Best foreign currency debit cards for overseas payments

Principles of managing a foreign currency debit card

When applying online for a T-Bank foreign currency debit card or one from another bank, you must specify your preferred currency account—US dollar or euro—or which foreign currency is eligible to be linked to the account. Subsequently, the card user can withdraw or deposit funds only into the account linked to that specific currency. As a rule, cashback accruals and other loyalty programs have their own specifics. Likewise, foreign currency debit cards with free maintenance provide for interest accrual on the balance of your own funds.

It is appropriate to use a foreign currency debit card for transactions abroad, for example, during a tour or business trip. However, if you are making purchases in a foreign online store from within Russia, you will also need a foreign currency debit card from Alfa-Bank or another financial credit institution.

A separate mention should be made of the multi-currency version of a debit card. This type of bank product provides for linking foreign currencies to the card account in addition to the Russian ruble. Subsequently, when transactions are made, conversion from one currency to another occurs at the bank's own exchange rate. Similarly, the card can have a separate currency account (i.e., not linked to other currencies) or provide for the interconnection of all accounts within the bank product.

Pros and cons of a foreign currency card

This bank product has more pros than cons. When going abroad and having the relevant currency in your account, there is no need to perform conversion when making transactions. For comparison, if you have cash, you must convert it into the national currency of that state, which leads to losing a portion of your funds to cash conversion commission fees.

A foreign currency card with a specified currency does not require conversion. However, if you have a ruble account and the foreign currency account does not have sufficient funds, in this case, conversion must be performed at the internal rate of the card-issuing bank.

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Commission fees for currency conversion on cards

If you have a Sberbank foreign currency debit card and you have gone abroad, you need to take care in advance to convert funds into dollars or euros to pay in the national currency of the country where you are located. Unfortunately, the ruble is not a popular currency abroad, and you will have difficulty finding a bank that accepts the ruble for conversion into the national currency.

Please note that foreign currency debit cards allow for cash withdrawals at ATMs abroad. However, converting the Russian ruble into local currency at an ATM has unfavorable characteristics. Some banks initially provide for a special procedure for conversion and cash withdrawals, where a commission may or may not be charged. Exact terms for promotions can be clarified directly with the bank that issued the foreign currency debit card.

At the same time, there are clear advantages to using your own foreign currency funds on a card:

• If you have foreign currency funds in your card account, they have a steady growth trend against the Russian ruble.
• Opening a foreign currency account has the same features as opening a deposit account at a bank, but without visiting the credit institution.
• You can send transfers to residents and non-residents of foreign countries with minimal fees required by the issuing bank, or without any fees at all, without visiting the credit institution in person.
• Foreign currency debit cards have the same loyalty programs as regular classic debit cards: cashback accrual (including for spending abroad), interest on the balance, bonus programs, points, miles, etc.

When applying for a bank product, we recommend checking for the presence of loyalty programs linked to the foreign currency account.

Cons of business cards with a foreign currency account

For Russians, foreign currency debit cards are practically useless within their own country. The leader in ATMs for foreign currency debit cards is Sberbank. However, the total number of ATMs that accept foreign currency and process debit cards within the country is not that large. Fortunately, the situation has improved, and almost every city has at least one terminal that works with foreign currency debit cards. In large cities, there are more such terminals than in settlements with a population of less than 100,000 people.

Another downside to foreign currency debit cards is the high cost of annual maintenance. On average in Russia, the cost of such a card is about 30 conventional units. However, if you connect to loyalty programs or meet minimum requirements, for example, by maintaining a certain balance and monthly turnover, the annual maintenance fee can be 0 RUB. In any case, this point should be clarified with the credit institution issuing your debit card.

Foreign currency debit cards are absolutely useless within Russia, but if you travel outside the country, this is the best way to use your own funds. Do not forget about conversion, which is set both by the bank's requirements and by the terms of partner banks where you intend to withdraw cash or perform a transaction, for example, paying for a purchase in a physical store abroad.

Which Russian foreign currency debit cards are in the TOP

Currently, foreign currency debit cards are available in almost all credit institutions in the country. We recommend paying attention to the following bank products from Russia's leading financial and credit institutions:

1. Alfa-Bank, Alfa-Card.
2. Sovcombank, Smart Cashback Card.
3. T-Bank, Tinkoff Black card.
4. Gazprombank, Smart UnionPay Card.
5. VTB, Card for Life.

Please note that some banks are ready to open not just 1 or 2 currencies for a foreign currency debit card, but several at once, including exotic ones.

Attention: when traveling abroad, we recommend topping up your card account balance in the currency that is a priority for the country of stay in a timely manner. If there is no other option, we recommend topping up the account in US dollars or euros. Pay attention to the internal conversion and commission fees of your foreign currency debit card-issuing bank.

The financial services selection service offers you the opportunity to apply for the best foreign currency debit cards that help solve financial issues while staying abroad. Submit an application to your chosen bank, fill out the questionnaire, and receive the debit card at an office or order delivery by courier service. Clarify the detailed terms of use for the bank card on the official website of your chosen credit institution.