What is a Multi-Currency Card?

Businesses often make international purchases, but most traditional credit cards are simply not designed to manage this. International transactions often come with expensive currency conversion fees. With a multi-currency card, businesses can both eliminate these extra costs while also simplifying the process of managing cross border spend. But what exactly is a multi-currency card, and how can it benefit your business?

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Understanding Multi-Currency Cards

A multi-currency card is a type of card that allows you to both spend money and repay balances in multiple currencies. Unlike traditional cards which convert the purchased currency into the domestic currency (CAD) each time you make a transaction abroad, a multi-currency card allows all transactions on a card to be reflected in the original currency of the spend. This means you can spend money in other currencies using a single card without the transaction getting converted.

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Key Features of Loop’s Multi-Currency Cards

So what are some of the main reasons businesses are choosing to switch from traditional cards to multi-currency cards:

1. Repay in Multiple Currencies: With a multi-currency card, you are able to pay the balance of the card in the original currency that you spent in. Whether you are spending money in USD, EUR, GBP, or CAD, you are able to use the same currency to pay your card balance as the one you spent in - eradicating the need to have multiple cards or needing to convert money.

2. The Only Way To Avoid Foreign Transaction Fees: One of the biggest advantages of multi-currency cards is the elimination of foreign transaction fees - with traditional credit cards, this fee ranges from 2-6%. With a multi-currency card card, since you both spend and repay in local currency - you incur absolutely no extra charges, adding money directly back to your business’ bottom line.

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Loop Card is a multi-currency card that is specifically designed to simplify the complexities of spending in multiple currencies for Canadian businesses. By eliminating foreign transaction fees, and providing the convenience of managing expenses in multiple currencies on a single card, we help you make the most of your money wherever your business needs to spend in the world.

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Explore Loop’s multi-currency card today and experience the benefits of seamless international transactions for your business. Say hello to a smarter way to manage your global finances.

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