One card, many countries

The multi-currency card is a unique product designed for travellers opening up a world of possibilities through its seamless multiple currency payment option



Published: Thu 22 Sep 2022, 10:47 AM

One of the biggest obstacles when it comes to travelling abroad has always been the issue of carrying the currency of the country. You stand to run the risk of cutting short your trip or missing out on important experiences if you run out of cash. Now, that problem has finally been solved. A multi-currency card is your best friend on your travels abroad as it is the easiest way to carry foreign currency and pay for expenses on your overseas trips.

For some, this might sound like a novel concept. For a layman, think of the multi-currency card as a prepaid travel card that can be topped up with a foreign currency of your choice. Now, you can use it just as you would swipe your normal credit or debit card to pay for your expenses in a local currency abroad. You can even withdraw local cash from an ATM.

This is a unique situation that gives travellers the release from having to carry wads of cash on their sight-seeing trips in a new country. With a multi-currency card in their pocket, they can relax and plan out their to-do list without the danger of running out of cash. Customers who own a multi-currency card can easily pay for entry tickets, rail and bus passes, taxis, restaurant bills, shopping etc with a swipe or a wave of their card.

How do multi-currency cards work?

In its working, a multi-currency card functions largely the same as a traditional debit card; it is a physical or virtual card that consumers use to pay for goods and services. Thus, through the card, customers can make global payments online exactly like a regular debit card and spending can be tracked and controlled through a banking app. Usually, multi-currency debit work with Visa and Mastercard payment systems.

Therefore, this allows cardholders to use all point of sale (POS) that accept both payment operators, to pay for items. Another ease of use of the card is that it can switch between fiat currencies (pounds, euros, dollars, etc.), depending upon the need and requirements of the user.

What are the benefits of a multi-currency card?

Exchanges that occur at POS terminals are according to 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.

Another advantage of a multi-currency card is that it gets you a better exchange rate than other options such as cash or traveller’s cheques (TC). Additionally, if you opt for foreign currency in cash, you run the risk of the cash losing some of its value if the forex rates fluctuate. With a multi-currency card, you are protected against forex fluctuations, because the rates are locked-in once you load the card. Last but not the least, you also get to enjoy exclusive privileges such as a 24x7 personal concierge service, special discounts on a wide range of travel services, free international SIM card and emergency cash assistance if you lose your card.

Which multi-currency card is best for you?

When it comes to choosing the right multi-currency card, there are a lot of options in the market and it boils down to specific needs and requirements of the user. 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. Amongst some of the leading multi-currency cards in the card, Al-Fardan Multi-Currency Cash Passport has gained an excellent reputation for its useful features and ease of usage.

The card comes with a chip and PIN protected system, making it a convenient way to carry up to six currencies. It can be used to pay for goods and services or to withdraw local currency from ATMs worldwide — anywhere in the world where Mastercard is accepted, opening up a world of opportunities. Card holders can easily top up their account with multiple currencies such as Qatari Riyals, US Dollars, Great British Pounds, Euros, Canadian Dollars and Australian Dollars in whatever combination that suits them.

So, what are you waiting for? Grab your travel bags and write the next chapter of your travel adventure.


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