The Edge: Multi-Currency Solutions for Global Citizens

This article discusses how financial technology players are resolving multi-currency issues for global citizens. From a financial planner’s perspective, Ian notes that companies are starting to cater for this market where people want to travel overseas without having to pay bank fees for currency conversion or transfers abroad. 

Ian’s advice to frequent travellers is to plan ahead of time and gradually change currencies over time, and only what they need. He discourages people from holding on to foreign currency unless it’s required, for instance if they often travel to those places for work or leisure. He also notes that some banks offer dual-currency investment accounts and that it depends on how much work you’re willing to put in, whether you want to save on costs or opt for convenience. 

For parents planning to send their children abroad for studies, they can gradually invest in assets that are priced in foreign currencies or if they’re unsure which country they are sending their child to, they can invest in ringgit-denominated assets such as equities with strong fundamentals or ETFs that track foreign assets. However, if the child is being sent off within the next few years, parents can look into dual-currency accounts, fixed deposits or other viable short-term investments. 

This article can be found online here.