Multi-currency debit cards: Everything you need to know

A multi-currency debit card allows you to seamlessly switch between fiat currencies and digital assets, offering users a variety of different services.

By streamlining payments and making it easier for consumers to use multiple currencies and digital assets, multi-currency debit cards have numerous benefits. They are particularly beneficial for businesses that wish to manage their spending, make international transactions, and keep track of staff expenses. 

What are multi-currency debit cards? 

A multi-currency debit card works largely the same as a traditional debit card; it is a physical or virtual card that consumers use to pay for goods and services. Payments can be made globally and online exactly like a regular debit card and spending can be tracked and controlled through a banking app. 

Multi-currency debit cards usually work with Visa and Mastercard payment systems, which makes it simple for cardholders to pay for items at any POS (point of sale) that accepts both payment operators. They can be used to withdraw cash at ATMs, pay for items in-store, and to make online purchases. Some multi-currency debit cards can also switch between fiat currencies (pounds, euros, dollars, etc.) and digital assets (Bitcoin, Litecoin, Ethereum, etc.).

Multi-currency debit cards: the benefits 

Multi-currency debit cards are primarily designed to be used online and internationally. With quick and automatic currency exchanges, users can benefit from a streamlined spending experience. Exchanges take place at POS terminals at an internal rate set by card vendors that typically does not include markups and commissions from third parties. This makes using multi-currency debit cards cost-effective and potentially eliminates unexpected fees when purchasing goods and services online and abroad. 

Previously, multi-currency debit cards were accessible primarily only to large companies. However, developments in fintech mean they are now a more widely available service. An account can be set up online and businesses have the option to create multiple multi-currency virtual debit cards at once. Virtual cards can be created in seconds, making the process simple yet worthwhile.

When should you use multi-currency debit cards? 

Multi-currency debit cards offer streamlined international and online payments and also give account holders the ability to set up individual payment cards which can be used to make one-off payments. International business travel is made simpler with multi-currency debit cards; individual cards can be specifically set to process flights and accommodation bookings, avoiding potentially costly FX fees. 

There is also the option to set up individual payment cards for singular transactions, with the card becoming inactive once the payment is made. This gives businesses the assurance that money is being used for its intended purposes. Furthermore, this makes monitoring financial transactions easier and can help protect businesses from fraudulent activity. 

Which multi-currency debit card is best for your business? 

There are a variety of multi-currency debit cards, which serve different purposes, to choose from. Before making any decisions, it is important to establish which card will best suit your business needs. One key advantage of virtual cards is that they provide users with quick setup times and added security. 

Businesses can also choose between standard multi-currency debits cards and single-payment multi-currency cards. While standard cards work the same way as traditional debit cards, single-payment cards can be created to pay specific amounts and their expiry date can be controlled. This is useful for businesses that often deal with new merchants or make larger payments, as it can help reduce the risk of fraud.