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Published on 18 August 2025•9 minutes

Multi-currency virtual cards: Pay global vendors without FX conversion nightmares

Airwallex Editorial Team

Multi-currency virtual cards: Pay global vendors without FX conversion nightmares

Paying international vendors shouldn't feel like navigating a minefield of hidden fees, volatile exchange rates, and complex currency conversions. Yet for businesses managing global supplier relationships, foreign exchange (FX) complexity remains one of the biggest operational headaches. The global digital payment market was valued at $10.18 trillion in 2024 and is forecasted to reach $32.07 trillion by 2033, growing at a compound annual growth rate of 13.5% ¹. As cross-border transactions become the norm rather than the exception, businesses need smarter solutions to eliminate FX friction.

Multi-currency virtual cards are transforming how companies handle vendor payments across borders. These digital payment tools allow businesses to hold, convert, and pay in multiple currencies without the traditional banking headaches. With 42% of U.S. consumers already using virtual cards in the past six months and 65% likely to use one in the next year ², the technology is rapidly moving from consumer convenience to business necessity.

The stakes are particularly high for companies managing global vendor networks. Merchants paid approximately $138 billion in processing fees in 2022 ³, with cross-border transactions often carrying the highest costs. Multi-currency virtual cards offer a way to bypass many of these fees while gaining unprecedented control over international spending.

The hidden costs of traditional vendor payment methods

Traditional international vendor payments come with a web of complications that drain both time and money from businesses. When you pay a vendor in another country using conventional methods, you're often hit with multiple layers of fees and unfavorable exchange rates that can add up to significant costs.

Consider the typical wire transfer process. In the US, credit card fees are unregulated and can go up as high as 3.5% ³. Add international transaction fees, correspondent banking charges, and poor exchange rates, and you're looking at total costs that can exceed 5-7% of the transaction value. For a company processing millions in vendor payments annually, these percentages translate to substantial losses.

The complexity extends beyond just costs. Traditional payment methods often involve:

Manual reconciliation nightmares: Without proper transaction tracking, finance teams spend hours matching payments to invoices across different currencies. Each transaction made with virtual cards can be identified with a unique card number and include booking references as enhanced data fields for easy reconciliation ⁴.

Exchange rate volatility: Currency fluctuations between payment initiation and settlement can create budget variances. Foreign currency credit in dollar, euro and yen grew respectively by 5%, 10% and 6% year-on-year at the end of the first quarter of 2025 ⁵, highlighting the ongoing volatility businesses must navigate.

Limited visibility: Traditional banking systems often provide minimal real-time information about payment status, making it difficult to track vendor payments across multiple countries and currencies.

Understanding multi-currency virtual cards

Multi-currency virtual cards represent a fundamental shift in how businesses approach international payments. Unlike traditional payment methods, these digital cards allow companies to hold balances in multiple currencies and pay vendors directly in their local currency without conversion at the point of transaction.

A virtual card is similar to a traditional credit or debit card but exists solely in a digital format ⁶. What makes multi-currency versions particularly powerful is their ability to eliminate the friction of cross-border payments. Virtual cards are primarily used for online purchases and subscription services ⁶, making them ideal for modern B2B transactions.

The technology works by allowing businesses to:

Pre-load multiple currencies: Companies can hold balances in various currencies based on their vendor payment needs. Mint's Virtual Cards, for example, support payments in 20 different currencies ⁴.

Set granular controls: Through platforms like WorldFirst, individual transaction limits can be set for each virtual card ⁷. These limits can be applied to single transactions, daily spend or monthly spend, and can be adjusted at any time ⁷.

Eliminate conversion fees: When paying in the vendor's local currency, businesses avoid the typical FX markups. Mint Virtual Cards are treated as locally-issued cards, eliminating international merchant fees ⁴.

Key benefits for global vendor management

Instant card issuance and deployment

Speed matters in vendor relationships. Virtual cards are digital-only cards that can be issued instantly ⁸. It takes less than a minute to set up a new Mint Virtual Card, or they can be generated instantly with a direct API connection to a booking system ⁴. This instant deployment means businesses can onboard new vendors and start paying them immediately, without waiting for physical cards to arrive.

Enhanced security and fraud prevention

Security concerns are paramount when managing vendor payments across multiple countries. Virtual cards offer greater control and security, and are ideal for the demands of modern business spending ⁸. Each card can be configured with specific parameters:

Merchant category restrictions: Mint Virtual Cards allow restricting card usage to approved merchant categories⁴.
Time-based controls: Cards can be set with specific validity dates, ensuring they expire after the intended use.
Amount limitations: Usage parameters can be set at the time of card creation including currency, card limits, and validity dates⁴.

Real-time visibility and control

Finance teams gain unprecedented visibility into vendor spending patterns. Galileo client data shows the impact of virtual cards – boosting activation rates by 15%, transaction volume by 23%, and revenue per account by nearly 20% ². This improved performance stems from the real-time control and visibility these cards provide.

Payments made with Mint Virtual Cards are checked against usage limits and fraud detection rules of the card ⁴. Once a payment is authorized, the funds are released and sent to the supplier, with payment confirmation received on the platform ⁴.

Eliminating FX complexity: How it works

The mechanics of multi-currency virtual cards fundamentally change how businesses approach foreign exchange. Instead of converting currencies at the point of payment with unfavorable rates, companies can strategically manage their FX exposure.

Strategic currency loading

Businesses can pre-load virtual cards with specific currencies when exchange rates are favorable. Mint Virtual Cards can be loaded with any of the 20 supported currencies to make payment with no foreign exchange fluctuation risk ⁴. This approach allows companies to:

Lock in favorable exchange rates
Avoid last-minute conversion fees
Maintain predictable vendor payment costs

Local payment processing

When a multi-currency virtual card processes a payment, it appears as a local transaction to the vendor. Mint Virtual Cards do not have cross-border fees ⁴. This local processing eliminates multiple fee layers typically associated with international payments.

The impact on transaction costs is significant. Account-to-account transactions are cheaper than the 3% commonly paid on card fees by retailers ⁹. By using multi-currency virtual cards that process as local transactions, businesses can achieve similar cost savings on their vendor payments.

Automated reconciliation

One of the most time-consuming aspects of international vendor payments is reconciliation. Multi-currency virtual cards solve this through automated tracking and reporting. Each transaction made with Mint Virtual Cards can be identified with a unique card number and include booking references as enhanced data fields for easy reconciliation ⁴.

Implementation strategies for businesses

Assessing your vendor payment landscape

Before implementing multi-currency virtual cards, businesses need to analyze their current vendor payment patterns. With global cross-border bank credit expanding by $1.5 trillion in the first quarter of 2025, reaching a record $34.7 trillion ⁵, the scale of international business transactions continues to grow.

Key assessment areas include:

Currency exposure: Identify which currencies you pay vendors in most frequently
Payment volumes: Determine monthly transaction volumes by currency
Current costs: Calculate total FX and transaction fees under your existing system
Vendor requirements: Understand vendor preferences for payment methods and currencies

Choosing the right platform

Not all multi-currency virtual card providers are created equal. Airwallex offers multi-currency accounts to receive funds, high-speed international transfers, and multi-currency company & employee cards ¹⁰. The platform also provides automated accounts payable management ¹⁰.

When evaluating providers, consider:

Currency coverage: Ensure the platform supports all currencies you need. There are other providers of multi-currency virtual cards with their own set of features including Airwallex, Rapyd, Wise and Revolut ⁷.

Integration capabilities: Look for platforms that integrate with your existing financial systems. Airwallex provides integrations with eCommerce platforms and offers no-code payment acceptance ¹⁰.

Control features: Evaluate the granularity of spending controls and approval workflows available.

Setting up your card program

Implementing a multi-currency virtual card program requires careful planning and execution. Mint's Virtual Card management platform allows businesses to define the roles of their users, including who can load funds into the account, create cards, and who can use cards ⁴.

Key implementation steps:

Define user roles and permissions: Establish clear hierarchies for card creation and usage
Set spending policies: Create guidelines for currency loading and vendor payment approval
Configure card templates: Pre-set common card configurations for different vendor types
Establish monitoring procedures: Set up real-time alerts and regular review processes

Real-world success stories

Companies across industries are already seeing significant benefits from multi-currency virtual cards. McLaren Racing modernized cross-border payments with Airwallex ¹¹, demonstrating how even complex global operations can streamline their vendor payment processes.

RYSE transformed complex cross-border finances into streamlined, cost-saving, and efficient global operations with Airwallex ¹¹. Their experience highlights how multi-currency capabilities can fundamentally change a company's approach to international vendor management.

The travel industry, which faces particular challenges with international payments, has been an early adopter. Online travel agents, or OTAs, face complex challenges when it comes to payments and financial management ¹¹. Multi-currency virtual cards help them pay hotels, airlines, and other vendors in local currencies without conversion headaches.

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Overcoming common implementation challenges

Change management

Transitioning from traditional payment methods to multi-currency virtual cards requires buy-in across the organization. Nearly 75% of consumers say they prefer using virtual cards in at least one payment situation ², but business adoption requires addressing specific concerns:

Training requirements: Ensure finance teams understand the new system
Vendor communication: Explain the benefits to vendors who may be unfamiliar with virtual cards
Process documentation: Create clear guidelines for when and how to use multi-currency cards

Technical integration

For companies, especially small and medium-sized firms (SMEs), integrating digital payment systems with legacy infrastructure is a major difficulty ¹. However, modern platforms are addressing these challenges:

API-first architectures enable seamless integration
Pre-built connectors for popular accounting systems
Real-time data synchronization capabilities

Compliance and regulatory considerations

International payments come with regulatory requirements that vary by country. The UK government is introducing regulations to update rules for the Organisation for Economic Co-operation and Development's Common Reporting Standard (CRS) ¹². Businesses must ensure their virtual card programs comply with:

Anti-money laundering (AML) requirements
Know Your Customer (KYC) regulations
Cross-border payment reporting obligations

The future of vendor payments

The shift toward multi-currency virtual cards is part of a broader transformation in global payments. Digital wallets are forecast to be used in 61% of digital transactions in 2028, up from 50% in 2023 ³. This trend extends to B2B payments, where businesses increasingly expect consumer-grade payment experiences.

Emerging technologies are further enhancing multi-currency capabilities:

Real-time payment networks: Tensec's platform supports real-time payment networks like SPEI, PIX, FedNow, and SEPA ¹³. These networks enable instant vendor payments across borders.

AI-driven optimization: Artificial intelligence is being used to optimize currency conversion timing and reduce costs. The platform uses AI-driven risk assessment and compliance to cut verification times from weeks to minutes ¹³.

Embedded finance solutions: Airwallex offers programmatic account creation & onboarding, global multi-currency payment acceptance, and interbank FX rates & currency management ¹⁴. These capabilities are being embedded directly into business software, making multi-currency payments seamless.

Making the switch: Your action plan

Transitioning to multi-currency virtual cards doesn't have to be overwhelming. Here's a practical roadmap for implementation:

Phase 1: Assessment and planning (Weeks 1-2)

Analyze current vendor payment costs and pain points
Identify high-volume currencies and vendors
Calculate potential savings from eliminating FX fees
Research and shortlist virtual card providers

Phase 2: Pilot program (Weeks 3-6)

Select a small group of vendors for initial testing
Set up virtual cards for specific currencies
Train key finance team members
Monitor transactions and gather feedback

Phase 3: Gradual rollout (Weeks 7-12)

Expand to additional vendors and currencies
Refine spending controls and approval workflows
Integrate with accounting systems
Document processes and best practices

Phase 4: Full implementation (Months 4-6)

Migrate all suitable vendor payments to virtual cards
Establish regular review and optimization processes
Track ROI and cost savings
Share success metrics with stakeholders

Measuring success and ROI

To justify the investment in multi-currency virtual cards, businesses need clear metrics for success. In March 2025, Airwallex achieved US$720M in annualised revenue, up 90% year-over-year, and exceeded US$130 Billion in global annualised payments volume ¹⁵. While your results may vary, key performance indicators to track include:

Cost savings metrics:

Reduction in FX conversion fees
Decrease in wire transfer charges
Lower transaction processing costs
Reduced administrative overhead

Operational efficiency gains:

Time saved on reconciliation
Faster vendor payment processing
Reduced payment errors and disputes
Improved cash flow visibility

Strategic benefits:

Better vendor relationships through faster payments
Improved budget predictability
Enhanced financial control and compliance
Scalability for international growth

Conclusion

Multi-currency virtual cards represent a fundamental shift in how businesses manage global vendor payments. By eliminating FX conversion nightmares, reducing costs, and providing unprecedented control, these digital payment tools are becoming essential for companies operating internationally.

The benefits are clear and measurable. With 46% of diaspora consumers across Europe regularly sending money home ¹⁶, and businesses facing similar cross-border payment needs, the demand for efficient multi-currency solutions continues to grow. Companies that adopt these technologies now will gain a competitive advantage through lower costs, better vendor relationships, and more efficient operations.

The path forward is clear. As global commerce continues to expand and digital payment technologies mature, multi-currency virtual cards will become the standard for international vendor payments. The question isn't whether to adopt this technology, but how quickly you can implement it to start realizing the benefits.

For Canadian SMEs, cross-border eCommerce is one of the most cost-effective and accessible ways to reach a global customer base ¹⁰. The same principle applies to vendor payments – using the right tools makes global operations accessible and efficient for businesses of all sizes.

Take the first step toward eliminating your FX conversion nightmares. Evaluate your current vendor payment processes, calculate your potential savings, and explore how multi-currency virtual cards can transform your global payment operations. The future of vendor payments is here, and it's time to leave the complexity of traditional FX behind.

FAQ

What are multi-currency virtual cards and how do they work?

Multi-currency virtual cards are digital payment solutions that allow businesses to hold and spend funds in multiple currencies without physical cards. They work by creating virtual card numbers linked to multi-currency accounts, enabling direct payments to international vendors in their local currency. This eliminates the need for traditional FX conversions and reduces associated fees and exchange rate risks.

How much can businesses save using multi-currency virtual cards compared to traditional payment methods?

Businesses can typically save 2-4% on international transactions by avoiding traditional FX conversion fees and unfavorable exchange rates. For companies processing significant international payments, this can translate to thousands of dollars in annual savings. Additionally, the streamlined process reduces administrative costs and time spent managing complex currency conversions.

What are the main benefits of using virtual cards for international vendor payments?

Virtual cards offer enhanced security through unique card numbers for each transaction, better expense tracking and control, instant card generation, and simplified reconciliation processes. They also provide real-time spending visibility, customizable spending limits, and integration with existing accounting systems. For international payments, they eliminate FX conversion complexity while maintaining full transaction transparency.

Are multi-currency virtual cards suitable for small and medium enterprises (SMEs)?

Yes, multi-currency virtual cards are particularly beneficial for SMEs engaged in cross-border ecommerce and international trade. They provide enterprise-level payment capabilities without the complexity and high costs traditionally associated with international banking. SMEs can access competitive exchange rates, streamlined payment processes, and professional financial tools that were previously only available to larger corporations.

How do multi-currency virtual cards help with expense management and compliance?

Multi-currency virtual cards provide detailed transaction records in real-time, making expense tracking and compliance reporting much easier. They offer customizable spending controls, automatic categorization of expenses, and integration with accounting software. This enhanced visibility helps businesses maintain better financial oversight and simplifies compliance with international tax and reporting requirements.

What should businesses consider when implementing multi-currency virtual card solutions?

Businesses should evaluate factors such as supported currencies, integration capabilities with existing systems, security features, and fee structures. It's important to choose a provider that offers competitive exchange rates, robust fraud protection, and comprehensive reporting tools. Companies should also consider their transaction volume, geographic coverage needs, and the level of customer support required for successful implementation.

Citations

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Airwallex Editorial Team

Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.

Publié dans :

Comptes fournisseurs Cartes internationales Opérations financières

In this article

The hidden costs of traditional vendor payment methods
Understanding multi-currency virtual cards
Key benefits for global vendor management
Eliminating FX complexity: How it works
Implementation strategies for businesses
Real-world success stories
Overcoming common implementation challenges
The future of vendor payments
Making the switch: Your action plan
Measuring success and ROI
Conclusion
FAQ
Citations

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