Use Multi-Currency Cards. Here's why.
What is a Multi-Currency Card?
A currency card is a type of prepaid card which allows you to make transactions abroad without expensive fees or charges. Depending on your location, you have a choice of currencies you can put on the card, including pounds, euros or US dollars. Multi-currency cards are designed specifically for use while you are overseas, may that be because you live abroad or because you spend part of the year between countries. They usually have low or no fees when you use them abroad and may use favourable exchange rates, unlike other credit cards.
Avoid commissions abroad
Most debit and credit cards charge high commissions when you use them abroad. If you withdraw money from an ATM abroad, you will often face a further 2% to 3% commission, plus extra fees if you make a withdrawal using a credit card. On purchases, for example, you will usually have to pay a foreign currency charge of around 2.99% (which means paying an extra 3€ every time you spend 100€). The good news, however, is that foreign currency prepaid cards charge either much lower overseas fees, or in most cases, nothing at all.
Get a Spanish IBAN
Most Multi-Currency cards give you a Spanish IBAN immediately after opening your account, which makes your finances certainly easier when you travel or live abroad. Pay rent, receive money, make transfers and settle your finances.
Get a debit/credit card for free
Most banks in Spain charge extra commissions or fees for a debit/credit card. Some of these charges are maintenance fees, interests fees or ATM withdrawal commissions. On the other hand, Multi-Currency cards are commissions free even when used abroad and most of them they have no international withdrawal fees up to a certain amount.
Speak your language
Unlike some Spanish banks, a wide variety of Multi-Currency Cards banks (also called digital banks) provide a brilliant customer service in different languages, such as English, French, German, Spanish and Italian, because they specialized in foreign customers. If you have any problems, or just have a question, it will be easy to solve the issue.
What should I watch out for?
It is important that you look for the best card for you. You should watch out for those that truly suit your needs. We have purposely hand-picked the most suitable multi-currency cards for either those who live in Spain or those who spend a few months or weeks here.
Can my Multi-Currency Card be swiped directly at merchant establishments?
Yes, Multi-Currency Card can be swiped directly for payments at any shop establishments that accepts VISA/MasterCard.
Can I withdraw cash with a Multi-Currency card?
Yes, you can withdraw cash in ATMs with a Multi-Currency card. Tip: When you withdraw cash abroad or you pay by card, you may be asked whether to accept the price in the local currency or convert it to your home country’s currency. Converting the currency typically comes with high fees so always pay in the local currency.
Which ATMs accept the Multi-Currency Card?
All ATMs displaying the VISA/MasterCard symbol will accept a Multi-Currency Card. There are over 2 Million ATMs worldwide.
Are you ready to compare Multi-Currency Cards?
Multi-Currency cards are ideal for foreigners living in Spain: you can get a Spanish IBAN, without any paperwork or a word of Spanish.
We have purposely hand-picked the most suitable multi-currency cards for either those who live in Spain or those who spend a few months or weeks here.
With us, you can compare and apply for a range of Multi-Currency cards easily. So take a look at all the details provided to ensure you are getting the right one for your particular needs.