Comparing global multicurrency platforms for non-US residents

As a non-US resident, one question you’ll often ask is how to receive money while you’re in the US. Should you open a traditional bank account, or hope your local bank works without restrictions? Both options are possible, but they can be stressful and costly due to multiple currency conversions.

A better solution is opening a multicurrency account while in the US. It allows you to receive money in different currencies like GBP and EUR, avoid extra conversions, and manage your funds more easily. With many options available, comparing platforms helps you choose the right one.

Also read: Best banks for non-residents to open UK and US accounts

Key considerations before choosing a multicurrency account as a non-resident

Before exploring options, consider these factors when selecting a multicurrency account:

• Documentation: The requirements vary by platform. Some may ask for a passport, proof of address, and tax identification, while others have simpler onboarding processes.
• Fees: Check for account maintenance fees, international transfer costs, and currency conversion charges.
• Currency support: Make sure the account supports the currencies you need, such as USD, GBP, or EUR.
• Remote access and usability: Look for robust mobile apps and online platforms that let you manage multiple currencies easily.

Multicurrency platforms for non-US residents: key differences

Comparing multicurrency platforms helps non-US residents choose the best solution for receiving, holding, and managing funds globally with ease.

Supported currencies

• Wise: Offers over 40 currencies, including USD, GBP, EUR, and others, allowing users to hold, convert, and receive money globally without needing multiple local accounts.
• Revolut: Supports around 25–30 currencies depending on your plan, covering major currencies for personal and business use, ideal for frequent travellers and international spending.
• Payoneer: Focuses on major currencies like USD, EUR, GBP, JPY, and AUD, making it suitable for freelancers, marketplaces, and businesses receiving international payments.
• GrabrFi: Limited to USD, GBP, and EUR, but provides virtual accounts that make receiving funds internationally simpler for non-residents.
• Grey: Offers USD, GBP, EUR, with virtual account options to manage multiple currencies, ideal for cross-border payments and global payroll.
• HSBC Expat: Allows holding up to 19 currencies and sending in over 50 currencies, offering traditional banking reliability with global reach.

Also read: How non-US citizens can open a US bank account online

Conversion fees

• Wise: Charges the mid-market rate plus a small transparent fee (~0.3–0.7%), making it one of the most cost-effective platforms for currency exchange.
• Revolut: Offers low fees within plan limits, but adds markups (~0.5–1%) for conversions exceeding monthly limits or weekends.
• Payoneer: Fees vary by currency and payment type; often higher for certain flows, especially card withdrawals or cross-currency transfers.
• GrabrFi: Competitive FX rates, with minimal hidden fees, providing non-residents an affordable way to receive and convert funds.
• Grey: Offers market-competitive FX rates, keeping costs low while enabling multi-currency transactions for individuals and businesses.

Countries present

• Wise: Available in 160+ countries, allowing users worldwide to receive, send, and hold multiple currencies with local account details in key markets.
• Revolut: Operates in many countries, primarily Europe, the UK, and the US, with limited availability in Asia and Latin America.
• Payoneer: Covers 190+ countries, ideal for freelancers, businesses, and marketplaces needing international payouts.
• GrabrFi: Operates in select countries, with a US-centric focus, making it suitable for receiving USD payments from abroad.
• Grey: Has presence across the US, EU, Africa, Asia, and Latin America, offering wide coverage for cross-border transactions.

Virtual cards

• Wise: Offers debit cards in supported regions, allowing spending directly from multiple currency balances.
• Revolut: Provides both virtual and physical cards, useful for online payments, subscriptions, and international transactions.
• Payoneer: Issues a prepaid Mastercard for virtual and physical transactions, ideal for receiving payments from global clients.
• GrabrFi: Offers virtual USD and debit cards for seamless online and international spending.
• Grey: Provides a virtual dollar card to manage cross-border payments efficiently.

Payout scale

• Wise: Ideal for both small and large amounts with high transparent limits; very good for high‑value transfers without hidden markups.
• Revolut: Supports small daily transfers easily; higher plans allow larger limits, but basic plans have monthly caps.
• Payoneer: Designed for freelancing and business payouts; handles both small invoices and large marketplace deposits well.
• GrabrFi: Best suited for small to medium amounts; may have limits on very high transaction volumes compared with big banks.
• Grey: Built to support both low and higher cross‑border amounts, with scalability for business payments.

Also read: What non-US residents need to open a US bank account at major banks

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Grey: The ideal multicurrency account for non-residents

Grey is designed for non-residents who need access to US and global banking services.

• No residency requirement: Open and hold accounts without needing proof of local residency.
• Competitive fees: Low costs for currency conversion and international transfers, with no hidden charges.
• User-friendly platform: Intuitive online platform and app make managing multiple currencies simple.
• Secure: Offers strong security features to protect your funds globally.

For non-US residents, selecting the right multicurrency account is crucial to streamlining international payments and managing multiple currencies effectively. Grey stands out by offering competitive fees and support for major currencies like USD, EUR, and GBP. Its user-friendly platform and secure infrastructure make it an ideal choice for individuals and businesses navigating global financial transactions. Download the mobile app or sign up on the website to manage multicurrency without stress.