We're thrilled to begin the month with exciting news: as part of our ongoing efforts to streamline accounting processes and foster cost-efficient transactions, we've reduced the amnis debit card FX margin to 0%!
New: 0% fx margin on debit card transactions
As part of our ongoing commitment to enhance your financial operations, we're pleased to announce a significant update: at amnis, you can now select your preferred method for settling card transactions, all without incurring any foreign exchange or transaction fees, provided your chosen currency account maintains a sufficient balance.
You have two options:
Merchant currency: Card transactions are processed in the merchant's currency and debited from the corresponding currency accounts. This option is particularly beneficial if you’re already holding the currency your team is spending money in, eliminating the need for conversions.
Card currency: All transactions are processed in your card currency (typically the currency of the country where your card was issued, e.g., CHF for Swiss clients) and debited from the corresponding wallet. Importantly, for card payments abroad, no foreign currency accounts will be opened at amnis, simplifying and streamlining bookkeeping. Additionally, neither foreign exchange margins nor transaction fees will be applied to your debit card transactions, regardless of the currency involved*.
Thus, whichever settlement method you select, you will always have access to 0% FX and card transaction fees, resulting in savings of 3 - 5% on card transactions in major currencies and even higher savings in exotic currencies compared to traditional solutions.
But that's not all! You can set your desired card transaction currency in the Admin area of your amnis account and seamlessly switch between the two methods at your convenience. This empowers you to choose the most cost-efficient currency based on your business requirements, whether you're traveling abroad or using your amnis card locally.
Please note that for existing customers, the default setting is the merchant currency settlement method. Click below to review and adjust your settings now:
For detailed instructions and information on the multi-currency logic, please consult our debit card FAQ section.
* To this end, amnis converts card transactions in foreign currencies with the daily Mastercard fixing at 0% bank fee (learn more about the Mastercard rates here).
Introducing customer stories: Algrano AG
Meet Florian Schaffner, CFO and Head of Data at Algrano AG, in our first customer story. The Swiss tech startup directly connects coffee producers with roasters through its online marketplace platform, streamlining the global coffee supply chain. Since 2015, it has shipped coffee containers from diverse growers in Latin America, Africa, and Asia to European roasters, promoting transparency and efficiency.
Navigating this complex landscape with operations spanning over 30 countries, Algrano encountered a series of payment challenges in the past. For example, each transaction in its third-largest market, the UK, incurred substantial SWIFT fees ranging from 20 to 30 CHF on both ends - even for payments as small as 100 GBP.
The collaboration with amnis resulted in 5-digit annual savings for Algrano and optimized financial processes through transparent exchange rates, fixed and low margins, and self-service hedging possibilities.
No more SWIFT fees: The tech startup seamlessly routed GBP and USD payments locally through the amnis platform, eliminating the need for costly SWIFT fees thanks to amnis’ local currency accounts.
Currency risk control 24/7: amnis’ hedging capabilities empower Algrano to autonomously manage currency risks with flexibility and ease, 24/7. The ability to change value date provides complete control without incurring additional processing fees.
Florian Schaffner concludes: “amnis has been an amazing partner. Any payments that we do locally in the UK and US with amnis are a clear win for us. With self-service flexibility, we still appreciate proactive customer support that stands out – kudos to the team for their pace!”
Annualized balance cashback rates April 2024
With amnis, you can earn interest on your currency account balances while enjoying the utmost protection for your funds. The annualized balance cashback rates for April 2024 are as follows:
Annualized cashback rates of April 2024
EUR: 1.73% USD: 2.24% GBP: 2.17% CZK: 3.30%
Learn more about the amnis balance cashback process on our website: