A multi-currency account for freelancers

Freelancers who invoice foreign clients often lose a noticeable share of their income to conversion without thinking about it. Every time a payment in euros or dollars is automatically converted to your home currency by the bank, you pay a rate markup. Over a year that adds up to real money — and it is entirely unnecessary.

The solution is a multi-currency account where you can receive payment in the client's currency, hold it, and convert when the rate suits you — or use it directly for foreign expenses. Wise offers local account details in several currencies, so a client can pay you as if you had a local account in euros or dollars. For those who operate more like a small company than a private individual, Airwallex covers the same need with more business functionality.

The smart habit is not to convert reflexively. Hold income in the currency you also have expenses in, and only convert the surplus. That way you avoid paying a markup on money that is going out again in the same currency anyway.

This is a specialised part of a bigger picture. The general mechanics are in send money abroad cheaply, the choice between account types in online bank vs traditional bank, and the overview of it all in personal budget and money management.

Receive in the client's currency, convert deliberately, and keep an overview. This is not financial advice — consider tax matters with an accountant.