A brand-new fintech company which I was introduced to earlier this year. Can I Use Currensea To Pay Credit Card…
It has won a couple of awards over recent months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your bank account– simply without the typical 3% fee.
Oh, and is free to apply for, which also helps.
There are also some interesting travel advantages if you choose a paid strategy, but the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
include a growing number of features which your existing clients don’t really need or desire
add fees, limitations or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently 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 Use Currensea To Pay Credit Card
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit 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 allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (frequently in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less worry about lacking money and the extra step. But that does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make earnings from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete information can be discovered on our prices plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Can I Use Currensea To Pay Credit Card