Payset prespective
May 23, 2022

Do Prepaid Cards Work Internationally?

If you travel for business or for pleasure, you will likely need a way to make payments with various local currencies. There are plenty of ways to do this, but card payments using a prepaid card are often the most convenient.

So, do prepaid cards work internationally?

Prepaid cards are usually designed to be used internationally. Companies like Visa and Mastercard work with card providers to offer prepaid cards to travellers. While you should always check your card’s terms and conditions, it is safe to assume that your card will work in most countries.

Keep reading for a detailed guide on how international prepaid cards work, as well as why prepaid cards are particularly well-suited for international use. 

How do international debit cards work?

 

When you make a purchase with a debit card, you can simply use your card whenever you make payments online or in person—just like you would use a debit card or a credit card. 

Usually, you can use your prepaid card to withdraw funds from a compatible ATM as well.

 

Unlike with a credit card, you do not need to worry about paying off your prepaid card’s balance, accumulating interest, or spending above your credit limit. 

Instead, you can load your prepaid card with funds before you begin spending. You can also reload that balance at any time.

 

Sometimes, there are fees attached to prepaid cards, including registration fees, transaction fees, and conversion fees. However, some prepaid cards offer rewards for frequent use, so you may be able to save money by spending money on your prepaid card often.

Why are prepaid cards suited for international payments?

Prepaid cards offer a wide variety of unique benefits when it comes to spending money internationally:

Support for Multiple Currencies

If you know which currencies you need before you begin travelling, you may be able to load your prepaid card with specific local currencies. 

You can take advantage of conversion fees in this way: if you exchange your funds at the right time, your balance will have more spending power. 

Reducing the Need for Cash Conversion

Sometimes, prepaid cards can convert between currencies at the point of sale. Merchants will automatically receive the local currency no matter which currency you spend. 

In this case, you do not need to convert cash, coins, and banknotes to foreign currency prior to your trip.

Preventing Theft and Fraud

Prepaid cards often come with precautions to prevent theft. For example, PIN codes and other security features mean that nobody can use your card after you lose it or misplace it. 

The same is not true of lost cash, which can be spent by anybody who finds it.

How to use your prepaid card abroad

Using your prepaid card during your trip is simple. You just need to order a card and set it up before you use it on your vacation. Here’s what you need to do:

Step 1: Order Your Prepaid Card

You’ll need to order a prepaid card before you travel. Be sure to order your card well before your trip, as it could take several days or weeks to arrive by mail.

Step 2: Set Up Your Card

Next, you’ll need to set up and activate your prepaid card. You’ll likely need to register your card through a web page or over the phone before you spend money on your card.

Step 3: Choose Your Currencies

Finally, you should deposit funds on your card. You may need to choose which foreign currencies you want to convert those funds to. 

Note that it may take some time for money to show up in your prepaid card’s balance, so you should deposit money in advance of your trip.

Step 4: Manage Your Balance

You can continue managing your prepaid card from your online account. Be sure to monitor your spending; if you run out of funds, you will need to top up your balance. 

You can deposit funds from various sources, such as bank accounts, other payment cards, and paychecks.

 

Payset’s Debit Card Solution

Payset offers a debit card solution with support for multiple global currencies, plus a built-in currency exchange, and much more. 

Here’s what you’ll get when you register with us:

Low Fees and Exchange Rates

By holding multiple currencies in your Payset account, you can avoid some fees. You don’t have to rely on bank exchange rates and conversion fees. 

Instead, you can simply hold each currency that you plan to spend, and you’ll only need to pay basic transaction fees on each payment that you make.

Fast Transactions

When you hold various international currencies, you won’t need to rely on cross-border payment networks, which settle money over hours or days. 

Instead, your payments will be handled within each country’s banking system, allowing you to perform transactions as quickly as possible.

Convenient Options for Businesses

Payset offers features that are tailored to businesses and individuals alike. You can open a personal account or create a card for use within a team. 

You’ll also gain access to a virtual card alongside your plastic card, so you’ll have more than one option for payments no matter where you are.

With support for 38 currency pairs and 24/7 service, Payset is a great choice for your next prepaid card. Contact us today to learn more or sign up for our service using the “Get Started” button below.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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