How is the multi-currency account better than a US domiciled US Dollar account?
The USD account of your multi-currency account is domiciled in the UK but can hold US Dollars offshore just like a USD account. You can also send and transfer money in the US like a local.
There is no interest in your account – which means you don’t have to worry about filing taxes for it in the US and in your home country. The average interest in a US Dollar savings account was less than 0.10% in 2020, which means an interest of less than $10 on a $10,000 deposit account.
The cash in your multi-currency USD account is also safeguarded with large global financial institutions – which means Winvesta or its E-Money Institution (EMI) can’t use it for lending, investing, or operations. Unlike the FDIC insurance limit of $250,000, there is no cap on the amount that is safeguarded in your multi-currency account.
With the multi-currency account, you also get the flexibility to convert money to any currency within the account and plan all your global finances in one place.