The world of international travel and business has changed dramatically in recent years. Whereas, in previous decades, business owners could expect to engage in a few, if any, international money transfer transactions or exchanges throughout the year, this particular service has become an integral element of small, medium and large-sized enterprises across the globe.
In fact, a growing number of businesses are now dealing in multiple currencies simultaneously, largely due to opportunities for outsourcing and global collaboration, all made possible through the touch of a button. A multi-currency card is an excellent resource for those seeking to either hold or distribute a large number of currencies simultaneously without having to first enlist the help of a high street bank or private service.
One of the popular “perks” of the multi-currency card is the fact that individuals can buy the currency of their choice at a fixed exchange rate. Instead of worrying about price increases or reductions, a currency card allows individuals to “hold” money at the value they originally paid for it, thus enabling them to engage in business transactions and money transfer at a more sustained pace.
For travelers, a multi-currency card may be particularly useful, as it reduces the need for international ATM use which often results in substantial financial penalties. Additionally, it helps reduce the likelihood of identity theft and stolen cash while abroad.
A number of services are now beginning to spring up which are directly related to the multi-currency phenomenon taking the world by storm. Caxton FX, for example, is now offering users the ability to hold up to 24 different currencies at any one time. A new prepaid Mastercard is also available which allows for stockpiling of 15 different currencies as well as topping up via your preferred bank account. Moneycorp has also begun to offer a new prepaid card, dubbed the Explore, which allows customers to load up to 14 different currencies before and during use.
As can be seen, there are no shortage of options when it comes to selecting a multi-currency card. Hopefully, these products will become an integral element of international business and travel in upcoming years.