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Neobanks in Multi-currency category in Kenya
Multi-currency bank accounts
Neobanks and digital banks are increasingly allowing people access to multi-currency bank accounts and international money transfer services. These services are particularly popular among individuals and businesses that frequently send and receive money in various currencies - all from a single account. Some neobanks and digital banks even provide customers with their own international bank account numbers (IBANs), which make it easier and cheaper to receive payments and make purchases in other countries.
International money transfers
International money transfer services are another indispensable feature offered by neobanks and online banks. Providers such as MoneyGram, RiaMoneyTransfer, Wise and WorldRemitly allow customers to send money to friends, family, or businesses in different countries. These multi-currency money transfers take place faster and are more affordable than traditional wire transfers.
Free or no fee exchange rates
Neobanks also offer the convenience of sending and receiving money in various currencies anywhere in the world. These digital banks offer competitive exchange rates and low fees. Some neobanks have completely eliminated fees and can even exchange money at inter-bank rates.
This feature makes them a popular choice for those who regularly make international payments, need to pay in several currencies or otherwise wish for price transparency for currency exchange operations.
