How Can Multi-Currency Cards Empower Global Businesses?

Published on
June 28, 2023
Written by
Marissa Saini
Writers@Aspire
Reviewed by
Episode #
How Can Multi-Currency Cards Empower Global Businesses?
Understand multi-currency cards, their features & benefits for businesses. Explore top multi-currency card providers in Singapore.
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Multi-currency cards are payment cards that enable users to hold and transact in multiple currencies using a single card. They are typically issued by financial institutions or fintech companies, making it convenient for businesses having multi-currency accounts to manage and spend money in different currencies with minor financial implications.

Multi-currency cards in Singapore offer various features making them highly beneficial for businesses. Some standard features to look for are mentioned below.

Features of multi currency card

1.Competitive exchange rates

Multi-currency cards often offer competitive exchange rates compared to traditional banks or dedicated currency exchange service providers. It's essential to compare rates and conversion fees among different card providers to optimally utilize favorable conversion rates.

2.Real-time currency conversion

When making a payment or transaction, multi-currency cards automatically convert the funds from the relevant wallet or account into the local currency at the prevailing exchange rate. This ensures seamless currency conversion without the need for manual intervention to perform calculations or currency conversion.

3.Online/offline payments

These cards can be used for both online and offline transactions. They can be swiped at point-of-sale terminals or used for online purchases, providing businesses with the flexibility to accept payments in different currencies.

4.ATM withdrawals

They typically allow businesses to withdraw cash from ATMs worldwide. This feature is particularly handy for business travelers or companies engaging in international operations. One major advantage is it provides access to local currencies while traveling or conducting business abroad.

5.Synced with account management apps

Many multi-currency card providers offer mobile apps or digital platforms allowing businesses to manage their accounts through card details. Mobile applications enable users to check balances, view transaction history, deposit funds, and manage currency at the drop of a hat.

6.Multi currency accounts/wallets

Multi-currency cards allow businesses to hold balances in multiple currencies that can be accessed using a single card. These accounts/wallets can support major foreign currencies like USD, SGD, EUR, GBP, AUD, and more. The card providers typically offer a range of currencies to transact.

7.Easy to add money

Multi-currency cards can be reloaded with funds through various channels like account transfers, debit or credit card payments, or online platforms. Service providers often offer easy and user-friendly deposit options to ensure businesses have sufficient funds available when they are most necessary.

8.Travel advantages

Some multi-currency card providers offer additional travel perks like travel insurance coverage, airport lounge access, or discounts on travel-related services. Businesses with frequent travel requirements can fully utilize these benefits.

9.Notifications and alerts

Most multi-currency card providers often offer real-time transaction notifications and alerts. Businesses can receive notifications via email, SMS, or mobile app notifications for every transaction made with the card. This feature helps enhance security and track expenses.

10.Security Features

These cards often have security features to protect against fraud and unauthorized transactions. Card safeguards may include PIN protection, card blocking or freezing options, and the ability to set transaction limits, as in the case of multi-currency debit cards.

When considering signing up for a multi-currency card in Singapore, it's essential to review the terms and conditions, fees (including issuance fees, transaction fees, and reload fees), quality of customer support, and any additional services provided by the card issuer. Comparing the offerings of multiple providers can help businesses select the best multi-currency card that suits their specific needs and preferences.

Benefits of multi-currency cards for businesses in Singapore

The vast features of multi currency cards can undoubtedly compel companies to use them. At the same time, there can be a plethora of reasons for businesses to choose the best multi-currency card in Singapore, like the ones mentioned below.

1.Efficient currency management

These cards allow businesses to hold and manage multiple currencies using a single card. This tool eliminates the need to open and operate separate bank accounts for the many different currencies businesses frequently trade-in, streamlining currency management and reducing administrative complexity. Also, multi-currency debit cards in Singapore allow businesses to impose transaction limits to stay in control of the funds.

2.Convenient global payments

With this card, businesses can make international payments in various currencies directly. This helps get rid of manual currency conversions or wire transfers, simplifying the payment process and potentially reducing foreign transaction costs.

3.Cost savings

Multi-currency cards may offer lower exchange rates than traditional currency conversion services or international wire transfers. By utilizing the card for foreign currency payments, businesses can potentially save on repeated currency conversion fees and secure more favorable exchange rates.

4.Currency hedging

Some multi-currency cards provide options for locking in forex rates in advance. This feature allows businesses to hedge against currency fluctuations by pre-loading funds at a specific exchange rate, providing more certainty and stability for future financial transactions.

5.Flexibility for foreign travel

A multi-currency card can be highly beneficial if a business requires frequent international travel. It allows for loading multiple currencies onto the card, enabling access to local currencies conveniently while avoiding excessive foreign exchange fees and commissions.

6.Online/e-commerce transactions

These cards are specifically helpful for businesses engaged in regular online or e-commerce activities. They allow seamless currency conversions during online transactions, enabling businesses to cater to customers in different countries without the hassle of managing multiple payment gateways or accounts.

7.Realtime account management

Multi-currency card providers often offer digital/mobile services to enable businesses to monitor account balances and check previous transactions and currency holdings in real time. This provides businesses with accurate and greater visibility and control over their international payments and currency positions.

8.Enhanced security measures

Multi-currency cards typically offer security features like chip-and-PIN technology, transaction alerts, and card block/freeze options in case of loss or theft. This can help protect businesses against fraudulent and unauthorized transactions.

Before choosing a multi-currency card, businesses should check if a particular card's features align with their specific needs and goals and contemplate how beneficial additional services can be for their enterprises.

Top providers of multi-currency cards in Singapore

Choosing the best payment service provider for your business's international transaction needs can take considerable time and effort. A quick online search can help identify the top players in multi-currency card services.

While the card providers' rankings and availability can change over time, the ones mentioned below are some reputed fintech companies in Singapore.

Aspire

Aspire's multi currency corporate cards allow businesses to leverage market-leading currency exchange rates, 2x cheaper than traditional banks. Issue these cards to spend directly in some of the most popular foreign currencies used for trading, utilize free local transfers by saving on unnecessary fees, send money across the globe at low transaction fees. They offer unlimited 1% cashback and host of security features such as instant freeze/unfreeze of cards, merchant locks, limit setting options etc. You can also create unlimited virtual cards for your employees at no extra cost. Apply now!

Wise

Wise offers a multi-currency account and debit card that allows businesses to hold and spend money in multiple currencies like GBP, EUR, USD, CAD, AUD, NZD, and SGD at competitive exchange rates. Managing money internationally can be easy with virtual cards that can be ordered online and issued within minutes for minimum charges. They can be freezed/unfreezed instantly.

Revolut

With Revolut, you can pay like a local at competitive foreign exchange rates, hold, and send money across borders in over thirty currencies. All you might need to do is open an account for a specific foreign currency online, get a card issued, and start paying. Also, the debit cards are empowered with features like real-time currency exchange besides international money transfers.

To summarize

Multi-currency cards hold significant importance for businesses in Singapore for various reasons. Firstly, Singapore is a central hub for international trade and commerce, with businesses engaging in transactions with partners worldwide.

These cards enable businesses to efficiently manage and streamline their cross-border payments, reducing the complexities associated with currency conversions and minimizing foreign exchange costs.

Secondly, multi-currency cards facilitate seamless online transactions and enable businesses to purchase from international suppliers/clients, eliminating the need to hold separate currency accounts or multiple payment methods to facilitate global payments.

Also, multi-currency cards allow businesses to exercise greater control over employee expenses during business travel, allowing for swift tracking and reporting of expenditures in different currencies. Moreover, these cards offer enhanced security features and enable businesses to establish spending limits, ensuring tighter financial controls.

Conclusion

Multi-currency cards provide businesses in Singapore with convenience, remarkable financial savings, improvised financial management, and increased flexibility in conducting international transactions, so every business with a global footprint should consider getting and using them.

If you are a business doing transactions transcending borders, then Aspire's multi-currency card can surely impress you. Try Aspire's forex calculator for real-time indicative rates, only to realize that Aspire provides a less expensive, quicker, and transparent way to send money in international currencies across borders.

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ABOUT THE AUTHOR
Marissa Saini is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
Marissa Saini
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Aspire is the all-in-one finance operating system for businesses. Our mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
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