What is a multicurrency card and why is it good

What is the difference between a multicurrency card and a regular one?

This is exactly the same plastic card. But it is tied not to one ruble or foreign currency account, as usual, but to several accounts in different currencies at once. As a rule, these are rubles, dollars and euros.

Why is this done?

Using a multicurrency card, you can make non-cash payments and withdraw money in the desired currency anywhere in the world. For example, in Russia its owner can pay in rubles, in Europe use euros, and in the USA - dollars. At the request of the cardholder, the number of currencies can be increased.

That is, one card replaces several at once?

Yes. This adds up to the main advantages of a multicurrency card:

Savings on annual maintenance. No need to pay for three separate cards. It is enough to create one and use the account and currency that are needed at the moment.
Convenience. In order to exchange currency, you do not need to go to the bank or look for an exchanger. This can be done via the Internet bank or ATM. Such efficiency can also bring additional income during periods of sharp fluctuations in exchange rates.
Savings on conversion. Linking a card to three accounts in different currencies at once allows you to write off money from a specific account. That is, if the product is paid in US dollars, then the money will be debited from the dollar account. Therefore, there will be no conversion, which means that you will not have to pay a commission for it.

Avetis Vartanov Head of the QBF Training Department

When traveling abroad, holders of multicurrency cards do not need to exchange money. Conversion at the choice of the cardholder can be done automatically or using the Internet bank. With automatic conversion, there is no need to worry if, for example, during a trip to Europe, you suddenly run out of funds in your account in euros. The money will be automatically debited from another account, for example, ruble or dollar. This is indicated in the contract.

Does this card have any disadvantages?

Of course. Here they are:

The number of banks issuing multicurrency cards is relatively small.
A multicurrency card can only be a debit card, this type of credit card is not issued. However, some banks provide for an overdraft on them (when funds may be overspending due to a certain credit limit).
Some banks offer cards with short expiration dates. Therefore, you will have to regularly renew the service agreement.
If, when paying for goods and services, you do not have enough money on the required account and you have to pay from another, the currency conversion rate may turn out to be unprofitable.

Alexey Korenev analyst at the Finam Group

Withdrawing money in foreign currency on the territory of Russia is not possible at all ATMs and depends on whether there is a sufficient amount of it in a particular ATM. But if you withdraw money directly from the branch of a credit institution, such problems, as a rule, do not arise. In addition, some banks have certain technical difficulties when switching between accounts.

So is it still worth getting a multicurrency card?

According to experts, this is a rather complicated tool for an unprepared person. The card requires certain skills in working with various currencies and at least basic knowledge about the ratio of the value of currencies, commissions, and so on. Therefore, evaluate your strengths and based on this make a decision.