Living abroad brings exciting opportunities for Indian families, but it also means managing everyday expenses in different currencies. From paying rent in pounds to school fees in dollars or euros, keeping track can get overwhelming. This article explores how families handle these financial demands and how smart tools like Grey make managing multicurrency expenses simpler, faster, and more secure.

Read also: How anyone can open a bank account in India as a visitor.

Why every Indian family abroad needs access to multicurrency accounts

1. Travel becomes easier: Indian families often travel for holidays or to visit relatives abroad. Holding multiple currencies simplifies payments for flights, hotels, and local purchases, avoiding last-minute conversions.
2. Education costs: When children study overseas, tuition and living costs are in different currencies. A multicurrency account helps manage those payments efficiently and avoid heavy conversion charges.
3. Cross-border salaries: Whether you're earning a salary in your new country or receiving money from abroad, a multicurrency account allows you to get paid in the local currency while holding and managing other currencies with ease. It simplifies everything from paying bills to saving and budgeting.
4. Investments in multiple countries: Indian families often invest in property or business opportunities abroad. Multicurrency banking allows them to receive rent, pay bills, and track expenses in local currencies seamlessly.

Common expenses for Indian families while living abroad

1. School fees: Paying school fees in the local currency is often mandatory. Managing this without a multicurrency setup can attract unnecessary fees and exchange rate losses.
2. Rent and utilities: Monthly rent and bills like electricity or internet must be paid in local currency. Having funds in the right currency prevents delays and extra bank charges.
3. Groceries: Daily purchases quickly add up. Spending directly in the local currency makes tracking expenses easier and reduces conversion fees every time you shop.
4. Travel and remittances: Whether sending money home or travelling within the region, using one account for multiple currencies helps Indian families manage their costs.

Read also: How to plan a multi-country trip without losing money to FX fees

How Indian families can manage expenses in multiple currencies while abroad

1. Budget by income source: For Indian families abroad, income may come from different sources. One parent may earn in dirhams, another in dollars, or invest in rupees back home. Budgeting by currency helps prevent confusion. You can allocate rupee inflows for India-based expenses like parental support or EMIs, and foreign income for local living costs.
2. Automate savings: Savings often take a back seat for Indian families dealing with school fees, rent, and remittances. Automating savings in both INR and local currency ensures you’re consistently setting aside money. For example, save rupees for future trips to India or family gifts, and dollars for emergencies or investment.
3. Monitor exchange rates: While sending money back home or converting earnings for tuition or housing, exchange rates can significantly affect your finances.  But monitoring rates allows you to transfer or convert when rates are most favourable. For instance, converting pounds to rupees during a strong rate period gives your family back home more value.
4. Track expenses by currency: It’s easy to lose track when spending in multiple currencies, buying groceries in euros, paying fees in dollars, and supporting relatives in rupees. Tracking expenses by currency gives Indian families a clear picture of their spending habits.
5. Pay with USD Cards: Grey’s virtual USD card helps Indian families abroad manage shared expenses like Netflix, online shopping, and bills. It works globally on platforms that accept Mastercard, making it easy to stay connected and covered, no matter where each family member lives.

Indian families abroad often manage expenses in multiple currencies, such as rent, school fees, and daily essentials, across borders. Grey simplifies it all with USD, GBP, and EUR accounts, low fees, transparent rates, and secure access all in one app.

‍Sign up or download the Grey app today to take charge of your family’s finances across currencies.

‍