A new fintech business which I was presented to earlier this year. Can I Pay With My Currensea Card Abroad…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% cost.
Oh, and is complimentary to apply for, which also helps.
There are also some interesting travel benefits if you select a paid strategy, however the free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add increasingly more features which your existing clients do not truly want or require
include fees, charges or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 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 With My Currensea Card Abroad
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (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 fees, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use rewards and charge 0% FX fees are scarce. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very basic procedure. You utilize 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 automatically validates that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest notice by means of the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (typically in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards promises huge cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less stress over lacking cash and the extra step. But that does not mean it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make revenue from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete details can be discovered on our pricing strategies.
Membership costs.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.
Interchange.
Each time you invest with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Can I Pay With My Currensea Card Abroad