Travelling, working, investing abroad: our lives increasingly span countries and currencies. Managing multiple currencies becomes a real challenge. What if a foreign currency account helped you stay in control of your finances?
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If you frequently receive or make payments in a foreign currency, an account in the same currency helps to limit fees and exchange rate margins.
You decide when to convert your money, depending on the rate you find most favourable, instead of being subject to the current rate automatically.
For people who work daily with companies and currencies worldwide, it is easier and more cost-effective to send and receive money directly in the relevant currency.
Holding funds in several currencies can also be part of a diversification strategy or facilitate access to certain international investments.
A foreign currency account is a sub-account denominated in a foreign currency, other than EUR, such as:
In practical terms, this means:
A foreign currency account is particularly suitable for:
A foreign currency account allows you to:
It is a valuable tool for managing a foreign currency from Luxembourg with more control and often lower costs in an international environment.
Amy, a British expatriate living in Luxembourg, regularly travels to London to visit her family. Her salary is paid in EUR into her account in Luxembourg.
Initially, she simply used her EUR card during her stays, without paying attention to exchange rates. The result: sometimes unfavourable conversions and fees applied to every payment.
Since opening a pound sterling account, Amy has gained more control. She decides when to convert part of her income for her travel budget. Before each trip, she withdraws GBP directly. On site, she pays in the local currency, without automatic conversion.
Her expenses are clearer, daily fees disappear and unpleasant surprises are avoided, while sometimes benefiting from favourable exchange rates.
For occasional payments abroad, consider choosing the local currency rather than EUR when the terminal offers the option. For regular use or frequent stays, a foreign currency account remains the most convenient solution. Our Mastercard Platinum and Elite cards also help reduce fees.
Marie is preparing a three month trip to Japan. With a significant budget, every exchange rate movement matters.
She opened a foreign currency account and gradually converts part of her savings into yen, at different times deemed favourable. This approach allows her to smooth the risk linked to exchange rate fluctuations.
On site, she mainly uses her yen for everyday expenses and, when paying by card in EUR, systematically chooses the local currency.
The result: a controlled budget, fewer unnecessary conversions and greater peace of mind during her stay.
Marc lives in Luxembourg and owns a property rented to Swiss and American tenants.
His rents were paid in CHF and USD, and then automatically converted into EUR, often at unfavourable rates and with fees.
Since opening CHF and USD accounts, Marc keeps his income in its original currency. He decides when and how much to convert, according to his needs.
He even uses his CHF to pay certain expenses in Switzerland and is considering saving for a future investment.
Avoid automatic conversions into EUR if you receive income in foreign currencies. Keep them in a dedicated account and convert when it seems relevant to you.
Anja,a translator of Polish origin living in Luxembourg, regularly sends money to her family in Warsaw.
Previously, her transfers in EUR were automatically converted into zloty, resulting in fees and sometimes disappointing final amounts.
Thanks to a foreign currency account, Anja can now send directly in PLN. Payments are more transparent and managing her family budget is easier.
For your transfers in foreign currencies, avoid unnecessary conversions! Prefer sending or receiving directly in the relevant currency. Use a foreign currency account to better control the timing of conversion and reduce costs.
Louis closely follows the markets and one day decides to convert part of his savings into US dollars, anticipating favourable exchange rate movements.
Beyond a strategic choice, this also makes his future plans easier, particularly settling in the United States, and allows him to invest directly in USD on US financial markets.
Optimising conversions depending on market conditions involves a degree of risk. Exchange rates remain unpredictable and this approach must be adapted to each individual profile.
A foreign currency account remains above all a management and flexibility tool, not a speculative product.
For savers and investors, several solutions exist:
1. Foreign currency savings account :
2. Foreign currency term deposit :
Il s'agit de bloquer une somme en devise étrangère pendant une durée déterminée :
There is also a wide range of BNP Paribas funds in foreign currencies, intended for more experienced investors.
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