How FX and Multi-Currency Transactions Work

Foreign exchange (FX) and multi-currency transactions are central to global payments. FX refers to the conversion of one currency into another, which happens whenever a payment is made across borders. Multi-currency transactions allow businesses and individuals to hold, send, and receive funds in different currencies, providing flexibility and reducing the need for constant conversions.

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When a cardholder makes a payment in a foreign currency, the transaction is sent to the card issuer or processor, where the amount is converted into the cardholder’s account currency using the prevailing exchange rate. Depending on the provider, additional FX fees may apply. Multi-currency accounts and cards simplify this process by letting users maintain balances in multiple currencies, meaning payments can be settled directly without repeated conversions, reducing costs and delays.

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Monavate supports FX and multi-currency transactions as part of its modern payments platform. Businesses can issue cards and manage accounts that hold multiple currencies, making international payments seamless and transparent. With Monavate, transactions are automatically converted, tracked, and reported in real time, giving companies clear visibility into spending and FX costs. By combining FX capabilities with real-time controls and multi-currency accounts, Monavate makes cross-border payments efficient, secure, and easy to manage.

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