Multi-currency payment by mobile

You’re going abroad and looking for a simple and intuitive solution to transfer your money to another currency or pay without too much bank fees? This article is for you.


The usual procedure

The issue of currencies has long been quite complex and difficult to manage on a daily basis for expatriates or travellers from all over the world. Not all regions of the world have the chance to have a single currency like the European Union. Traditionally, a person who goes to another country must open a new bank account in that country where he will deposit his earned money in the country’s currency and be able to spend it. If he wishes to keep the bank account of his country of origin and use it in his new country, then it will usually be necessary for the expatriate to go through complex and expensive money and currency transfers. Fortunately today, new solutions are changing the game.

A growing market: mobile multi-currency transfers and payments

Targeting mainly young people, many mobile applications have emerged in recent years around money transfer and multi-currency payment. With mobile becoming the first platform for connecting young people, this is an incredible opportunity that has opened up for banks and mobile payment start-ups.

In addition to their convenient features, the big advantage of these new mobile multi-currency payment applications is the very low exchange rate they provide to users. This allows applications to keep a comfortable commission fee while remaining very competitive with the usual foreign exchange shops.

Some mobile multi-currency payment apps


A British start-up, Revolut has quickly become one of the major players in the mobile multi-currency payment market. The user simply needs to create an account before adding an online wallet. Thanks to this it will be able to make transfers and payments in any foreign currency at the best rate. That’s Revolut’s promise.


Very similar to Revolut, the start-up Paytop costs 20 euros per year for students and allows to manage several portfolios online and thus transfer money to different currencies. Paytop’s focus is on parental control. Parents can freely transfer money from an outside account to one of their child’s cards or object to transfers.

Why international travel insurance?

Whatever the reason for your trip, be aware that travel insurance is always of primary use and that often the guarantees offered by your credit card and the repayment rates you could benefit from with the European Health Insurance Card are not enough.

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