A new fintech company which I was presented to previously this year. Can I Use My Currensea Card In America…
It has won a couple of awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, 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 typical debit card and the cash is taken from your bank account– simply without the normal 3% cost.
Oh, and is complimentary to get, which likewise assists.
There are likewise some fascinating travel advantages if you choose a paid strategy, but the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competition
add a growing number of functions which your existing consumers don’t really want or need
include charges, charges or restrictions to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In America
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn 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% forex costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which use rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically confirms that you have sufficient 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 charges.
You get an automated invest notice via the app, if you select to install it.
The money is taken from your current account a couple of 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 arranged to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (often in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less stress over running out of money and the additional step. But that does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Essential Plan whilst remaining much cheaper than other pre-paid 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 strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.
Every 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 In America