A brand-new fintech company which I was presented to previously this year. Are There Fees When Using Currensea Card…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your present account– simply without the usual 3% charge.
Oh, and is totally free to make an application for, which also assists.
There are also some intriguing travel benefits if you choose a paid strategy, but the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competitors
include more and more features which your existing customers don’t truly require or want
add fees, charges or limitations to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Are There Fees When Using Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated spend notification via the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (frequently in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards assures big cost savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less fret about lacking cash and the additional action. However that does not suggest it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, permitting us to make earnings from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Are There Fees When Using Currensea Card