Benefits of using a company travel card for businesses

Benefits of a company travel card
  • Debit card
  • International business

Domestic and international business travels have become standard among SMEs and corporations alike. Company travel cards are an integral part of a streamlined expense management strategy, as they increase efficiency and transparency while reducing unnecessary costs. We explain how a company debit card contributes to your expense management strategy and how it offers greater flexibility and more autonomy to all your team members.

What are company travel cards?

Company travel cards are credit cards specifically designed for business travel expenses. They are issued to employees by their companies to cover costs incurred during business trips, such as airfare, hotel stays, meals, transportation and other related expenses.

A company travel card can take on many forms, such as a travel debit card or a travel credit card. They are available as physical or virtual cards and connected to payment networks such as VISA or Mastercard, which can be used for online purchases or receiving cash at ATMs.

These cards often come with features tailored to business needs, like rewards on travel-related spending, expense tracking tools, customizable spending limits for different employees, merchant type restrictions and integrations with expense management systems.

They can streamline the expense reporting process, making it easier for both employees and employers to track and manage travel-related spending. Additionally, they might offer perks such as travel insurance, airport lounge access, or discounts on travel services.

5 reasons why your company should use a travel debit card

By introducing a company travel card, you streamline the workflows of your accounting department while offering greater flexibility and autonomy to all your employees. All advantages of travel debit cards are outlined in the following sections.

1. Facilitated expense management

Business travel cards contribute to the success of your overall expense management strategy. Corporate credit card expense management involves the systematic tracking, controlling, and reporting of financial activities within an organisation to monitor and optimise spending. It aims to efficiently handle costs, ensures adherence to budgets and enhances the overall financial health of an organisation.

An advanced company travel card integrates seamlessly with expense management systems. For instance, receipts can be uploaded and exported easily, so that expenses can be assigned conveniently to the respective cost centre, departments and single employees – speeding up accounting and bookkeeping. This integration simplifies the reimbursement process, enhances expenditure oversight and provides both employees and employers with a comprehensive real-time overview of travel-related spending.

2. Highest security

When selecting the appropriate business debit card for your organization, security is paramount. Advanced travel cards offer a distinct separation between users and administrators, ensuring you maintain full control over all your team expenses.

Administrators retain control over spending limits, geoblocking and further restrictions as well as the ability to modify expiration dates or to flexibly suspend cards in-between business travels, preventing overspending and misuse by individual users. Additionally, stringent safety protocols allow administrators to easily block the card with one single click inside the interface, so that stolen cards can’t cause further financial harm.

3. Better currency exchange rates and lower fees

When using your debit or credit card abroad, you might have already experienced severe charges when checking your bank account. The reason: Exchange rates provided by certain card issuers are often higher than the spot price, coupled with additional processing and transaction fees. Consequently, transactions in foreign currencies can amount to as much as 5% of the total, depending on your provider.

To avoid these surprises, consider utilizing a multi-currency travel card, enabling you to pay like a local regardless of your location. This practice not only helps prevent bad surprises but also allows you to minimize costs when spending money abroad. Further, carefully review the fine print and compare exchange rates and transaction costs among multiple card issuers to secure the best deal.

If you frequently travel abroad to the same currency zone, you can also look out for cash management automation options to convert your home currency in specific time intervals, which provides a further layer against exchange rate risk.

4. Greater flexibility

A company travel card grants more flexibility to all team members. The physical card facilitates withdrawal of foreign currencies from ATMs worldwide, so that users never run out of cash. On top of that, virtual cards are particularly advantageous for secure and convenient advance booking of flights, hotels and other travel essentials.

This dual functionality of physical and virtual debit card caters to most travel scenarios and preferences, while simultaneously empowering each department and individual user.

5. More autonomy

When issuing company travel cards, you can not only save costs and streamline processes for your accounting department, but you also grant your employees more autonomy during their business trips and beyond.

Employees can avoid lengthy internal application processes and make use of their allocated, prepaid budget instead. If you make use of a travel debit card, you can stay assured that your employees won’t overspend, while still having the autonomy to make traceable and secure purchases. This streamlines a lot of processes within your organisation and increases the efficiency of every single employee.

amnis: Your travel debit card

amnis’ virtual and physical multi-currency debit card offers everything you need to improve business travels and other company expenses: from a transparent pricing structure to 0% processing and transaction fees as well as multiple currencies, automations and advanced security features – amnis has got you covered.

amnis debit cards allow you to keep control of your business expenses with a real-time overview and convenient setting adjustments at any time: custom spending limits for single cards or entire teams, geoblocking, cash withdrawal and merchant restrictions to prevent misuse, flexible de- and reactivation for one-off purchases or in-between travels – the card administrator gets full control while safely providing employees access to funds.

Plus: Equipping your team with amnis’ business debit cards is hassle-free and paper-less! You can issue unlimited virtual cards for free in real-time, ready for immediate use. Cards can be assigned to individuals, departments or projects to simplify bookkeeping and monitor assigned budgets with ease.

Open your free multi-currency account with amnis online and make expense management on travels a breeze.

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Sabrina Maly
As a marketing manager at amnis I provide SMEs with fx market, international business and news updates on our blog & FAQ page.
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