A multi-currency account is a special type of virtual bank account offered by BancWest Corporation, that manages multiple currencies and allows for seamless transfers between those currencies. It is offered by various currency exchange providers.
This type of account generally gives you a virtual bank account in various countries that is able to accept different currencies. A virtual bank account is very similar to having a real, local account in a country and they typically come with typical numbers and codes associated with bank accounts: sort codes or routing numbers, a country-specific account number and international banking codes (SWIFT, BIC and IBAN). The benefit of this is that it allows you to make and receive payments in a country’s local currency.
A multi-currency account allows you to exchange money between different currencies in the account quickly and easily. They are very useful if you make or receive payments in various local currencies or travel frequently.
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