Are there business cards with low or no foreign transaction fees?
Last update:
Yes, there are business cards available that offer no or low fees for foreign transactions, from companies such as WorldFirst, Capital on Tap, Santander and Wise.
However, the costs of transactions differ depending on where you’re located and where you spend. And, if your business regularly makes international payments or purchases from overseas suppliers, foreign transaction fees can quickly add up.
Here are some business cards that have low or no foreign transaction fees:
Business cards with low or no foreign transaction fees: Comparison table
| Provider | World Card (from WorldFirst) | Capital on Tap | Santander Business Cashback | Wise Business Card |
|---|---|---|---|---|
| Card type | Virtual debit card (multi-currency) | Business credit card | Business credit card | Business debit card |
| FX fees | Zero FX fees in 15 major currencies | None on purchases abroad | None when paying in local currency | None – uses mid-market rate |
| Currencies supported | 150+ (pay); 20+ (hold with a World Account) | GBP-based card | GBP-based card | 40+ currencies supported |
| Annual / monthly fee | £0 (no setup or card fees) | £0 annual fee | £30 annual fee | £45 one-time account setup |
| Cashback / rewards | Up to 1.2% unlimited cashback on eligible business spend | Points convertible to Avios | 1% unlimited cashback | 0.5% cashback on eligible spend |
| Virtual / employee cards | Up to 20 cards, free | Multiple cards available | Additional cards at no extra cost | £3 per card; employee limits available |
| Spend controls | Custom spend limits; freeze/unfreeze cards | Set limits via dashboard | Per-user spend controls | Pre-set limits per card |
| Accounting integration | Xero, NetSuite | QuickBooks, Xero | Manual export | Real-time spend tracking |
| Ideal for | E-commerce, SMEs, international suppliers | UK businesses with travel needs | Cashback-focused domestic businesses | Transparent FX, budget-conscious teams |
WorldFirst World Card: Built for global business
If you’re running an e-commerce or SME operation with global ambitions, the World Card from WorldFirst is one of the most compelling options on the market.
Why WorldFirst stands out
WorldFirst is a digital payment platform trusted by over 1.5 million businesses globally, with more than $500 billion transferred across borders to date. Its core offering – the World Account – enables businesses to receive and hold 20+ currencies. But it’s the World Card that truly sets WorldFirst apart for international spend.
1. Pay in 15+ currencies with no FX fees
With a World Card, you can pay in 150+ currencies and avoid foreign exchange fees in 15 of the most commonly used currencies, including USD, EUR, GBP, AUD, SGD and more.
That means no extra costs when you’re paying suppliers or running international ads in local currencies. And because the card draws from your World Account balance, you avoid conversion altogether when you’re already holding funds in the local currency.
2. Cashback that adds up
Beyond savings on FX, you also earn unlimited cashback:
- 0.5% on your first £40,000 spend
- 0.8% between £40,000 and £80,000
- 1.2% on spending above £80,000
It’s a rare combination – cost savings and rewards – especially valuable if you’re investing heavily in digital advertising or inventory. Note: in order to earn cashback, expenses must be on eligible spend.
3. No hidden fees
WorldFirst’s pricing is transparent. You’ll pay no setup fees, no monthly fees, and no card issuance charges. This keeps your overheads low, whether you use one card or twenty.
4. Control and flexibility for your team
You can create up to 20 virtual cards at no cost, each with its own spending limit and permissions. Set caps on daily, monthly, or individual transactions, freeze cards instantly if needed, and track everything in real time. If you use Xero or NetSuite for accounting, WorldFirst integrates seamlessly, streamlining reconciliation.
5. Fast, secure global payments
Virtual card payments are processed almost instantly. This is particularly useful for ad campaigns, where quick decisions and fast execution are essential. Each transaction is secured with 3D Secure authentication to minimise fraud risk.
Get started
Signing up for a WorldFirst account is free. Once verified, you can issue your World Card in minutes via your online dashboard. It’s one of the easiest ways to control business spend across currencies, without incurring FX charges.
Capital on Tap Business Credit Card
Best for: High credit limits and travel perks
Capital on Tap’s Business Credit Card comes with:
- No foreign transaction fees
- 0% annual fee
- 15.5% interest rate
- Avios point conversion for travel rewards
It also includes perks like 1,600+ airport lounge access, Radisson Rewards VIP status, and Avios points that can be used for flights or upgrades. It’s ideal if you or your team travel frequently and want a mix of flexibility, credit, and rewards.
Santander Business Cashback Credit Card
Best for: Cashback simplicity and no FX fees
The Santander Business Cashback Credit Card offers:
- 1% cashback on all business spend (with no cap)
- £30 annual fee
- 23.7% APR (variable)
- No FX fees when paying in local currency abroad
It’s a great fit for businesses that want to earn consistent cashback without navigating complex rewards programs. You can also issue additional cards to team members for free.
Just be aware that overseas cash withdrawals come with a 3% fee and a higher interest rate. But for purchases abroad, it’s a solid choice.
Wise Business Debit Card
Best for: FX transparency and real exchange rates
Wise (formerly TransferWise) is known for giving users access to real mid-market exchange rates. The Wise Business card is a debit card that can help you:
- Spend in 40+ currencies
- Avoid FX markups and hidden fees
- Issue cards to employees for £3
- Get 0.5% cashback on eligible purchases
There are no monthly management fees, although opening a Wise business account costs £45. This is a great option if you’re looking for a debit card offering low FX costs without needing a credit line.
Things to check before you assume “no fees”
Not all “no foreign transaction fee” business cards actually offer services with zero fees. Before signing up, it’s worth reviewing the fine print to make sure you’re not caught off guard:
- Location matters. Some cards only waive FX fees for European or SEPA transactions. If you’re paying suppliers outside Europe – say you’re paying suppliers in China – you may still incur charges or higher exchange markups.
- Local-currency payment. “No FX fee” typically applies only when paying in the local currency. If a merchant forces a conversion to your home currency at checkout (known as DCC), you could still be charged.
- Card type and issuer terms. Some cards offer zero FX fees but balance this with higher interest rates, annual fees, or a requirement to hold a business account with the provider. Make sure the overall value works for your business model.
- Debit vs credit cards. Debit-based options like Wise often provide better FX rates and more consistent transparency. However, they don’t offer the credit-building, interest-free periods, or purchase protection that come with credit cards. Weigh what matters more for your business operations.
Final thoughts: Which card is right for you?
Here’s a quick checklist when choosing the right card:
- No or low foreign transaction fees
- Low or no annual fee
- Cashback or travel rewards
- Multi-currency functionality
- Real-time spend tracking
- Employee card management
- Transparent pricing
If your business is expanding across borders – or already operating internationally – then cutting down on FX fees isn’t just a perk. It’s a strategic cost advantage. And with WorldFirst’s World Card, you get both control and cost-efficiency designed specifically for globally-minded SMEs.
FAQs
1. What does “no foreign transaction fee” actually mean?
It means you won’t be charged extra fees for spending in a different currency, as long as you’re paying in the local currency of the transaction. If the merchant converts the price into your home currency at checkout (called dynamic currency conversion), you might still face added costs.
2. How does the WorldFirst World Card avoid FX fees?
The World Card lets you pay directly from the multi-currency balance in your World Account. That means if you receive payments in USD, you can spend in USD (no conversions, no FX fees) across 15 major currencies, including USD, EUR, GBP, SGD and more.
3. Can I issue multiple cards for my team?
Yes. With WorldFirst, you can create up to 20 virtual cards, all managed in one dashboard. You can set spending limits, freeze cards instantly and assign cards to different team members, all without paying any extra card issuance or management fees.
4. Are debit cards better than credit cards for international spending?
It depends on your needs. Debit cards like Wise are great for avoiding FX markups and getting mid-market exchange rates. But credit cards can offer perks like cashback, interest-free periods, or travel rewards, useful if your business needs more flexibility or is looking to build credit.
5. Are all “no FX fee” cards truly free from charges?
Not always. Some cards only waive fees for certain regions (e.g. within Europe), while others may offset the benefit with high interest rates, annual fees, or currency conversion conditions. Always check the terms—and the currency you’re paying in—before assuming you’re in the clear.
Sources
https://www.businessfinanced.co.uk/business-credit-cards
https://www.capitalontap.com/en/business-credit-cards/travel-credit-card/
https://businessfinancing.co.uk/business-credit-cards/rewards-credit-cards/
https://wise.com/gb/blog/best-credit-card-for-business-travel-uk
Jennifer Dodd leads marketing for WorldFirst UK, and has over 20 years' experience in financial services and publishing.
Jennifer Dodd
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