A brand-new fintech business which I was presented to earlier this year. Can I Use A Currensea Card Abroad…
It has actually won a few awards over recent months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your existing account– simply without the typical 3% cost.
Oh, and is totally free to look for, which likewise assists.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add a growing number of features which your existing customers don’t really need or want
add costs, constraints or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use A Currensea Card Abroad
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, a very 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 current account bank automatically validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the free card. There are no fees if you have among their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and a terrific app.
But 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 invest cash you have in your existing current account with less stress over lacking cash and the additional action. That does not imply it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, complete details can be discovered on our prices plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Can I Use A Currensea Card Abroad