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As a business owner, the beauty of an international prepaid credit card is that you can send your employees on a work trip and be sure they won’t spend more than the budget allows. How so? With a prepaid credit card, the only money that can be spent is the money you choose to load onto it. Giving employees a traditional credit card can lead to over spending, or non-work use. With a prepaid card, you can load as high as $10,000 at a time or as little as $5. When the money is gone, there is none left until you choose to reload the card. Purchasing prepaid credit cards for your employees couldn’t be any easier or cheaper. When sending them worldwide, it’s your best option.
Pay: Minimal Costs
The beauty of a prepaid international credit card is that there are rarely fees associated with them and no credit check required. Some cards may charge a monthly or annual fee, but that is waived when a certain amount is loaded on the card every month. Capital One offers no monthly fee when you’ve loaded $500 for every transaction period. As a company that sends employees on international trips often, this shouldn’t be a problem.
While you may see some activation fees, often times signing up online will waive that for you as well. Luckily, there are hundreds of prepaid cards to choose from, so you can decide which one will work best with your budget.
Use For: Travelling Employees
All prepaid cards are great for international use. They can all be used wherever Visa or Mastercard is accepted, depending on what you choose to get. Because you can load the cards yourself, adding smaller increments at a time will allow you to avoid losing money if the card is lost. Often, though, many of the cards are FDIC backed, with zero liability. There is minimal loss in this situation.
If you’re worried about your employees needing more money in a pinch, don’t. You can begin with a larger amount of cash, up to $10,000, allowing them to have access to a large amount in case of an emergency. But, because the cards are all integrated on the web, you can simply add money online. This is immediately put on the card. Within minutes your employees will have the cash they need; no wait period. You will also be able to monitor spending with your online account, and get text or e-mail updates on current balances.
Get: More Benefits
Because these cards simply act as mobile bank accounts, employees can choose to have direct deposit to the card. If an employee is out on business for months at a time, they can then get their paychecks sent directly to the card. This can allow them to have access to personal cash if they want to take recreational trips between business transactions. Signing up for direct deposit corresponds with an immediate cash bonus from the card, which can have benefits for both you and your employees.
You can also use these cards as give away prizes for hard work in the office. With minimal cost to you, simply giving an employee a prepaid card for the month is cheap and rewarding.
Using an international prepaid credit card is beneficial to both yourself and your employees. This will allow you to monitor spending, keep it to a minimum, but still give them the freedom to spend where and when they need to. Because it is integrated online, you’ll never be guessing on their expenditures and they’ll never be without necessary funds. It’s safe, cheap and reliable.
International prepaid credit cards are a great way to give your employees spending freedom, without incurring extra costs. Prepaid cards only have money when you load it on. Thus, sending employees on an international trip can be more cost effective for you. You can load up to $10,000 at a time, so you know they’ll never be without necessary funds. On the other hand, you can put small amounts on at a time, and simply add more from your online account. Regardless of how you choose to allot money, most cards are backed by the FDIC with zero liability.
Internationally, the prepaid cards can be used anywhere Visa or MasterCard is accepted. It will cost you little to nothing signing up for the card, and rarely will you have to pay an activation or monthly fee. Often times, these charges can be waived based on load increments and signing up online. If you need to tighten the budget, but don’t want your employees to feel it, this is a smart way to do it. With so many cards to choose from, you can pick the card that best suits your needs. Browse our list of approved international prepaid credit card providers to the left.
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