How to choose the best corporate cards for your business
Last updated: 14 April 2025
Learn how to choose the best corporate card for your business by comparing features, fees and supported currencies to maximize cost savings and efficiency.
Key takeaways
- Multi-currency cards help businesses make seamless international payments without frequent currency conversions
- They allow you to hold and spend in multiple currencies, reducing exchange rate losses
- Assess supported currencies to ensure the card aligns with your business’s global payment needs
- Compare fees, including transaction costs, foreign exchange rates and account charges
- Look for security features like spending limits, real-time tracking and fraud protection
For businesses engaged in international trade, managing expenses across multiple currencies can be complex and costly. Multi-currency corporate cards help streamline global payments, reduce foreign exchange fees and provide greater financial control. But not all multi-currency cards offer the same benefits.
In this guide, we’ll break down what they are, how they work and what to consider when choosing the right one for your business.
Table of Contents
What are multi-currency cards?
Multi-currency cards are linked to multi-currency accounts, allowing businesses to transact in multiple currencies without the need for frequent conversions. They can help simplify international payments, travel expenses and supplier transactions. Most importantly, multi-currency cards can help businesses protect their profit margins and get better control over their international operations.
How do multi-currency cards work?
Multi-currency cards provide a convenient and efficient way for businesses and individuals to handle payments across multiple currencies while avoiding many of the fees associated with traditional banking.
Here’s a detailed breakdown of how they work:
Issuance
Businesses can apply for a multi-currency card through banks or payment providers. Once the application is approved, the card is issued—often with the option for physical or virtual cards.
Now, about fees—some providers offer these cards for free, but others might charge a one-time fee or even a monthly subscription. It’s worth shopping around and comparing options to see which one works best for your budget and needs.
Funding
To start using the card, users load money by transferring funds from their bank accounts or linking it to their primary business bank account.
Users can either top up their card with new funds or use existing balances in their linked multi-currency accounts. This ensures seamless management of finances for both personal and business purposes.
Spending
Multi-currency cards are designed for transactions in multiple currencies, whether for international travel, online shopping, or cross-border business payments. When the card is used, it automatically detects the currency of the transaction and deducts the appropriate amount from the existing balance in the same currency, eliminating unnecessary conversion fees. Currency conversion only happens when there isn’t a sufficient balance in the same currency.
Cardholders can set spending limits for each card, making it especially useful for businesses managing employee travel or procurement expenses.
Tracking
Every time you use a multi-currency card, the transaction is logged instantly. You can check the spending history of each card issued by your company anytime through a mobile app or web dashboard.
Currency exchange
One of the key advantages of multi-currency cards is the ability to exchange funds between currencies on demand. You can:
- Lock in favorable exchange rates in advance through forward contracts, minimizing the risk of unfavorable currency fluctuations
- Save costs by deciding when to exchange funds rather than relying on real-time market rates at the moment of payment
Security and controls
Multi-currency cards offer strong security features, including instant card freezing, spending limits and transaction blocking. Businesses can enforce spending control by setting individual spending limits on each card, ensuring compliance with budget policies and minimizing overspending.
Rewards and benefits
Some multi-currency cards offer perks like cashback, airport lounge access and travel discounts, adding extra value for users.
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Benefits of multi-currency cards
Here are the benefits of multi-currency cards:
- Low fees: Avoid frequent currency conversion charges by spending directly in the local currency
- Convenience: Hold and transact in multiple currencies with a single card
- Better exchange rates: Some providers offer competitive rates and the option to exchange funds in advance
- Real-time tracking: Monitor transactions instantly via a mobile app or web dashboard
- Enhanced security: Features like card freezing, spending limits and transaction controls provide added protection
Factors to consider when choosing a multi-currency card for your business
With different providers offering various features, here’s everything to consider:
1. Supported currencies
Not all multi-currency corporate debit cards support the same range of currencies. The card you choose should support all the main currencies your business often deals with.
For example, businesses operating from Australia and New Zealand may need access to foreign currency accounts with supported currencies like USD, EUR or GBP.
2. Fees and costs
Costs vary by provider, so compare:
- Transaction fees: Some charge per transaction, others offer free spending within limits.
- Exchange rates: Look for competitive rates instead of inflated ones.
- Card fees: Some providers charge monthly/ annual fees or a one-time fee
- ATM withdrawals: Check if international ATM fees apply
- Account fees: While the multi-currency card may be free, the account it’s linked to might have some fees attached to it. Make sure to cross-check that before making a decision
3. Availability of virtual cards
For businesses handling online transactions or issuing multiple employee cards, virtual cards can enhance security and convenience. Many global business account providers now offer virtual cards that can be issued instantly and used for secure online payments.
4. Security and cardholder protections
A multi-currency card should provide strong security features, including:
- Fraud protection and real-time transaction monitoring
- The ability to freeze or unfreeze the card instantly
- Spending limits and merchant restrictions for better control
5. Acceptance and usability
For smooth transactions, ensure the card is backed by a major network like Visa or Mastercard. A widely accepted multi-currency corporate debit card ensures fewer payment issues when dealing with suppliers or making international purchases.
6. Business scalability
As your business grows, you’ll need a multi-currency card for businesses that can scale with you. Features like multiple user access, spending controls and integration with accounting tools can help you manage expenses as you expand internationally.
Simplify business payments with the World Card
The World Card from WorldFirst is a virtual multi-currency debit card that lets you pay in 150+ currencies with zero foreign exchange fees on 15 supported currencies. Manage your business expenses with ease, set spending limits and track payments—all in one place.
Key features of the World Card include:
Instant access
Get your free virtual debit card instantly if you already have a World Account.
Multi-currency payments
Pay in 150+ currencies with competitive exchange rates and zero FX fees on 15 currencies.
Team expense management
Issue up to 20 cards, set limits and track expenses effortlessly.
Cashback rewards
Earn 10% cashback on your first $1,500 spent and 1% cashback on all international transactions*.
Highly secure
Protected with 3D Secure authentication for safe online payments.
*Cashback promotions are subject to change. T&C apply
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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