A new fintech business which I was introduced to previously this year. Can Currensea Be Used As A Credit Card…
It has won a couple of awards over current months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is totally free to look for, which also helps.
There are also some fascinating travel benefits if you select a paid plan, but the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add a growing number of functions which your existing consumers don’t really desire or need
add restrictions, charges or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Phase 3 …
is basic 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? Can Currensea Be Used As A Credit Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ options which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend alert by means of the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big cost savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can spend cash you have in your existing bank account with less stress over running out of money and the additional step. That does not mean it is best.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make earnings from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete details can be discovered on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Can Currensea Be Used As A Credit Card