Managing spend across multiple entities can be a headache. But with multi-currency corporate cards, you can link team budgets and customise spending rules across multiple entities, avoiding the headache of manual currency transfers.
At Payhawk, we don’t offer traditional multi-currency cards. But our alternative includes the following big benefits:
When spending and reconciling in multiple entities, having a solution that simplifies the process is key. As Eduardo Felipez, Management Accountant at Heroes, describes:
"We have five entities, with approx 300-500 expenses a month in the parent company. It used to take me one whole day per entity to review, import and export and put the expenses in the correct format. With the direct Payhawk integration to NetSuite, I spend just an hour a day on this. It's an enormous help."
Explore the article in full to discover more about traditional multi-currency cards, along with powerful alternative solutions like ours.
If your business trades internationally, your cards should be international, too. Using ‘borderless cards’ means sending and receiving business payments in multiple currencies. Typically, these cards should make global business transactions easier because they automatically convert currencies on transactions.
Wondering how a multi-currency card works? It automatically converts funds from one currency to another when making and receiving business transactions. These cards can be especially handy for business travel expenses and companies with entities in multiple countries.
Selecting a reliable and trustworthy financial institution is crucial when choosing a multi-currency business card or alternative.
Before you search for a solution, sit down and evaluate your business needs.
Here’s some food for thought:
Once you have the answers to these questions, you should shift towards providers offering the corporate card solution that fits your unique needs. Compare FX fees, evaluate the interface of each solution, and check how easy it is to integrate with your existing ERP or accounting software.
Check card acceptance rules for each provider and understand what useful extra features they might offer. For example, if you want to issue virtual cards, you should check how quickly you can implement them. Or, if you want real-time reconciliation, check that your provider has expense management software that includes AI camera technology and direct ERP integrations to solutions like NetSuite. And above all, ensure they have robust security features to protect your data.
You should take your time when exploring your options, as finding a provider that ticks all your boxes will save you time, money, and offer sound financial visibility.
To apply for a multi-currency account, you’ll need the following documents and information handy:
Despite being a relatively convenient way to spend corporate finances globally, multi-currency cards come with quite a few limitations:
Even though we don’t offer a traditional multi-currency card, you can open accounts and issue cards for free local payments in seven currencies (GBP, EUR, USD, BGN, RON, DKK, and PLN). Plus, with global acceptance and market-leading performance, our corporate Visa cards allow you to transact with over 46 million merchants worldwide, taking advantage of the lowest FX fees in the industry.
Coupled with an industry-leading spend management solution, our cards empower businesses to make the most out of their cross-border payments and achieve the following:
Setting up your corporate cards with Payhawk is simple. You can:
Still curious about what makes our corporate card solution a great alternative to multi-currency cards? Here’s what makes it special:
If you’re an international business, you know that being able to monitor and track all business transactions across multiple entities is essential. By managing entities separately, you risk a disjointed view of business finances, a lack of control, and a lot of tedious manual work.
With our solution, you can effectively monitor and track balances, exchange rates and business transactions in real time and across multiple business clusters — all in one place.
International, transformational event experience company GDS Group can now track spend globally using our multi-entity management features.
With offices across the UK, US and Europe, they need to oversee spending easily across all entities in real time.
“Payhawk was one of the few solutions that operate in the US, UK, and (and more) regions, so that was a key win for us,” Nick Millard, VP of Finance, GDS Group, says.
Empower your employees to embrace accountable spending with customisable rules and controls, whether online or in-person. Issue physical and virtual cards supported by a clear spending framework, including approval workflows, spend limits, ATM blocks, card freezes, per diems, and more.
With us, not only is it infinitely easier to manage all company spending in one dashboard, but you can also take advantage of our industry-leading low transaction and exchange fees.
Multi-currency cards give your business and its travelling employees a convenient and flexible global payment solution. We offer a smarter alternative to multi-currency cards — and with the latest currency addition of the Danish Krone and Polish Zloty, you can now register your Danish and Polish entities to manage your global spend.
Schedule a demo to see how we can transform your global business transactions.
Whether you have tens, hundreds, or thousands of employees, we’re making your business spend work for you, giving you control over spending at scale with a single solution. Say goodbye to tedious finance tasks, schedule a demo with us today.