If you have a business that does cross-border transactions, you like buying from international ecommerce platforms, or you are a frequent traveler, you need to find the best multicurrency card. A multi-currency card can support multiple fiat currencies and/or cryptocurrencies. You can switch currencies held on your card from one currency to another. In this article, we are going to focus on multicurrency cards, their benefits, and some of the best multicurrency card providers around the world.
Multicurrency Cards: Key Takeaways
- Some multicurrency card providers set locked exchange rates to cushion users from frequent fluctuations in exchange rates.
- Most of the providers do not charge international transaction fees.
- Multicurrency cards are easy to use and are accepted globally. You can use them to make online payments and at POS terminals.
Contents
What is a Multicurrency Card?
A multicurrency card is a card that allows you to switch between multiple currencies. This means that you can switch your cash balance to different currencies. Multicurrency cards are essential for businesses that need to manage their spending and make cross-border transactions. Also, if you are a digital nomad or a frequent traveler to different countries, a multicurrency card is necessary for you.
Benefits of a Multicurrency Card
You enjoy the following benefits when you use a multicurrency card:
- Ease of use. You can use one card when you are traveling to multiple countries. There is no need to sign up for multiple cards. You can always switch currencies on your card and spend anywhere.
- Globally accepted. Multicurrency cards are accepted anywhere across the world, and you can use them to make payments.
- Locked-in rates. You don’t have to worry about fluctuation in exchange rates. Multicurrency card providers usually set locked rates when you load the card. Exchanges take place at POS terminals using an internal rate.
- Cost-effective. Multicurrency cards do not include markups and commissions from third parties, thereby making them cost-effective.
- Safe and secure. When you lose your multicurrency card, you can lock it or change your PIN online. It is also possible to unlock it online.
Multicurrency Card Providers
The following are some of the best multicurrency card providers you can consider.
Wise Multicurrency Card
Wise multicurrency card is one of the best multicurrency prepaid cards for frequent travelers. The card is offered by Wise, formerly Transferwise, a British fintech. It supports over 50 currencies and offers competitive exchange rates globally. It also has the lowest conversion fee and no international transactions or monthly or annual fees. Furthermore, it is also very cheap to send money overseas.
Wise Card Currencies
It supports over 50 currencies including USD, AUD, EUR, GBP, BGN, BRL, CAD, CHF, CZK, DKK, HRK, HUF, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD, and TRY.
Wise Supported Countries
Wise multicurrency card is supported in the UK, US, Australia, New Zealand, Singapore, Malaysia, Japan, Switzerland, and EEA.
To use Wise multicurrency card, you first need to open a Wise account. The prepaid card spends money from your Wise multicurrency account. Open your Wise account here.
HSBC Everyday Global Travel Card
HSBC Everyday Global Travel Card is one of the best multicurrency travel cards in Australia. Although this specific card is available only in Australia, HSBC offers multicurrency cards in all countries where it operates in. This means you can get HSBC multicurrency card in Hong Kong, Singapore, UK, etc. You will not be charged ATM fees when you transact with HSBC tellers, and no international transaction fees. Besides, it does not charge account maintenance fees, initial card fees, or currency conversion fees.
HSBC Card Currencies
HSBC Global Travel Card supports up to 10 currencies: AUD, USD, GBP, EUR, HKD, CAD, JPY, NZD, SGD, and CNY. Note that CNY is on the list of restricted currencies.
HSBC Supported Countries
HSBC is supported in over 64 countries in Africa, Asia, Oceania, Europe, North America, the Middle East, Latin America and South America.
ING One Rate Credit Card
If you are interested in a multicurrency credit card in Australia, then ING One Rate Credit Card is one of the best choices. It is a multicurrency credit card that helps you use installment plans to pay off your purchase at low-interest rates. It does not charge international transaction fees on purchases. You also get up to 45 days interest-free on purchases and a low cash advance interest rate of 11.99%.
ING One Rate Credit Card Currencies
It supports major currencies like USD, EUR, AUD, DKK, SEK, CHF, JPY, CAD, NOK, GBP, SAR, XAU, PLN, and RUB.
ING Supported Countries
ING is a multicurrency credit card in Australia.
Bankwest Breeze Platinum Credit Card
Bankwest offers one of the best multicurrency credit cards in Australia with the lowest interest rate of 9.90%. It does not charge international transaction fees on purchases, while the annual fee is very low. You also get up to 55 days interest-free on purchases. It has complimentary travel insurance.
The bank also offers the Bankwest Zero Platinum Mastercard, which is a no-annual-fee credit card that offers no foreign transaction fees on online and overseas purchases, as well as complimentary international travel insurance.
Supported Currencies
It supports the following currencies US dollars, Great Britain pounds, Canadian dollars, Danish kroner, Euros, Hong Kong dollars, Japanese yen, New Zealand dollars, Norwegian kroner, Singapore dollars and Swiss Francs.
Supported Countries
Bankwest is supported in over 200 countries like Canada, Denmark, India, Japan, New Zealand, Norway, European Union, the United Kingdom, Hong Kong, Papua New Guinea, Singapore, South Africa, Sweden, Switzerland, and the United States.
Revolut Travel Card
Revolut travel card has one of the best exchange rates globally. It supports over 27 currencies and does not charge international transaction fees. You can use it to instantly access a wide range of cryptocurrencies. It does not charge annual or monthly fees or card initial fees.
Revolut Card Currencies
Some of the currencies it supports include AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD and ZAR.
Revolut Supported Countries
Revolut is supported in the following countries: Austria, Belgium, Bulgaria, Croatia, Finland, Ireland, Italy, Latvia, Poland, Liechtenstein, Lithuania, Germany, Greece, Hungary, Iceland, Czech Republic, Luxembourg, Malta, Netherlands, Norway, Republic of Cyprus, France, Denmark, Estonia, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
DBS Multicurrency Card
The DBS Multicurrency Card is a debit multicurrency card in Singapore that allows you to make purchases and cash withdrawals in up to 11 different foreign currencies without incurring any foreign exchange fees. By linking your card to a DBS My Account, you can hold 12 different currencies. It enables you to enjoy complimentary ATM withdrawals at DBS and POSB ATMs across Singapore, while a nominal service fee of S$7 applies to ATM withdrawals from overseas Visa/Mastercard ATMs.
DBS Card Currencies
With DBS multicurrency card, there are no foreign exchange fees when spending or withdrawing money in 11 supported currencies: Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Kroner (NOK), Sterling Pound (GBP), Swedish Kroner (SEK), Thai Baht (THB), US Dollar (USD).
Qantas Premier Platinum Credit Card
Qantas Premier Platinum is a good multicurrency travel card. You get 90,000 points when you sign up, and it doesn’t have a cap on the points you earn. For every dollar you spend overseas, you earn 1.5 points. You also earn points when you spend in Australia and get two times entry to Qantas Club or Business Lounge per anniversary year.
Supported Currencies
Qantas Premier Platinum Credit Card supports 11 currencies including USD, GBP, EUR, THB, NZD, SGD, HKD, CAD, JPY, AED, and Australian Dolar.
Supported Countries
You can apply for a Qantas multicurrency card if you are a permanent Australian resident, and you are a Qantas Frequent Flyer member. You can use Qantas Premier Platinum Credit Card in most of the countries around the world. However, it is not supported in countries with sanctions like Iran, North Korea, Sudan, Cimea, and Syria.
Multicurrency Card in Nigeria
- First Bank Nigeria is offering a Visa multicurrency debit card. It is the first of its kind in Nigeria. It supports the following currencies: NAIRA, USD, EURO and GBP. Furthermore, it has an issuance fee of N1,000 and no fees for local ATM withdrawals. Its International ATM withdrawal fee is $3 or its equivalent in Euro and GBP. There is a maintenance fee of N50 and an annual maintenance fee of $20. Transactions at POS are free
HDFC Multicurrency ForexPlus Card
HDFC Bank Multicurrency Card is one of the top multicurrency cards in India. It supports up to 22 currencies and offers utmost security to your funds. You can use the card to make contactless payments or use it for online transactions. Transactions are authenticated with an OTP. It is ideal for people who settle abroad in countries like Canada and New Zealand, people going to work abroad, people who are travelling abroad for treatment and students pursuing studies abroad.
Supported Currencies
Supported currencies include USD, EUR, GBP, AED, AUD, BHD, CAD and CHF.
Supported Countries
Multicurrency Forex Card is offered in India, and it works in many countries including Austria, Belgium, Denmark, France, Germany, Italy, Malaysia, Netherlands, New Zealand, Norway, Portugal, South Africa, Spain, Switzerland, Sweden, United Kingdom, Australia, Canada, Hong Kong, South Korea, Thailand, Japan, Greece, Bahrain, Croatia, Czech Republic, Monaco, Poland, Saudi Arabia, Singapore, UAE and USA.
Thomas Cook Multicurrency Card
Thomas Cook offers two types of multicurrency cards; Thomas Cook Travel Prepaid Card and Borderless multicurrency prepaid card. For Thomas Cook Borderless multicurrency prepaid card, you can load nine different currencies. You can use the card for all your forex needs. With Thomas Cook travel card, you can use it if you frequently travel to different countries. You can use it to make payments when you are on a trip and foreign exchange. Thomas Cook’s multi-currency card comes with an insurance cover of up to USD 10,000.
Supported Currencies
It supports currencies like US Dollars, Sterling Pounds, Australian Dollars, Singapore Dollars, Euros, Canadian Dollars, Swiss Francs and Arab Emirates Dirham, and Thai Baht.
ICICI Multi-Currency Travel Card
The ICICI Multi-Currency Travel Card, offered by ICICI Bank, is a multicurrency card in India designed for international travel. It lets you easily spend and withdraw money in various foreign currencies while you’re abroad. This card works at merchants and ATMs worldwide that accept VISA cards.
The card is available to Indian residents who are 18 years or older and can be applied for online or at any ICICI Bank branch. There’s a card issuance fee of ₹150, along with a loading fee of ₹100 per currency.
ICICI Travel Card Currencies
You can load the card with 15 foreign currencies: the United States Dollar (USD), Great Britain Pound (GBP), Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), Singapore Dollar (SGD), United Arab Emirates Dirham (AED), Swiss Franc (CHF), Japanese Yen (JPY), Swedish Krone (SEK), South African Rand (ZAR), Saudi Riyal (SAR), Thai Baht (THB), New Zealand Dollar (NZD), and Hong Kong Dollar (HK
MasterCard Multicurrency Cash Passport
The MasterCard Multi-currency Cash Passport is a prepaid Mastercard currency card. You can load multiple currencies onto it before you travel at the most current foreign currency exchange rates, and then use it in millions of cash machines worldwide, to access your money quickly and safely. You can exchange currencies at competitive rates, and make online payments.
Supported Currencies
The Multi-currency Cash Passport supports Euros, US Dollars, Australian Dollars, Canadian Dollars, New Zealand Dollars, South African Rand, Turkish Lira, Swiss Franc and Emirati Dirham.
Supported Countries
You can apply for a MasterCard Multicurrency Card in Australia, Brazil, Japan, New Zealand, United Kingdom, Canada, France, Malawi, Mexico, the Netherlands, South Africa, UAE and Zimbabwe.
Summary of the Best Multicurrency Card
When selecting a multicurrency card, you need to consider the supported currencies, currency conversion fees, annual fees, and international transaction fees. Make sure to go for a multicurrency card that offers you full benefits and is secure enough. Ultimately, it is also good to consider what your needs are.
Multicurrency card FAQs
What's a multicurrency card?
A multicurrency card, also known as a multi-currency prepaid card or forex card, is a type of payment card that allows you to load, store, and spend multiple currencies on a single card. It's designed to provide travelers or individuals who frequently make international transactions with a convenient and cost-effective way to manage different currencies. It helps them to avoid paying high currency conversion fees.
Which multi currency card is best?
Some of the most popular and best multicurrency cards include: Wise Multicurrency Card, HSBC Everyday Global Travel Card, Revolut Travel Card, Multicurrency Card Thomas Cook, Qantas Premier Platinum Credit Card, and Bankwest Breeze Platinum Credit Card.
How a multi currency card works
A multi-currency card is like a special money card that you can put different types of money on. This lets you make purchases or take out money in different countries without needing to change your money. When you buy something or take out money with this card, it changes the money into the local currency in that country automatically. This means that you will always get the best possible exchange rate. Multi-currency cards are a great way to save money on currency exchange fees.
What's a dual currency card?
A dual currency card is a type of debit or credit card that allows you to hold and use two different currencies in one card.
Is travel card and forex card same?
A travel card and a forex card serve similar purposes for international travelers, providing convenient and secure ways to access funds abroad. However, they differ in key aspects. A travel card can hold multiple currencies with varying exchange rates and fees, while a forex card is loaded with a single foreign currency at a fixed exchange rate. Travel cards offer broader acceptance but may vary by currency, while forex cards are designed for specific countries. Travel cards are often reloadable online, whereas forex cards may or may not be.
