A brand-new fintech company which I was presented to earlier this year. Can I Use My Currensea Card For Ebay…
It has won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are also some fascinating travel advantages if you choose a paid plan, but the totally free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
include a growing number of functions which your existing customers do not truly want or need
include charges, limitations or fees to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card For Ebay
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
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 credit card offering 0% foreign exchange fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX charges are scarce. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs 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 enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, a really 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, worldwide).
Your current account bank instantly verifies 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 on the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 scheduled 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 break-in that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking money and the additional step. However that does not mean it is perfect.
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 Important Plan of 0.5% per deal, enabling us to make earnings from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be found on our rates plans.
Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Interchange.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card For Ebay