Things You Must Know Before Using A Multi-Currency Card
Suppose you frequently travel, buy products online from overseas merchants, or are an expatriate. In that case, you should have a multi-currency card to reduce the expense of doing business in foreign currencies.
Using multi-currency accounts can be a terrific way to control your finances internationally and save money when you buy and travel. This article is for you if you’re curious about the benefits of a multi-currency card.
Let’s discuss how a uob multi currency account helps you eliminate unnecessary international bank fees. It also gives you a better exchange rate to make international transactions.
How do multi-currency accounts function?
Multi-currency accounts function similarly to your standard debit card for ATM withdrawals and in-person or online purchases. It comes with specific features that make it simpler to make purchases in other currencies.
These characteristics are frequently either greater rewards for spending abroad or fair exchange values and reduced fees compared to using a regular card for payments.
How are multi-currency debit cards used abroad?
These debit cards can be used to make purchases and transactions wherever the card’s network is permitted. Cards are typically made available in Singapore through the MasterCard and Visa networks. These are accepted worldwide.
After receiving the debit card, you must thoroughly check the account policies and conditions, paying close attention to the applicable charges. Watch out for any foreign transaction fees, currency translation costs, and fees for international ATM withdrawals. These can dramatically increase your overall costs because you’ll use your card to purchase foreign currencies while traveling.
Check out for fees levied by businesses and ATM operators in addition to the card issuer’s costs, mainly if you’re ever prompted to pay in dollars rather than the local currency while traveling abroad. Purchase in the domestic currency wherever you get the best aggregate deal due to this driving up costs.
Eligibility criteria to have a UOB multi-currency account:
You must be at least 21 to create a personal Global Currency Account. Singaporeans, PRs, and emigrants can apply for an account. If you don’t live in Singapore, you’ll need an introduction letter from a UOB account owner. Additionally, this account has basic standards for the downpayment and the maintenance amount.
Your company’s eligibility for this account is based on the kind of business you run. A solo proprietor has different requirements than, say, the owner of a private limited corporation. You can get a complete list of the conditions and the paperwork you need to submit to create an account on the banking webpage of UOB-dedicated businesses.
Exchange fees for a UOB multi-currency account:
When you convert dollars into the currency you require, a fee may be included in the conversion rate that is presented to you. Alternatively, a foreign transaction fee may be charged for purchases made in unsupported currencies.
Bank overseas transaction fees and currency rate markups can frequently account for 3% of the total price. International credit cards can be less expensive; currency conversion costs start at just 0.41%.