Multi-currency, multi-benefits 

Forbes Advisor, a true expert in finance, describes the topic as follows: «A multi-currency account allows you to send, hold and receive various currencies in one place. In other words, you make and receive payments in foreign currencies without needing to open several foreign accounts. An account holder can easily make transactions between different currencies with a single account number.» In a sleepless and 24/7 interconnected world like ours, this comes in quite handy, don’t you think? But no two eggs are the same, especially for this account type. Here’s why you should care about the Yuh multi-currency account: 

The Yuh multi-currency account is unique 

The day you decide to open an account at Yuh is the day you’ll automatically become the owner of a multi-currency account. Any Yuhser gets 13 (yes, 13 is a lucky number) of the most popular and hyped currencies already waiting and raring to go on their account. You can manage CHF – USD – EUR – GBP – JPY – AUD – CAD – SEK – HKD – NOK – DKK – AED and SGD via one common dashboard, and you can always see how much of each currency you have in your wallet. 
13 currencies and 1 IBAN, instead of maybe 13 currencies, 13 accounts and 13 IBANs. 

Multi-currency account: 13 currencies, 1 IBAN 

Just in case IBAN doesn’t ring a bell, it means «International Bank Account Number», a system that many countries around the globe use to make the processing of cross border transactions easier while also reducing the risks. The number consists of up to 34 alphanumeric characters, starting with a country code (CH for Switzerland). 
But let’s bounce right back to your Yuh multi-currency account: 
When you send any of the above-mentioned currencies to your Yuh account, they will land exactly in their dedicated place. Euro will land in the EUR folder, Dollars in the USD folder, and so on. These currencies are part of the package and don’t need to be exchanged. Subsequently, they will not incur any fees. 
If you transfer any currency other than one of the 13 pre-installed currencies, it will automatically be exchanged into the currency with the highest balance in your account, e.g. CHF. In this case, some fees may apply, including a 0.95% Yuh fee and additional fees charged by third-party banks.
There are no transaction fees when you pay in any of the 13 currencies. This means that if you transfer euro to your Yuh account and then pay with those euro, we charge 0 fees. 
 
 

What makes Yuh the champ of multi-currency? 

You’ll quickly realise that Yuh’s multi-currency account has been designed to be a walk in the park: easy, free and a breath of fresh air compared to regular banks. It’s common for regular banks to not offer accounts with multiple currencies. Sometimes, the best you can get is CHF and EUR. Of course, this doesn’t mean that you can’t get a multi-currency account elsewhere. But remember us when you’re about to curse over the fact that each currency comes with its own separate account and IBAN, which is exactly the opposite of what you get with Yuh: 13 currencies and 1 IBAN, instead of maybe 13 currencies, 13 accounts and 13 IBANs. 

A multi-currency account lets you pay abroad like a local and leave your worries at home 

Imagine a world where you shop till you drop abroad and aren’t then shocked at home when you see the account statement. While regular banks will make you shiver with the fear of fees, no additional charges will make you gasp at Yuh! And now imagine you’ve just left the Swiss border but don’t have any euro. With Yuh’s multi-currency card, you don’t need any euro to pay in euro. Your CHF (or whichever is defined as currency with the highest balance in the app) will automatically be converted to EUR, and the currency exchange fee of 0.95% will simply and transparently apply on the amount you’ve paid.
On weekends, the currency exchange markets are closed, but no need to fret! The currency will be exchanged on Monday when the markets are open again. 
13 currencies in your Yuh app, but you’re in a country where none of them are suitable to pay with? In this case, you can just go ahead and pay in the local currency. The exchange into your currency with the highest balance will be done automatically in the Yuh app. The same applies when you withdraw cash from an ATM: the money will be debited from your currency with the highest balance. But be extra careful not to get fooled by certain ATMs, as some of them are crooks in disguise. Read more about money scams in our dedicated article. 

Multi-currency transfers: hoard your vacation money in the app 

As you learned above, it doesn’t matter whether you already hold a currency in your account or not, because you’ll always be able to pay in the local currency (which is almost always better). If you want to come prepared and prefer to get ahead of your spending, the Yuh app allows you to exchange currency before you need it. If you plan to spend 200 EUR, simply exchange them in the app ahead of time. When D-Day has finally sprung, the euro will automatically be taken from your euro Money Bin in the app. (Smart hint: always ask to pay in the local currency when prompted by the terminal). Quite cool, isn’t it? 
Yuh tip: Transfer smarter, not harder!
Transfer fees can sneak up on you when you’re not looking, but not with Yuh. Here’s your cheat sheet: 
  • Bank transfers in Switzerland and Liechtenstein in 13 currencies: FREE 
  • Bank transfers in Europe (SEPA) in EUR: FREE 
  • Bank transfers in Europe (SEPA) in other currencies: 4 CHF (plus intermediary bank fees may apply) 
Stick to EUR or CHF for local payments in Switzerland to keep things smooth. Sending money to another Yuhser? That’s also free in all 13 currencies. And if you’re into timing the markets, Yuh lets you set a target exchange rate for future transfers. Oh, and you can even send cryptos.