Can I Use Currensea Card To Receive Salary – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Can I Use Currensea Card To Receive Salary…

It has won a few awards over recent months for what it does (using you an inexpensive way to spend abroad) however what I like about  is that it is basic as hell. This is an advantage.

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 merely invest as you would on a normal debit card and the money is taken from your bank account– simply without the usual 3% cost.

Oh, and  is totally free to get, which likewise assists.

There are likewise some interesting travel advantages if you pick a paid plan, but the free strategy works fine. You can use 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 totally free or cheaper than the competition
include increasingly more functions which your existing clients do not really want or need

add restrictions, fees or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You don’t (yet …) make any airline company miles or points for using it.

Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS possibly for you if:

you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.

How does  operate in practice?
It is, as I stated earlier, a really simple process. 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 confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 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 couple of days later:.

However transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (frequently in a various language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.

Fortunately in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards  guarantees huge cost savings (85%) and a great app.

But I think the best bit might be what no other card does: links to your existing high street savings account.

What this means is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. However that does not imply it is ideal.

In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.

FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make revenue from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our pricing plans.

Membership costs.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.

Interchange.
Each time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Can I Use Currensea Card To Receive Salary