A brand-new fintech business which I was presented to earlier this year. Can I Pay With My Currensea Mobile Card…
It has won a couple of awards over recent months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your bank account– just without the usual 3% charge.
Oh, and is free to apply for, which likewise assists.
There are also some intriguing travel benefits if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competition
add a growing number of functions which your existing customers don’t actually need or desire
add charges, costs or limitations to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy 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 Mobile Card
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline miles or points for utilizing 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 checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest alert via the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me started. Anyway 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 excellent cards Currensea assures big cost savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less fret about lacking money and the additional step. However that does not suggest it is ideal.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make revenue from our Vital Plan 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 totally free amount on all our plans, full information can be discovered on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise gets rid of all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Can I Pay With My Currensea Mobile Card