7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Beat Excessive Bank Fees with Revolut Business Multi Currency Cards in 190 Countries

International business often involves navigating a maze of currencies and hefty bank fees. Revolut Business tries to simplify this by offering multi-currency accounts accessible in a vast network of 190 countries. The idea is to manage finances in multiple currencies within a single account, allowing companies to send and receive international payments more efficiently. They support transactions in a decent range of 36 currencies and even allow businesses to create local accounts to streamline local payments. This can help companies avoid those often exorbitant fees imposed by traditional banks.

However, it's worth remembering that while they claim competitive exchange rates, those rates might not be the best during weekends. Still, for businesses dealing with international payments and travel, this ability to manage multiple currencies in one place can be useful. Whether it's a true cost saver depends on usage patterns and the extent of international business travel involved. It's worth exploring as one more option to gain better control over international finances.

Revolut Business, a fintech company, provides multi-currency business accounts that enable businesses to manage their finances across various currencies within a single account. This essentially means they can receive and send payments internationally, which can be quite useful for companies operating in several regions. The platform allows transactions in over 30 currencies and claims to have competitive exchange rates, although it's worth noting that they might not be as favorable on weekends.

Currently, their services are available in 190 countries. The service, however, seems to be tiered; Revolut has multiple business plans that range from a basic one with fundamental features like scheduled and recurring payments, to more advanced plans for growing and larger businesses, each with different pricing and functionalities.

One appealing aspect of Revolut is the ability to create unique accounts in local currencies directly in the company name. It aims to minimize the burden of international bank fees and allows businesses to manage multiple currencies, which can be handy in cases of fluctuating exchange rates. The platform also offers currency exchange services and tools like alerts and automated orders, essentially trying to cater to the needs of both casual users and businesses with more complex finance requirements.

It's interesting to observe how these newer companies are impacting the traditional financial landscape. I'm curious to see if this model, which focuses on lower transaction fees and more agility, will continue to challenge older institutions in the years to come.

What else is in this post?

1. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Beat Excessive Bank Fees with Revolut Business Multi Currency Cards in 190 Countries
2. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Save Up to 3% per Transaction Using Wise for Hotel Payments Abroad
3. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Cut Corporate Travel Costs Through Local Currency Payments via Airwallex in Asia
4. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Avoid ATM Fees with N26 Business Metal Card Free Withdrawals in 38 Countries
5. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Reduce Flight Booking Costs Using Multi Currency Cards on International Airline Sites
6. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Get Better Exchange Rates Through HSBC Global Money Account in 21 Currencies
7. 7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Lower Ground Transportation Expenses with Borderless Payments via Starling Bank

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Save Up to 3% per Transaction Using Wise for Hotel Payments Abroad

When you're paying for hotels overseas, those standard bank fees can really add up, often around 3% per transaction. Using Wise can help you avoid this common expense trap. They offer a transparent pricing structure – no hidden costs or subscriptions, just the fees for the services you actually use. Their prepaid travel card uses Google's exchange rates, making it easy to spend in over 40 currencies across more than 160 countries.

They offer an initial free ATM withdrawal up to £350, but larger amounts do come with fees. This means you might want to carefully plan your ATM withdrawals to make the most of this service. Generally, the service helps manage costs effectively while making the whole payment process abroad more straightforward. It's definitely an option to consider if you're trying to reduce your expenses while traveling internationally. You might find it a more convenient and cost-effective way to pay for hotels abroad compared to traditional bank cards, especially if you're dealing with frequent currency conversions.

When traveling abroad for business, hotel costs can quickly escalate due to currency exchange fees imposed by traditional banking methods. These fees, typically around 3%, can add a significant chunk to your expenses. However, utilizing a service like Wise can help mitigate these costs by offering a more efficient way to handle international payments.

Wise presents a transparent approach to pricing, essentially charging only for the services actually used. This means there are no hidden fees or recurring subscription charges. The contrast is striking when compared to traditional bank cards that often tack on a 3% or higher foreign transaction fee. This difference stems from the way currency conversion is handled.

Using Wise's travel card or multi-currency account, you're essentially leveraging the Google exchange rate for transactions in over 40 currencies. This rate is applied across a network of over 160 countries. While there are fees for ATM withdrawals, they're generally lower than the exorbitant fees charged by traditional banks for currency conversion. For example, a withdrawal over £200 through the card incurs a £1.75 fee. The exact fees will vary depending on the country of issue.

Furthermore, the Wise model allows for automatic currency conversion. Based on the currencies stored in your account, the system automatically chooses the lowest available conversion cost. This setup makes it quite easy to keep track of exchange rates and manage costs across multiple currencies.

One notable feature is Wise's ability to provide bank details in various currencies. This functionality functions much like a standard bank account. It simplifies international payments and makes it easy to receive funds in local currencies.

Now, it's important to note that while there's an initial fee-free withdrawal limit of £350, subsequent withdrawals will incur an ATM fee for currency exchange. For instance, ATM withdrawals exceeding $100 will incur a $2 fee. These limitations are worth being mindful of.


While this approach might seem simple, it’s intriguing how it impacts the broader financial landscape. I am curious if this model of transparent and lower transaction fees will lead to a reshaping of the financial industry in the years to come. It will be worth monitoring how hotels themselves might respond to the increased usage of options that bypass traditional high-fee models. Will they adapt and start offering more competitive rates? It will be fascinating to observe.

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Cut Corporate Travel Costs Through Local Currency Payments via Airwallex in Asia

In today's business world, managing travel expenses across borders can be a major challenge. Companies are constantly looking for ways to optimize spending, and one significant area for potential savings is foreign currency payments. Airwallex, a financial technology firm, is attempting to address this with a solution that focuses on local currency payments in Asia.

Essentially, Airwallex allows businesses to create bank accounts in multiple currencies. This helps to remove the hassle and the high fees traditionally associated with converting money. Businesses can accept payments from customers in their preferred local currency, and then spend it directly, avoiding multiple conversions that often incur hidden fees. Furthermore, they offer corporate Visa cards linked to these accounts to manage travel expenses and recurring payments more smoothly. This means you might avoid the surprise fees many banks typically charge when using cards abroad.

Beyond that, Airwallex offers a central dashboard where businesses can manage the spending across all these accounts and set expenditure limits. This gives the business greater transparency and a way to ensure all spending is accounted for. However, one could argue the system may not be as straightforward for companies with a huge volume of international transactions, or where many employees are making payments, creating more work.

While many solutions focused on international business payments exist, Airwallex is trying to make a mark in this space. It remains to be seen if their strategy will be a significant game-changer. However, given the increasingly global nature of modern business, the possibility of significant cost savings through optimized local currency payment solutions will likely drive adoption of such platforms in the future.

In the realm of international business travel, particularly within Asia, optimizing payment methods can significantly impact expenses. One approach gaining traction is using local currency payments through platforms like Airwallex, which offer multi-currency accounts with local bank details.

These platforms essentially allow companies to manage finances across multiple currencies within a single account. This can streamline international payments, reducing the need for conversions that often incur hefty fees. Businesses can receive payments in their customers' local currencies and then spend it directly, thereby bypassing the usual markups associated with currency conversion.

Furthermore, specialized multi-currency Visa cards issued by providers like Airwallex can be instrumental in managing business travel expenses and subscriptions, potentially eliminating those sometimes hidden fees that banks tack on. They can be conveniently managed and controlled through a centralized dashboard, offering greater transparency and visibility into spending patterns.

One intriguing aspect is that Airwallex provides local account details in 12 key markets, offering companies a footprint without needing the bureaucratic overhead associated with traditional international branch establishment. They can access interbank exchange rates, which are generally more competitive than the typical bank exchange rates. This allows companies to potentially optimize their international transfer costs.

Airwallex and similar platforms are part of a larger fintech trend aimed at modernizing business finance. The focus is on simplifying cross-border transactions, treasury management, and other financial services. It's notable that these services are geared toward helping companies grow and expand their global reach through efficient financial operations.

From a cost-optimization standpoint, utilizing local currency payments seems like a practical step. However, it's crucial to understand how these providers set their exchange rates and transaction fees. The long-term impact of this trend on the financial landscape is something to monitor. Will traditional banking institutions adapt to this changing environment? Or will these newer services continue to carve out a larger niche? It's a developing situation worth observing, especially as international business travel patterns evolve.

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Avoid ATM Fees with N26 Business Metal Card Free Withdrawals in 38 Countries

International business travel often leads to unexpected expenses, especially when dealing with foreign currencies and ATM withdrawals. The N26 Business Metal card attempts to address this by offering free ATM withdrawals in 38 countries. This can be a significant advantage over standard or basic accounts that typically limit free withdrawals each month or charge a fee for foreign currency transactions. With the Metal card, businesses can avoid these fees when accessing cash in a wide range of locations across the globe.


It's worth noting that the free withdrawal policy only applies to the Metal and Business Metal account types. The standard and business smart tiers have limited free withdrawals and charge a 1.7% currency conversion fee for non-euro transactions. Furthermore, the free ATM withdrawal feature only covers the N26 fees, not any potential fees imposed by the local ATM operator. These can vary considerably depending on the location and the specific ATM provider. While generally useful, it is important to keep this in mind as a potential hidden cost.

In addition to ATM usage, the N26 cards offer free international card payments. Transactions are processed at the optimal exchange rate without adding any extra foreign transaction fees. This is a notable advantage compared to many traditional bank cards that often have a higher markup. Thus, when it comes to purchasing goods and services abroad, N26 can be a welcome convenience that helps save money and simplify the payment process.

Ultimately, while N26 offers a valuable service for those with international business travel needs, travelers should be mindful of the intricacies of the different account types and potential local ATM fees. However, the ability to easily access cash and make payments without the worry of high foreign transaction fees can be a very useful feature for those frequently conducting business across borders.

N26 offers a Business Metal card that allows for free ATM withdrawals in 38 countries. This network spans a wide range of locations, including major cities and popular tourist destinations. This feature can lead to substantial savings, particularly for businesses that regularly send employees overseas.

For businesses with operations or travel focused in the European Economic Area (EEA) and the United Kingdom, the free ATM withdrawals with the N26 Business Metal Card are a potential boon. They can help companies avoid the typical 3% or so that banks often add when processing foreign transactions. This can amount to a non-trivial amount for businesses with a lot of international travel.


It's interesting to note that many ATMs abroad offer “dynamic currency conversion,” an option that presents the withdrawn amount in your home currency. While seemingly convenient, this service often comes with hefty fees. Using the standard withdrawal option with the N26 Business Metal Card in the local currency usually proves more cost-effective.

Aside from the free withdrawals, the N26 Metal card offers some other benefits. The card, for example, is bundled with travel insurance features that cover trip disruptions and cancellations. This aspect can prove incredibly valuable to businesses that frequently need to adapt to unexpected changes in travel plans.

Using the card also facilitates cash flow management internationally, as you can more easily predict expenses without the often unpredictable changes that come from currency conversions.


The N26 cards are also enabled with contactless payment technology, facilitating quicker payments in various locations. This can be particularly handy in busy or crowded settings, streamlining the payment process and improving overall travel efficiency.

The N26 app further complements this card by providing real-time spending notifications and categorizing expenses. This tool helps businesses maintain and track their budgets even while on the road. This feature offers the ability to capture spending across multiple trips and better manage the budget.


The metal card itself is built to be durable, which could also have a positive psychological impact. It’s been argued that using higher-quality items can encourage more considered spending behavior.

For cardholders, there are various benefits and partnerships that can yield further savings. N26 Business Metal Card users often have access to exclusive deals with a number of travel and lifestyle partners, leading to possible savings on hotels, tours, and transport.

Although the N26 Metal Card comes with a monthly fee, this can be balanced by the substantial savings achieved with free ATM withdrawals and the various perks. For frequent international travelers, the card could be viewed as a worthwhile long-term investment.

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Reduce Flight Booking Costs Using Multi Currency Cards on International Airline Sites

Booking international flights can be expensive, especially when currency fluctuations and hidden fees come into play. One strategy to potentially lower your flight costs is to use multi-currency cards directly on the airline's website. By carefully choosing the currency used during the booking process, you can sometimes find fares that are surprisingly lower than standard options like US Dollars. For example, selecting Thai Baht instead of US Dollars might save you as much as 20%. This approach can be especially effective when traveling with a family, as the accumulated savings can be substantial, allowing you to allocate more money towards enjoyable travel experiences at your chosen destination.


While examining flight options, consider researching nearby airports. The demand and associated fees can differ dramatically between airports, and a little extra research can lead to significant cost reductions. Further, keeping an eye out for special offers from airlines can provide added savings, such as cashback promotions, helping to control the overall costs of your trip. Given that international travel costs can be quite high, using these techniques can make a big difference in keeping your business travel budget in check. While airlines might not always readily display the most favorable pricing for you, using multi-currency cards directly through their online platforms is one technique to examine to ensure you are getting the best price for your flight.

When booking flights internationally, the currency you use can have a significant impact on the final price. Airlines often adjust their pricing based on currency fluctuations, and this can lead to surprisingly large differences in the cost of the same ticket. For instance, a flight booked in Thai Baht might be significantly cheaper than the same flight booked in US Dollars. This dynamic pricing aspect can make it worthwhile to explore options for paying in the local currency of the airline or the destination.


This effect can be even more pronounced when traveling with a family. The savings, even if small on a per-ticket basis, can add up considerably when multiplied across several family members, leading to a more significant reduction in overall travel costs. This extra money can then be used for other experiences during the trip.

Another intriguing aspect is the variability in flight prices across different airports. While close proximity might suggest similar costs, fees and demand can vary widely, sometimes leading to surprisingly large differences. By looking at a wider range of nearby airports during the search, you may find more affordable options.


Moreover, it's helpful to be aware of current airline promotions, such as cashback offers or discount codes. Some airlines occasionally offer incentives to entice bookings. For instance, an airline might give you a cashback bonus for spending a certain amount during a specific period. It's useful to keep an eye out for these opportunities as they can help lower the overall price.

Travelers can also reduce the effective cost of flights by building up and utilizing airline miles or points earned through credit cards and loyalty programs. While this might involve some planning and conscious decision-making regarding card usage, the potential reward in terms of cheaper or even free flights can be appealing.


It's always a good idea to compare flight prices on multiple platforms. While this might seem like a basic tip, it's a reminder that flight prices vary considerably across different Online Travel Agencies (OTAs). There isn't one single platform that always offers the best deal, so it is helpful to compare across multiple sites to get a broader picture of prices.


Budget airlines, while often offering a more spartan travel experience, are often able to offer lower fares, particularly on popular routes. This makes them a worthwhile option for cost-conscious travelers. However, their networks often focus on connecting to larger carrier hubs rather than providing extensive coverage across a wider range of regions.


Booking flights in the afternoon, rather than the morning, can also lead to lower fares. The pricing dynamics for airline tickets are influenced by the demand patterns throughout the day. Business travelers, for instance, often book early morning flights, leading to higher prices. Booking later in the day, when demand might be lower, can sometimes yield lower prices.

Planning travel around specific deals rather than around fixed destinations offers greater flexibility and potentially leads to cheaper airfares. If your travel schedule is flexible, it is worthwhile to explore the currently available offers. You might be surprised by the destinations you can find at an affordable rate.

Multi-currency accounts and cards, offered by companies like Wise and Revolut, are becoming increasingly common and can be a helpful tool for international travel. These accounts allow you to hold and manage multiple currencies within one account. This makes foreign currency transactions, such as paying for flights on international sites, more straightforward and helps avoid incurring foreign transaction fees that some banks impose. This can be a worthwhile consideration for those who travel frequently across different regions.


It's a fascinating field of study, and as international travel patterns evolve, I am curious to see what impact these options have on the broader travel and financial industries in the years to come.

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Get Better Exchange Rates Through HSBC Global Money Account in 21 Currencies

HSBC's Global Money Account presents a compelling option for managing finances across borders, particularly for those dealing with multiple currencies. It allows users to send, receive, and spend money in 21 currencies without extra fees. The account claims to offer competitive exchange rates, which are updated every 90 seconds to reflect current market conditions, providing a potential edge when compared to standard bank rates. You can manage up to 18 currencies in the account, and you can transfer more than 60 currencies. Transactions between HSBC customers are free and immediate.

The account's ease of use is enhanced by a multi-currency debit card, which simplifies spending in different countries. However, the convenience comes with limitations. You can't deposit cash into the account, and users don't earn any interest on their held currencies. Further, the account's flexibility for receiving foreign currencies is somewhat limited, as funds can only be received from other HSBC Global Money Accounts. The HSBC account uses two-factor authentication for added security.

Despite the limitations, the account offers a potential path to more affordable international transactions. For frequent business travelers, the ability to manage multiple currencies and get access to potentially better exchange rates could be appealing. Whether the HSBC account is truly a superior option depends on a user's specific spending habits and needs. However, it's certainly a model that shows how banks are trying to address the growing needs of a more internationally connected world.

HSBC's Global Money Account offers the ability to manage funds in 21 currencies, making it appealing for international businesses. The account, launched in October 2022, is accessible through their banking app and allows you to hold and manage up to 18 currencies. While you can transfer funds in over 60 currencies, receiving foreign currency is restricted to transfers from other HSBC currency accounts, limiting its flexibility in this area.

One of the key selling points is their claim of competitive exchange rates, updated every 90 seconds based on midmarket rates. However, there's no indication how those rates compare to alternative platforms like Wise or Revolut. The account also provides a multi-currency debit card, making international spending easier. While transfers between HSBC account holders are free and instant, there's no interest paid on held balances.

Security is emphasized through two-factor authentication for mobile banking access, which is a reassuring feature. The account isn't designed for cash deposits; you'd have to rely on their traditional currency accounts for that. The app allows you to monitor transactions in multiple currencies, providing some visibility on spending patterns. It can be helpful to manage business travel, but whether it leads to actual savings depends heavily on how often you use it and compare exchange rates with other options.

While the global reach of HSBC and the feature set of this account are promising, the limitations on receiving foreign currencies and the absence of interest payments are aspects to consider. It's intriguing to see traditional banks adapting to a landscape where fintech companies like Wise have disrupted the international money transfer space with their focus on transparency and low fees. The long-term impact of this multi-currency account approach on international business travel costs remains to be seen, but it provides an alternative to consider, alongside the various fintech solutions available. It will be interesting to observe whether this model attracts enough users to significantly alter international business travel finances.

7 Ways to Save on International Business Travel Expenses Using Multi-Currency Accounts - Lower Ground Transportation Expenses with Borderless Payments via Starling Bank

Managing ground transportation costs while traveling internationally can be simplified with Starling Bank's borderless payment system. This UK-based bank allows for swift and secure transfers to bank accounts in 34 countries. It also provides UK companies with convenient access to US dollar and euro accounts. Starling Bank doesn't inflate exchange rates, using Mastercard's rates for conversions, making it a potentially better choice than some traditional banks. While they do have a small currency conversion fee, it's often significantly less than standard bank fees.

The Starling Travel Money Card is a bonus here, offering easy payment options abroad without hefty fees. This is certainly an attractive feature for companies whose employees travel often and need to make local payments or withdraw cash. However, it's worth understanding how Starling Bank manages incoming transfers, as some fees may apply when you receive money in currencies other than GBP. It's vital to understand the nuances of their fee structure to leverage their service fully, especially if you need to deal with multiple currencies during business trips.

It's notable how Starling, along with other fintech banks, is shaking up the international banking landscape. Businesses can now look beyond the traditional options and find a wider array of tools and services for managing their finances while traveling internationally. The challenge for businesses is to carefully analyze their spending patterns and compare the options, ensuring the chosen service truly delivers on its promise of cost savings.

Let's explore how leveraging Starling Bank's borderless payments and other multi-currency account options can potentially help minimize ground transportation costs during international business trips.

Firstly, it's interesting to note the widespread practice of **dynamic currency conversion** offered by many ground transportation providers. This option allows you to pay in your home currency rather than the local one. While seemingly convenient, it often results in less favorable exchange rates and hidden fees. It's often more beneficial to pay in the local currency.

Starling Bank, like many other modern fintech solutions, relies on **interbank exchange rates** for their currency conversions. These rates are typically more competitive than the rates charged by conventional banks, which often add a sizable markup to transactions. This difference can translate into substantial savings for travelers, especially during business trips where multiple transactions might occur.

When it comes to fees, Starling Bank utilizes a **flat fee structure** for international transactions, rather than a percentage-based fee that's more common with traditional banks. This can be particularly advantageous for larger expenses, such as paying for car rentals or taxis.

One notable strength of Starling is its **global acceptance**. Their services allow international payments with a transparent fee structure. This means you can potentially reduce the risk of unexpected costs and better manage your budget.

Many multi-currency accounts, including Starling, often come with a **free ATM withdrawal limit**, which can be extremely helpful for obtaining local currency. It's useful to understand these limits and plan accordingly.

The Starling app is also designed with **real-time transaction notifications** in mind. You receive these in both pounds and the local currency. This degree of transparency helps track your spending and can enhance budgeting discipline.

Furthermore, the concept of **managing multiple currencies in a single account** offered by Starling and others is intriguing. This can simplify transactions and eliminate the need for constant conversions with associated fees. This benefit can be significant if you're traveling to multiple countries with different currencies.

It's important to note that some multi-currency accounts, such as the one with Starling, might include **insurance benefits** within their service packages. This aspect can protect against unexpected events such as trip cancellations or medical emergencies while traveling abroad.

Another aspect to consider is that multi-currency account providers often establish **partnerships with other services**, potentially offering discounts or cashback on transactions made with local businesses. It's beneficial to check these out as part of your planning.

Finally, many of these accounts offer **currency rate alerts**. This feature helps users to optimize their spending and make transactions at times when the exchange rates are more favorable.

Overall, it's intriguing to see how these new financial tools are impacting the landscape of travel and finance. The potential for savings, through better understanding of the intricacies of foreign currencies and the use of innovative fintech solutions, can be significant. This can impact how we travel, and perhaps the role that traditional banks play in this growing area of international travel.