A new fintech company which I was presented to earlier this year. Can I Be Paid In Euros To A Currensea Card…
It has won a few awards over recent months for what it does (using you an inexpensive way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your present account– simply without the usual 3% fee.
Oh, and is free to make an application for, which likewise assists.
There are also some fascinating travel benefits if you pick a paid plan, but the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of features which your existing clients don’t actually desire or require
add fees, limitations or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Be Paid In Euros To A Currensea Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You don’t (yet …) earn 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% forex charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs 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 stated previously, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. There are no charges if you have among their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle 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 few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (frequently in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea assures big savings (85%) and a great app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional step. That does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make income from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be found on our prices plans.
Membership charges.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can I Be Paid In Euros To A Currensea Card