Multi Currency Banking Report for 2024

Welcome to TopMoneyCompare’s Multi Currency Banking Report 2024 (v5.0). This expanded edition provides an in-depth look at multi currency banking, including deposits, providers, corporate usage, retail adoption, and point of sale (POS) FX. In addition, we now explore global card transactions — focusing on how many trigger currency exchange — and the portion of global retail sales that occur on an “international” basis. Our aim is to give a broader perspective on how multi currency trends intersect with the global cards and retail sectors.

Introduction: The Expanding Reach of Multi Currency Banking

Multi currency banking is transforming how individuals and businesses deal with foreign exchange. While this approach once primarily served large corporations hedging currency risk, it has now become mainstream thanks to fintech disruptors and a globally mobile workforce. For us, our guides the best multi-currency accounts and best offshore banks have become one of our most sought-after guides.
In this enhanced report (v5.0), we cover:

Global multi currency deposits near $4.2 trillion
Growing fintech presence (including Wise, Revolut, Moneycorp) driving adoption
Point of sale (POS) & e-commerce usage, plus broader global card transaction insights
New data on how many global card payments trigger currency exchange, and what share of retail sales is “international”
Corporate vs. retail needs, with a spotlight on real time settlements and cross border expansions

Alongside resources from BIS, IMF, EBA, Capgemini, and Accenture, we reference RBR’s Global Payment Cards Data and Forecasts, Nilson Reports, and eMarketer data to shed light on cross currency dynamics in global card usage and retail commerce.

TopMoneyCompare 's Multi Currency Banking Report 2024 (v5.0)

Data and Sources

This report consolidates data from:

BIS Quarterly Reviews, IMF Financial Access Surveys
EBA 2023 EU-wide Transparency Exercise
Wise / Revolut / Airwallex 2023 Annual & Investor Reports
Capgemini World Payments Report, Accenture Global Banking Outlook
RBR’s Global Payment Cards Data & Forecasts, Nilson Reports (card-based FX usage), and eMarketer’s cross border e-commerce stats

We cross-checked major bank data (HSBC, Citibank, JPMorgan, Standard Chartered) and referred to our Top 5 Multi Currency Accounts guide to verify consumer and corporate adoption figures.

Defining Multi Currency Accounts

A multi currency account (MCA) lets users (individuals or businesses) hold, send, and receive several currencies in one account or wallet. This is distinct from maintaining separate single currency accounts across different countries. Core features include:

Multiple balances (USD, EUR, GBP, JPY, etc.) under a single interface
On-demand FX conversion at real time or near real time rates
Unified transaction records for cross currency usage
Optional linked cards supporting multi currency transactions at POS or online

Global Multi Currency Deposits

Estimates place global multi currency deposits between $3.8 and $4.2 trillion in 2024. Though these balances are modest compared to the broader deposit market, they are growing faster than single currency deposits. Key factors behind this growth include:

Expanding cross border e-commerce driving the need for flexible FX management
Corporate treasury interest in hedging and streamlined multi-country payroll
Fintech promotions by Wise, Revolut, Moneycorp, and others highlighting user-friendly multi currency offerings

Analysts project multi currency deposits to top $4.7 trillion by 2025, driven by real time settlement adoption and growing user comfort with fintech alternatives.

Multi Currency Deposit Growth (2022–2025)

Currency Usage and Popularity

Major currencies maintain a strong hold in multi currency accounts:

USD – ~90% of accounts, ~50% of balances
EUR – ~70% of accounts, ~20–25% share
GBP / JPY / CHF – ~10–15% combined
Emerging Market Currencies – ~15% total, with CNY, INR, BRL, etc. gaining traction for corporate needs

Fintech data suggests many users keep three or more currencies active to minimize fees and avoid repeated transfers. Corporate treasurers seek multi currency platforms to facilitate instant conversions and smooth cross border payables or receivables.

Multi Currency Account Balances by Currency (2024 Estimates)

Cross Border Transactions, POS FX, and Global Card Dynamics

The IMF and World Bank estimate overall cross border flows at $160 trillion in 2024, increasing by 5–6% annually. Multi currency accounts capture a growing slice due to transparent fees and fast settlement. This trend also appears in the in-store (POS) environment, where users paying in a foreign currency can benefit from more favorable FX rates.

RBR’s Global Payment Cards Data highlights significant growth in multi currency card activity, especially among Revolut clients, who reported a 45% annual increase in point of sale foreign currency transactions. Nilson Reports indicate that multi currency card usage on major networks (Visa, Mastercard) rose from ~2% of all transactions in 2019 to nearly 4% in 2023.

How many global card transactions trigger currency exchange?
Recent data from both RBR and Nilson suggests around 6–8% of card payments worldwide involve a foreign currency component, factoring in e-commerce and travel POS. This figure rises to 12–15% in regions with high tourism flows (e.g., Europe, Southeast Asia).

What percent of retail sales are “international”?
According to eMarketer, 21% of global retail e-commerce in 2023 was cross border, meaning the buyer and seller were in different countries. In certain markets like the EU, cross border online retail can surpass 30%, underscoring the need for multi currency solutions both online and at physical storefronts serving international visitors.

Growth of Multi Currency Card Usage at POS (2019–2023)

Retail Adoption and Consumer Behavior

Industry-wide data suggests 160–180 million retail multi currency account holders in 2024, covering categories such as:

Frequent travelers seeking favorable in-person FX rates
Cross border e-shoppers leveraging multi currency wallets to buy globally
Remote freelancers receiving USD/EUR wages while residing elsewhere
Expat communities juggling bills, mortgages, or remittances in multiple currencies

Revolut alone surpasses 25 million retail customers, ~30% maintaining multiple currency balances. Wise serves over 16 million customers emphasizing transparent, mid market rates. These metrics attest to multi currency’s growing mainstream acceptance.

Corporate Usage and Hedging Strategies

Companies from SMEs to major multinationals account for a significant share of multi currency deposits. McKinsey projects multi currency corporate usage may rise 10–12% annually due to:

Diversified supply chains across multiple regions
FX hedging by parking funds in different major currencies
Reduced cost and friction for global payouts or invoicing

Airwallex, for instance, processes over $100 billion yearly for SMEs and mid market clients. Large banks still handle top tier corporates, but specialist fintechs (including Moneycorp) increasingly appeal to mid sized firms needing simpler, cost effective solutions for cross border operations.

Providers and Competitive Landscape

According to Capgemini, more than 5,000 providers offer multi currency services worldwide. While established banks (HSBC, JPMorgan, Citibank, Standard Chartered) dominate large corporate accounts, fintech upstarts such as Wise, Revolut, N26, and Moneycorp excel among SMEs, freelancers, and cross border consumers. Specialist FX brokers also serve high value or niche corridors with competitive rates.

Fees, FX Spreads, and POS Markups

Fintech competition has led to narrower FX spreads, especially in major currency pairs. Where legacy banks once charged ~2–3% above interbank, fintech solutions commonly range between 0.3–1% for everyday retail users. Corporate clients can approach near interbank rates for larger monthly volumes.

Monthly account fees vary widely:

Traditional banks: $10–$30 (waived for certain high balance or premium clients)
Fintech tiers: from free basic plans to $5–$15 for premium, offering reduced FX or higher transaction limits

At physical storefronts, multi currency card usage can undercut the 3–5% typical Dynamic Currency Conversion (DCC) surcharge, a major motivator for travelers or professionals needing frequent in person foreign transactions.

Forecasts and Future Outlook

By the close of 2024, multi currency deposit totals are expected to exceed $4.2 trillion, heading toward $4.7 trillion by 2025. Fintech apps stand poised to capture up to 40% of new account signups, particularly among SMEs and global minded consumers. The continuing rollout of real time payment systems (FedNow in the U.S., SEPA Instant in Europe) will support faster cross border adoption by reducing time and cost.

POS multi currency usage may double within three years, linked to tourism, cross border commerce, and enhanced multi currency debit/credit cards. Meanwhile, eMarketer forecasts that international e-commerce will account for ~25% of total online retail by 2025, reinforcing the centrality of multi currency solutions for both merchants and buyers.

Experts anticipate that multi currency deposits could surpass $5 trillion by 2026–2027, with 40–45% of new users embracing fintech based platforms.

Multi Currency Banking: Projected Deposits & Fintech Share (2024–2027)

Conclusions

Multi currency banking has become a key element of the evolving global financial landscape. From cross border e-commerce to point of sale and international card usage, holding and converting multiple currencies is more common than ever. Principal takeaways include:

Market Momentum: Deposits climb to ~$4.2 trillion in 2024, potentially hitting $5 trillion by the latter half of the decade
Fintech Reshaping FX: Platforms like Wise, Revolut, and Moneycorp expand swiftly, winning new signups among consumers and SMEs
Card Transactions Triggering FX: 6–8% of global card payments now involve a foreign currency, increasing to 12–15% in high-tourism regions
Retail Sales Going Global: ~21% of online retail is cross border, projected to ~25% by 2025 in certain markets
POS Boom: Multi currency card usage at physical merchants has doubled from ~2% of volume in 2019 to ~4% in 2023
Future Potential: Real time payments and open banking expansions will further reduce friction and accelerate multi currency adoption

As domestic and international transactions converge, multi currency solutions deliver transparency and ease, making them integral to the future of global commerce. With deposits surging and cross border retail on the rise, the multi currency revolution will only gain momentum in the years ahead.

Sources and Further Reading:

BIS Quarterly Reviews
EBA 2023 EU-wide Transparency Exercise
IMF Financial Access Surveys
Wise 2023 Reports
Revolut Financial Results 2023
Airwallex Investor Updates
Capgemini World Payments Report
Accenture Global Banking Outlook
RBR’s Global Payment Cards Data & Forecasts, Nilson Reports, eMarketer
Leading banks: HSBC, Citibank, JPMorgan, Standard Chartered

WRITTEN BY

Matt Lewis

I'm Matt, the founder and primary editor at TopMoneyCompare. I previously held a management position at a notable UK currency brokerage, where I learnt that helping people navigate the complex world of finances is in my DNA.

FACT CHECKED BY

Russell Gous

I'm Russ, Editor-in-Chief of TopMoneyCompare. I have a decade-long industry experience, having worked at money transfer service providers and banks. I am a data-driven writer and editor and my goal is to make sure our articles are correct and up-to-date.