How to Choose the Right Multi-Currency Debit Card for Your Business

June 10, 2021

Card types, fees, ease of opening, and more: read our tips and guidance to make sure you choose the right multi-currency card for your business.

If you’ve ever had to chase up accounts to use the only office card to order stock, purchase supplies, or take on a business trip, then you know how frustrating this can be.

This is where multi-currency debit cards are changing the game for businesses. They can be physical or virtual, you can use them to make purchases online and abroad, and they operate exactly the same way as their physical counterparts. When you sign up, you receive a randomly generated 16-digit number that acts as your virtual card, complete with a card verification number and expiry date. 

Multi-currency debit cards can be used anywhere your physical card can be. With virtual cards, you get all the security of a regular card with the flexibility and convenience of it being virtual, plus there’s no physical card to lose.

Multi-currency debit cards are changing how businesses do banking. So, it’s important to find the one that’s best suited to your business needs.

Here’s what you should look for, and how to choose the right multi-currency debit card for your business.

Choose the type of multi-currency card you need

There are a few variations on what a multi-currency debit card can offer you, so it’s important to think about how you and your staff will be using your cards before you settle on one. First off, do you want physical cards or virtual cards? Virtual cards have several benefits including quick setup, added security, and you can’t lose them.

Standard multi-currency debit cards work the same way as your traditional debit cards. You can use them for everyday transactions, recurring payments, stock orders, and anywhere you would typically use your normal debit card. Always check what currencies and digital assets are available to use.

There are also single-payment multi-currency debit cards you can create for a specific amount and set them to expire once you’ve used them. They’re particularly useful for payments to new or unfamiliar merchants and for larger payments as they reduce the risk of fraud.

You can also add services to your multi-currency debit cards. We’ve designed TextBit to enable you to send funds directly to anyone in your phone contacts in just a few clicks—even if they don’t have an account with us.

Exchange rates and fees 

Multi-currency debit cards are great for international purchases, so it’s handy to familiarise yourself with the exchange rates and any fees. Always check that the supplier clearly and transparently outlines any fees incurred on foreign transactions. Do they offer a fair FX rate or, ideally, use the interbank rate with low or even no fees for transactions?

Always read the Product Disclosure Statement to check what fees you pay for using your card. Many multi-currency debit card providers offer competitive fees on their products, or even remove them altogether.

Ease of reconciliation

A good multi-currency debit card should sync with your accounting software so you don't need to track down receipts for each transaction. You should be able to use your provider’s app to manage your spending in real-time and access up-to-date card statements at the click of a button.

Is it easy to open an account and start using your multi-currency debit card?

One of the game-changing aspects of virtual multi-currency debit cards is you don’t need to go to a physical branch to open an account. You can do it entirely online and you don’t have to wait five business days to receive it in the post. Always check that you can open and manage your account completely online and when you can start using your cards. 

Baanx helps you bring your business into the virtual world

Read more about virtual multi-currency debit cards and learn about how to set them up for your business. They’re quick and straightforward to create and they can be added to your existing payments services or built from the ground up as a white-label app with your branding and colors proudly displayed on the virtual cards and wallets. 

Contact us to learn more and request a demo.