Question 1

What are multi-currency accounts and why do Africans need them?

Accepted Answer

Multi-currency accounts let you hold, send, and receive money in multiple currencies from a single account. They are valuable for African freelancers earning in USD or EUR, businesses importing goods, travellers, and anyone making international payments, as they avoid costly currency conversions with each transaction.

Question 2

How do multi-currency accounts save money on forex?

Accepted Answer

Instead of converting every incoming or outgoing payment through your bank at unfavourable rates, multi-currency accounts let you hold foreign currencies and convert only when rates are favourable. You can also receive payments in the same currency and pay expenses without double conversion, significantly reducing forex costs.

Question 3

Which currencies can I hold in African multi-currency accounts?

Accepted Answer

Most providers support major currencies like USD, EUR, GBP, and sometimes others like CAD or AUD. Some also support African currencies for intra-continental transactions. The specific currencies available depend on the provider. Check each listing for the full list of supported currencies.

Question 4

Can I receive international payments into a multi-currency account?

Accepted Answer

Yes. Most multi-currency account providers give you dedicated account details or virtual IBANs in supported currencies, allowing you to receive payments from international clients, marketplaces, or employers directly into your account without intermediary fees.

Question 5

How do I choose between multi-currency account providers?

Accepted Answer

Compare supported currencies, exchange rate markups, monthly fees, transfer fees, and card availability. Consider whether the provider offers virtual or physical cards for spending in foreign currencies. Also check the speed of currency conversion and whether the platform integrates with invoicing or accounting tools you use.

Best Multi-currency Products in Africa (2026)

Frequently Asked Questions

Best Multi-currency Products in Africa (2026)

Kobopay

Cleva

SwyChr

Lantan

Longswipe

Centiiv

Reasy

MUDA

Greybox

Subsbase

Ratefy

Sabika

Wapipay