A new fintech business which I was introduced to previously this year. Can I Pay My Currensea With Another Credit Card…
It has won a few awards over recent months for what it does (providing you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a normal debit card and the cash is drawn from your current account– simply without the usual 3% charge.
Oh, and is free to obtain, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, 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 something well, and for free or more affordable than the competitors
add a growing number of features which your existing consumers don’t truly need or want
add charges, restrictions or fees to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Pay My Currensea With Another Credit Card
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges 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 monthly with no charges and only a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly 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 on the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend alert through the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, 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 on:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a fantastic app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less fret about lacking money and the additional action. That does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing 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 use over the complimentary amount on all our plans, full details can be discovered on our rates plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise removes all FX markup on transactions.
Whenever you invest with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Can I Pay My Currensea With Another Credit Card