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How a multi-currency virtual card helps your business grow
Last update: 26 May 2025
As your business expands into new markets, you’ll start to find that making and managing card payments brings unforeseen challenges:
- You have to pay high foreign exchange (FX) fees when using your UK business bank card to cover costs in other countries
- Using a single card for payments in multiple countries makes reconciliation and financial management more complex
- Using one card across teams or channels makes it hard to track who’s spending what
- An inability to set spending limits means costs from ad platforms and subscriptions can snowball
This is where a multi-currency virtual card comes in. A multi-currency card allows you to pay in local currencies using existing balances, helping you avoid international bank fees and poor currency conversion rates.
In this article we’ll cover what to look for in a multi-currency virtual card, the benefits of using the World Card from WorldFirst and a few other options you can explore:
- What to look for in a multi-currency virtual card
- Why you should consider the virtual World Card from WorldFirst
- How to apply for a World Card account
- Four other multi-currency virtual card providers to consider
Ready to get set up with a multi-currency virtual card? Open an account with WorldFirst today.
What to look for in a multi-currency virtual card
If you’re in the market for a multi-currency virtual card, look for a product with the following features:
- Low, transparent fees and charges. If you’re currently using a UK bank card, whether physical or virtual, you’re likely paying high FX fees every time you pay in another currency – on top of poor exchange rates. As you grow and work with more international suppliers, these costs quickly add up.
That’s why you should ensure the virtual card you choose has low – or even zero – transaction fees in the currencies you need. Just as importantly, opt for a provider that’s upfront and honest about any fees you’ll pay, so you’re not bitten by hidden costs.
- Multiple virtual cards that can be managed in a single platform. As your business grows into new regions and manages more currencies, your accounting and reconciliation becomes harder – reducing the visibility you need to make vital business decisions.
The right virtual card provider should enable you to create separate cards that you can use for different expenses – such as ad spend, software subscriptions, employee travel, shipping and logistics. Instead of all payments, across currencies, appearing in your transaction history as one big list, you’re able to analyse and manage card payments to suppliers separately.
This way, reconciliation is clear, while you still get an overarching view of your expenditure as all the virtual cards are linked to the same account.
- The ability to add spending limits to ensure security. In your business, you may not want every user to have the same spending limits. For example, you may not necessarily want a brand new sales rep to have the same spending permissions as your accountant.
Spending limits and restrictions protect your business from financial risk if a card is lost or stolen. So, look for a virtual card solution which allows you to set limits for each individual card.
Other customisation options to look out for include establishing cards as single use for specific suppliers. This way, if an employee’s phone with a virtual card on it gets stolen, that card cannot be used for anything else. Similarly, are you able to freeze and unfreeze cards in the event of a virtual card being misplaced? Is 3D Secure included to strengthen fraud prevention by requiring an extra layer of authentication to approve a payment?
In the rest of this guide, we share five options and consider how they stack up against these factors. We’ll kick off with World Card, the multi-currency virtual card we offer at WorldFirst.
Why you should consider the virtual World Card from WorldFirst
WorldFirst is a one-stop digital payment and financial services platform specifically for SMEs and e-commerce companies expanding into international markets. Founded 20 years ago, it’s trusted by over a million businesses to receive more than $300 billion across the globe, in a variety of currencies.
WorldFirst account holders are able to benefit from the World Card – a multi-currency virtual card designed to streamline global expansion. Below, we offer three reasons as to why the World Card is favoured by many international businesses today.
1. Pay in 15+ currencies without FX fees and earn cashback on purchases
With a World Card, you can make payments in 150+ currencies in total. What’s more, you’ll pay zero FX fees on transactions in 15 major currencies. These currencies include AUD, CAD, CHF, CNH, CZK, EUR, GBP, HKD, JPY, MXN, NZD, PLN, SEK, SGD and USD.
With a World Card, you can use the funds you hold in your World Account to make payment. You can receive and hold 20+ currencies in a World Account, at no cost. That means, if you receive payouts from an e-commerce marketplace in USD, you can pay directly in USD without having to convert currency at all.
Plus, your bottom line can benefit from cashback on card spend. On your first £1,000 spend you’ll receive 10% in cashback, and 1% in cash back on all monthly spend thereafter. (Terms and conditions apply.)This enables you to benefit financially on two fronts – saving costs while earning more, which can be reinvested into your business.
Finally, there are operational benefits. Virtual card payments are almost instant, so when paying for services like ads, faster settlement speeds enable you to react to developing trends and be more agile with your marketing.
Note: We’re transparent with our entire pricing structure, with no setup fees, monthly usage fees, withdrawal fees or card issuance fees. You can see a full price breakdown here: WorldFirst UK Pricing
2. Easily reconcile expenses from multiple cards within one platform
With a WorldFirst account, there are no fees for creating additional virtual cards and you can apply for up to 20 separate cards. Therefore, you can create a card to pay each of your suppliers, making it easy to keep track of exactly how much you’re spending where.
We also make it easy for you to filter and search for specific transactions through the WorldFirst platform. You can easily select which card you would like to see the transaction data for and then set other parameters such as date range and payment status.
What’s more, WorldFirst integrates directly with Xero and NetSuite. You can view reports, prepare for your tax return, create new virtual cards and more, all within one platform.
3. Customise your cards to set spending limits and freeze cards if necessary
Through the WorldFirst platform you can set individual transaction limits for each of your virtual cards. These limits can be applied to single transactions, daily spend or monthly spend, and can be adjusted at any time. This is particularly useful for marketing ad spend such as paid ads, which can quickly spiral if parameters are not set (or are forgotten) on Google or Meta.
If you need to pause the usage of a card – for example, if an employee loses their phone which has the virtual card details saved on it – you can easily do so within the WorldFirst dashboard. If the employee then finds the phone, you can unfreeze the card and it’s ready to be used again in a matter of seconds, saving you from needing to apply for a new card.
World Cards also have the secure customer authentication feature 3D Secure built in for card transactions to reduce the possibility of card fraud. This means that a 6-digit code will be either texted or (as a backup) emailed to the owner of the virtual card for transactions to be authorised.
Features like these are designed to protect your business from fraud without limiting how each user can use their card.
- Open 20+ 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
How to apply for a World Card account
Would you like to apply for a WorldFirst World Card? Here’s how. If you haven’t already set up a WorldFirst World Account, you’ll need to follow these steps:
- Get started by visiting our official account portal
- Fill in your account details
- Provide the necessary verification documents
- Select your WorldFirst account requirements
- Head to “World Card” in the main navigation page
- Click on “I agree and apply [Terms and Conditions]”, and then click on “Apply now”
- Enter a nickname for your first card then click on “Apply”
- You can select yourself or other verified directors as the holder of the card
Note: you can use this official Help Centre resource to navigate the process.
4 other multi-currency virtual card providers to consider
There are other providers of multi-currency virtual cards with their own set of features you may wish to explore. We’ve provided a snapshot of the features of four providers: Airwallex, Rapyd, Wise and Revolut.
1. Airwallex
Airwallex is a global financial technology company that provides cross-border payment solutions, multi-currency accounts, and financial infrastructure for businesses.
Their multi-currency virtual cards include:
- 0% foreign transaction fees
- A single platform for card management
- The ability to freeze cards
However, their page makes no mention of cashback, rewards. The Airwallex account can integrate with Xero, NetSuite and Quickbooks.
2. Rapyd
Rapyd is another fintech company that offers a global payments platform, enabling businesses to accept, process, and disburse payments in different currencies and countries through a single API. Its multi-currency virtual card features include:
- Remote payment authorisation for enhanced security
- The ability to set spending limits
- A single platform for card issuing and management
Rapyd doesn’t include any information on cashback or integrations with accounting software.
3. Wise
Wise is primarily known for its global reach and FX capabilities, giving individuals and businesses the ability to send money internationally at high speeds and low cost. It also offers a multi-currency virtual card for businesses, with the following key features:
- 0.5% cashback on eligible purchases
- Physical cards for your employees for £3, with the ability to set spending limits
- Notifications when employees use virtual cards within the Wise app
Wise charges £45 to create a business account but no management fees or monthly minimums thereafter. Wise applications are reviewed within 10 days.
4. Revolut
The majority of Revolut’s customers are individuals, but they also offer solutions for businesses, which include bank accounts and multi-currency virtual cards. Some of their key features include:
- Make card payments in over 130 currencies
- The ability to take photos of receipts and have them automatically matched to transactions for accurate expense management
- Access to an eye-catching metal physical card
Cashback is available through Revolut, but the percentage you receive will depend on the plan you choose. FX fees are introduced when you convert over a certain amount, which again is dependent on your plan. There are also monthly fees, unless you’re on Revolut’s most basic plan.
Save money on fees, have greater control over your international spend and reconcile more accurately with a virtual World Card
If you want to avoid high FX and international fees, slow payments and complex reconciliation, consider opening an account with WorldFirst and applying for a World Card. With zero FX fees on 15 major currencies, you can keep more of your profits.
WorldFirst allows you to manage and reconcile your card payments easily via one platform, reducing the possibility of human error and giving you a view of your expenditure that’s easier to interpret.
Customise your cards with individual spending limits to minimise risk, and strengthen security with in-built security elements on all card payments.
You can take advantage of these features and start making payments on your new World Card within 24 hours. Click here to create an account and register for a World Card today.
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- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
