Multi-Currency Account: If you invest in many countries of the world, then a problem arises regarding the currency. All countries have their own currencies, due to which separate accounts have to be operated which leads to confusion. In such a situation, a multi-currency account comes out as a better option. British firm Vivesta has launched India’s first multi-currency account, which will greatly benefit Indian investors investing in other countries. Through this account, transactions can be done in more than 30 currencies of the world including US Dollar, British Pound and Euro. This account can be opened online within minutes and will enable Indians to transact and invest capital in more than 30 currencies across the world through a single platform. All account holders will get unique account details for each currency such as IBAN, SWIFT code etc. Anyone can send or receive money through these accounts to more than 180 countries.
Multi-currency account can be used for many purposes
Multi-currency accounts can be used for investment abroad, saving for studies abroad, receiving foreign income or opening an account before going abroad. Students can open this account without visa, SSN or university admission letter and can continue to use it when they go abroad.
It is important to note here that what are the rules for opening an account in foreign currency for an Indian citizen and whether special permission or procedure has to be followed for this? Regarding this, Swastik Nigam, Founder and CEO of Winvesta says that any Indian citizen can invest $ 2.5 lakh (Rs 18.7 crore) every year under the Liberalized Remittance Scheme of RBI and as long as the investment remains within this limit. No additional approval will be required.
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Accounts can be opened in minutes for just $ 50
Opening a foreign currency account for a long time was no less than a privilege and required at least 50 thousand dollars and had to wait for several months to open the account. However, now Vivesta’s multi-currency account can be opened in minutes through your PAN and Aadhaar for just $ 50. On transfer of money from India to any other account, it will be credited within a few hours to 2 business days.
Prateek Jain, co-founder and president of Vinvesta, says that to invest in American stocks or British property, investors need to have a foreign currency account. Otherwise, money has to be converted repeatedly from one currency to another, due to which a large amount has to be paid in the form of exchange cost. The money in the account will be protected by the money regulations of the UK (United Kingdom) and Winvesta and E-Money Institution will not be able to use this money for lending. Cash will be safe with big banks like Barsledge.
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Features of Multi-Currency Accounts
- To open a multi-currency account, a one-time setup fee of Rs 399 has to be paid.
- Any payment requires a flat fee of $1, and a monthly fee of $2.99.
- The currency conversion fee is not fixed but there will be no charges for the subsequent payments. In this way one can save up to 75 per cent in forex related expenses.
- You can see all the charges in the pricing plan.
- If customers invite any of their friends on this platform, then they will get one year free membership.
- Under the base plan, the company has set a limit of 5 thousand dollars per transaction but there is no limit on the number of transactions per day.
- Winvesta’s multi-currency account can be opened within minutes using your PAN and Aadhaar for just $50.
- On transfer of money from India to any other account, it will be credited within a few hours to 2 business days.
- Students can open this account without visa, SSN or university admission letter and can continue to use it when they go abroad.
- Through a multi-currency account, it will be possible to transact in more than 30 currencies in more than 180 countries through a single platform.