A new fintech business which I was introduced to earlier this year. Can Currensea Card Be Used In India…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, 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 just spend as you would on a normal debit card and the money is drawn from your bank account– just without the typical 3% charge.
Oh, and is totally free to get, which also helps.
There are also some fascinating travel advantages if you select a paid plan, however the totally free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add increasingly more features which your existing consumers don’t truly desire or need
add fees, charges or limitations to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Stage 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 Card Be Used In India
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a really 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, globally).
Your bank account bank instantly confirms 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. includes a 0.5% fee if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automated invest notice through the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any 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 arranged to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (typically in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend money you have in your existing bank account with less stress over running out of money and the extra action. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make income from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete details can be found on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Can Currensea Card Be Used In India