Before traveling abroad, you should pre-purchase the currency. What exactly to pay by card or cash is a personal matter for everyone. The problem is that the commission for foreign currency cashless transactions is high, and running around buying dollars in exchangers is inconvenient. Especially for such cases, a new product has been developed - multicurrency cards.
Essence
It is unprofitable to pay with a ruble card abroad. Money is not debited from the account immediately, but after confirmation of the operation. During this time, the exchange rate may change dramatically. You can draw up three cards - ruble, dollar and euro - and pay a service fee on them. But in this case, you have to constantly carry them with you and remember all the PIN codes. This is also inconvenient.
A multi-currency debit card is tied to several (usually three) accounts at once. The choice of currency during the transaction occurs automatically. In the USA, funds will be debited from the dollar account, in Europe, settlements will be made in euros, and in Russia - in rubles. If the account currency differs from the three available, then - depending on the bank rules - the funds from the main account will be debited taking into account the conversion fee.
Multicurrency cards are issued by the international payment systems MasterCard and VISA. There are no problems with the class either. The client can apply for Maestro, Classic, Platinum, Gold, etc.
For whom
Multicurrency cards are very popular among tourists and business people. But such an average plastic does not hurt the average citizen. You can constantly use the account in rubles, and before traveling abroad to buy dollars or euros.
Benefits
- Universality. When issuing a card for several currencies, it is enough to pay a service fee once, write a reissue application and remember the PIN code.
- Convenience of calculations. If there are not enough funds on the balance sheet to pay the bill, another currency will be debited taking into account the conversion. If you connect to Internet banking, you can conduct currency transactions online. For payments on the Internet, you can also use multi-currency cards. Banks that provide this product develop interesting offers.
Work mechanism
A multicurrency card is, on the one hand, an accumulative plastic, with which you can perform all standard operations and participate in loyalty programs. On the other hand, its service has some features. When conducting international transactions, the concept of “base currency” arises. It is forcibly established by a financial institution depending on which country the settlements are made in. Most often, after rubles, the dollar is “assigned” to the next base currency. Consider standard situations in which a multi-currency Sberbank card is used.
Small balance
A service charge of 750 rubles is deducted from the card. If there is this amount on the balance sheet, then there will be no problems. But if the account balance is, say, 1 ruble, 1 dollar and 200 euros, then the amount will be converted. To the existing 1 ruble, a converted dollar will be added at the rate of 1:32. The remaining 717 rubles. will be deducted from the account in euros at the rate of 43.95: 717 / 43.95 = 16.32. Balances after the transaction: rub. - 0, dollars - 0, euros - 183.68.
Invoiced in a currency other than available
The cost of living at the hotel is 40 lats. The client has 1000 rubles, 100 dollars and 150 euros on the balance sheet. Dollars will be debited from the account.
Consider another example. The bill is issued on the same 40 . But on the map there are 0 rubles, 0 dollars, 100 euros. Exchange rate: 1 lat = $ 2.05. The transaction will take place in dollars. Amount to be debited - $ 82. Dollars will be bought for euros in the amount of 61.50. The balance on the accounts will be: 0 rubles, 0 dollars, 38.5 euros.
To avoid double conversion, you need to maintain an account balance with the base currency. In the example considered, this is a dollar.
Market Offers
Not all banks issue such cards. Among the existing options, prices vary greatly. Some organizations draw up a card for free, but charge large transaction fees. Others charge a service charge and provide a wide range of services. Therefore, the choice of institution must be taken seriously. Moreover, there is no such product on the market as a multicurrency card of Sberbank. Among major financial institutions, Alfa-Bank has interesting offers. Clients can independently (via the Internet or by calling the hotline) attach any debit card to foreign currency accounts. The service charge does not change. But this is a short-term solution to the problem.
VTB has a more interesting offer. A multi-currency card is issued within 5 days after submitting the application and is valid for 2 years. You can replenish the balance through cash desks in branches, ATMs, transfers from other accounts, Telebank and even CONTACT. The multi-currency card “VTB 24” will cost the client 750 rubles. (Visa Classic, MC Standard) or 3000 rubles. (Visa / Mastercard Gold) for 2 years. Re-issuance costs 375 rubles. There is no additional commission for withdrawing cash from partner banks, and you will have to pay 15 rubles to view the balance. The maximum allowable monthly settlement amount is 1 million rubles. The cardholder automatically becomes a member of the discount programs.
Transport Bank charges interest on the balance of funds at a rate of 10% per annum. All cardholders are automatically insured by AIG Insurance Company for 3 years. The cost of this service is included in the annual service (1200 rubles). If the card is not used for 12 months, the commission is reduced to 150 rubles. The client will have to pay an additional 1.5% of the amount for cashing out funds (at least 5 euros).
Other options
AgroPromCredit CB opens such accounts for free. Interregional Clearing Bank charges from 250 (Maestro) to 3100 (Gold) rubles for the corresponding service. If desired, an overdraft can be issued on the card at a rate of 18% per annum. The usual means of payment at the same institution are: Maestro - 150 rubles, Standard - 700 rubles, Gold - 2.8 thousand rubles. At Citibank, the service of connecting the card to CitiOne currency accounts is free, and overdraft is provided at a rate of 35% per annum. Rosbank only multicurrency exclusive products: MasterCard World Signia and Visa Infinite. Their terms of service are considered individually for each client.
disadvantages
Multi-currency cards are not beneficial to every client. For two years of service, you will have to pay a minimum of 1000 rubles, which is 2-3 times higher than the same rate for ordinary plastics. Currency exchange is carried out at the bank's commercial rate, which is significantly lower than the market rate.
Reviews
On the forums you can find a large number of user reviews of VTB multicurrency cards. Most of them relate to the exchange rate when converting funds. Consider one example. The client wants to replenish his account in rubles in rubles. The bank sells currency for 60 rubles, and buys - for 59.5. In this case, when replenishing the balance, the amount calculated at the rate of 60 rubles will be debited from the ruble account. / Euro. If then the client decided to pay by card with the account, then the conversion of euros into rubles (base currency) will be carried out at the rate of 59.5. In the first case, the purchase operation is carried out, and in the second - the sale. For withdrawals through ATMs of other financial institutions, an additional fee of 1% of the amount is charged.
Conclusion
Customer reviews state that the VTB 24 multicurrency card is a useful tool for frequent operations with dollars and euros. One plastic, which is attached immediately to three accounts, can be used for settlements in Russia and abroad. But in order not to overpay on the difference in rates and conversion, it is worth constantly monitoring the balance.