Multi-currency credit account
The same credit. The same account. Different currencies.
Multi-currency credit features
See Multi-currency credit account conditions Multi-currency credit account conditions
The multi-currency credit account is available to individuals and legal entities, whether they are residents or non-residents.
The credit is issued in euros and then you tell us the other currencies you want to trade with.
There are several ways to use this product:
- As credit in euros.
- As credit in a currency.
- As drawdowns in euros for a specified term: 30, 60, 90 or 180 days.
- As drawdowns in a currency for a specified term: 30, 60, 90 or 180 days.
- There may be two spreads, one for the euro tranche and one for the currency tranche
- The benchmark interest rate is set according to the currency of the credit facility and the agreed benchmark. Once the spread has been set, it applies to all currencies.
- Credit and debit interest on credit is settled the same day.
- Forward drawdowns in both euros and currencies are settled on the due date and debited to the credit tranche of the currency.
See FAQs FAQs
Can I use a multi-currency credit account for direct debits and deposits?
Yes, it works just like a normal credit account.
If I have balances in currency, does it raise my available credit balance in euros?
No, currency balances are not offset against debit balances in euros.
Is shared ownership possible?
Yes, it's possible, although there can never be resident and non-resident holders in the same policy.
What's the difference between the “policy exchange rate” and the “market exchange rate”?
Policy exchange rate refers to the exchange rate the Bank applies to drawdowns in foreign currency during a given year for the consumption of the policy risk limit. Market exchange rate refers to the price of currencies in the foreign exchange market.
Are market exchange rates taken into account for consumption of the limit?
No, only historical or policy exchange rates that remain in effect for 12 months.
When does the price of currencies change (policy or historical exchange rate) for loans?
Once a year, 15 days before renewal.