Hi,

Anyone knows where can I open a multi currency account? I would hopefully to gain some profit by transferring among different currencies.

I never heard of a multi-currency account. You can open several accounts in your name at the same bank - i have euro, gbp, usd and chf ones with Credit Suisse that I can transfer money between - if this is what you mean?

All banks should be very happy to help you if you think that you can make money like that with standard bank accounts and charges - they will be VERY happy to see you

What you want is multi accounts in the same or even different bank.

I had a multicurrency account once, it came with a cheque book that I could write in any currency, however the checks were expensive to process.

i opened a CHF and EUR accounts with postfinance, but not yet tried to transfer between them.

We had EUR, £ and AUD accounts with UBS in Zug. We wanted to receive money/transfer in these currencies without converting it. The exchange rates UBS quoted us were very bad so we used currency transfer companies when we did the actual transfers. In the end interest paid was next to nothing, so we were better off keeping the accounts in their physical countries.

It works just the rate is not fantastic.

With the money markets fluctuating so rapidly these days, it must be a great time to gamble..
I am actually thinking along same lines but the bank rates are not the way to go. I think oanda.com or xe.com are better with a source (your currency X bank account) and destination (your currency Y) account. I just registered with oanda but learnt it takes about 4 days for the money transfer to complete, although the live quote at the start is honoured. So how do these money traders transfer back and forth so much in a day ? not sure..

They hold their cash accounts with the trading company, stock broker etc. If your a reasonably big player speak to Goldman Sachs.

Not a big player me say about 20 K

You are right. I had a close look and only realize the rates offered by the banks are so bad here. In Singapore, one can just negotiate with the money changers and find the best deal base on the real time rate.

Are these websites reliable?

People here have used them and recommended them. Of course, if you don't feel comfortable using such companies that's understandable.

I'm considering using one such company (possibly HiFX) and I've heard good reviews - but to ease my mind I have read quite a bit of their small print (and have found nothing alarming at least).