A multicurrency account is a bank or financial technology company account that allows you to spend, receive, and store different currencies. It can function similarly to a multi-currency overseas checking account with many subaccounts. Instead of creating a new bank account overseas, you can manage payments in a foreign currency. "While credit cards and multicurrency accounts allow you to spend like a local, only multicurrency accounts allow you to send and receive money swiftly," explains Leyla Beriker, Revolut's product owner for U.S. payments.