Multi-Currency Cards vs Multi-Currency Wallets — What’s Best for Indian Startups?
Scaling globally means dealing in foreign currencies.
Whether you're a gaming studio, SaaS provider, or a forex education brand, choosing the right method to manage international transactions is crucial.
The debate often boils down to this:
Should you use a multi-currency card or a multi-currency wallet?
This post will help Indian startups make an informed choice.
🔍 What is a Multi-Currency Card?
A multi-currency card is a prepaid debit card that allows you to load and spend multiple currencies like USD, EUR, GBP, and more.
These cards are convenient for spending online or during international travel. They're accepted across Visa/Mastercard networks and can be reloaded as needed. However, they come with some limitations. High FX markup fees (often between 2.5% to 4%), no support for receiving international payments, and monthly usage caps can restrict serious business use. Additionally, there's little to no accounting or compliance support.
🔐 What is a Multi-Currency Wallet?
A multi-currency wallet, like the one provided by PlusPe, is built for business. It allows startups to receive and hold multiple currencies, convert them, and route payouts internationally — all while staying FEMA-compliant.
Multi-currency wallets support legal exports, provide audit trails, automate invoicing with GST and TDS, and are designed for growth. They're especially useful for companies accepting global payments, managing FX exposure, and tracking high-volume transactions.
💼 Which One Should You Choose?
If you're an Indian startup looking to accept client payments, pay vendors abroad, comply with Indian regulations, and scale globally, the multi-currency wallet wins hands down.
Multi-currency cards are better suited for:
- Light international travel
- Individual use
- Occasional online shopping
On the other hand, multi-currency wallets are ideal for:
- Receiving USD, EUR, GBP from clients
- Converting and storing foreign currency
- Paying freelancers, cloud vendors, or platforms globally
- Maintaining records for FEMA, TDS, GST, and more
- Scaling international operations with zero monthly caps
💸 Real Use Case: SaaS Startup Saves 28% in FX Fees
A Delhi-based SaaS company switched from a forex card to a PlusPe wallet and saved over 28% in foreign exchange costs. They started receiving client payments in GBP and EUR, generated FIRCs to prove exports, and integrated wallet statements with their accounting and GST software. Compliance improved, and profitability increased.
When to Use What?
Use a multi-currency card when you’re spending abroad in limited volumes.
Use a multi-currency wallet when you’re building a global business.
Internal Links You Can Add
- Enable INR to USD Payments for Indian Apps
- RBI, FEMA & TDS Compliance for High-Risk Payment Gateways
- Why Multi-Currency Payment Gateways Are Key to Global Growth
Final Thoughts: Choose What Powers Your Growth
Cards may work for individuals. But startups need something built for scale, reporting, and international compliance.
Multi-currency wallets offer more power, flexibility, and savings — all under one API.
🚀 Ready to Upgrade from Card to Wallet?
Talk to PlusPe and set up your global business wallet in 3 days.
