Exciting changes are being made in the financial sector that could spell positive news for Bitcoin debit card users. One UK private banking service provider is currently experimenting with a multi-currency debit card, which would make paying expenses abroad a lot more convenient and cheaper. Existing debit cards can be linked to a many as 19 different currency accounts for payments and conversions.
Multi-currency Debit Cards Make A Lot of Sense
It has to be said that currency conversions, when paying for goods or services abroad with credit or debit cards, can get rather expensive. Consumers are often paying the brunt of those fees, and it is due time that a more convenient solution is created. One UK bank may have the answer to the problem, as they are launching a multi-currency debit card.
Clients who travel overseas can use one debit card for any purchase, and link it to a many as 19 different currency accounts. Funds will automatically be debited from the relevant currency account, with no conversion charges being applied. This latter option, especially, is kind of interesting, as it will significantly reduce costs for consumers.
Setting up the debit card and linking it to different currency accounts can be done in an online manner which adds a lot of convenience to the table. It would be interesting to see Bitcoin debit card providers offer this same type of functionality over time, although it remains doubtful that will be the case. For now, Bitcoin users can order separate cards denominated in a different balance, which can be quite cumbersome.
It is positive to see this type of innovation come from within the financial sector itself for a change, though. On paper, it makes a lot of sense to offer this functionality, although it remains unclear if this will be available to consumers or only enterprise users. It is apparent that this feature is tailored towards users who travel abroad quite often, which may not necessarily apply to the average consumer.
Delivering this service is made possible thanks to a close relationship with Visa. Most Bitcoin debit cards are issued under the Visa brand as well, so integrating a similar feature should not be overly difficult. It would benefit a lot of cryptocurrency users just to have one card that supports virtually every major currency in existence. The first provider to crack this code can instantly become the Bitcoin debit card market leader.
It also appears that this feature is offered without any additional charges. Granted, users will have to obtain a new card, as existing cards are not compatible with this new service. Most people owning a Bitcoin debit card, however, would not mind swapping their old card for a new one if it brings more convenience to the table and removes conversion fees altogether.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.