies often means repeated currency conversions, FX mark-ups, transfer delays and a more complicated overall experience when trying to manage your money.

A multi-currency current account makes international banking much easier as you can hold and manage multiple currencies using just one account. You won’t have to convert funds every time you spend or transfer money, as you can keep balances in different currencies and use them when you need to.

Having one single platform across currencies reduces complexity and gives you greater visibility and control over your finances.

Earn interest on your current account balance

Most UK banks don’t pay interest on current accounts. According to data from the Bank of England, approximately £300 billion is currently sitting in UK current accounts and not earning any interest.

If you have an international lifestyle, you may have larger balances in your account ready for when you travel or to meet your cross-border commitments. Leaving money in a non-interest-bearing current account means you’re missing the opportunity to make your money work harder for you.

The good news is that some digital banks like iFAST Global Bank offer interest-bearing Multi-Currency Current Accounts. With these types of accounts, you can hold and receive multiple currencies and earn interest.

Manage FX more conveniently

When you’re repeatedly converting money using a single currency account, you may find you’re getting poor exchange rates and additional conversion charges. Over time, these costs all add up, particularly if you’re travelling abroad or sending money overseas on a regular basis.

With a multi-currency account, you can hold funds in different currencies and exchange them when you need to. Using a multi-currency account with transparent FX rates and no unnecessary conversion fees makes it easier to control your money and manage your overseas spending. iFAST offers FX and international payments via EzRemit, to deliver a seamless cross-border experience for its clients.

Use a debit card fee-free abroad

If you travel using a single-currency current account, you’ll know that using your debit card can result in paying foreign transaction fees or getting automatic currency conversions.

With a multi-currency current account, you can use your debit card** and spend directly from the relevant currency balance, so you don’t get charged avoidable conversion costs. Some banks like iFAST also allow you to withdraw cash domestically and overseas without paying a fee, (although local ATM operators may apply their own charges).

Protect your money

It’s important to make sure that the bank you choose is authorised and regulated. iFAST Global Bank is a licensed and regulated UK bank, authorised by the Prudential Regulation Authority (PRA) and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Eligible deposits up to £120,000 per person are protected by the Financial Services Compensation Scheme (FSCS).

How iFAST supports international lifestyles

iFAST Global Bank’s Multi-Currency Current Account is designed as an all-in-one solution for everyday banking across borders.

The account is designed for an international lifestyle and can be opened from overseas, enabling you to:

• Hold and manage multiple currencies
• Use one single platform to view, manage and move funds across currencies
• Earn interest on GBP balances (and selected supported currencies where applicable)
• Make international payments using EzRemit
• Spend overseas using a multi-currency debit card**

iFAST Global Bank is currently running an incentive to help your money go even further. Through its Power up your payday programme***, you can earn up to £200 when you:

• Get your salary paid into your iFAST Global Bank account via Bacs. The first payment must be received before 30 April 2026, and you must receive salary payments for any three months before 30 June 2026.
• Refer friends who also switch to iFAST Global Bank and receive at least one month’s salary payment into their account.

Terms and conditions apply. The offer is available for UK salaries paid by an employer through the UK payroll system (BACS).

Read current account reviews

With so many personal online banking options to choose from, it’s important to research providers before you sign up.

With Smart Money People, you can read reviews for current account providers, including iFAST Global Bank. Personal online banking reviews left by real customers help you feel informed about your options, so you can make a smart choice for your finances.

*This article is a paid advertisement in collaboration with iFAST. It's intended for informational purposes only and does not constitute financial advice. 

**iFAST Multi-Currency Debit Card is available to UK residents only.

***This promotion was valid when the article was published on 12 March 2026.