A brand-new fintech company which I was introduced to earlier this year. Can I Use My Currensea Card In France…
It has won a couple of awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is drawn from your current account– simply without the normal 3% fee.
Oh, and is complimentary to request, which likewise assists.
There are also some interesting travel benefits if you pick a paid strategy, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competition
add increasingly more functions which your existing clients don’t actually desire or need
add charges, limitations or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is easy 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 In France
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which use rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little cost beyond , 500).
you want 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 conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, 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 bank account bank automatically verifies that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated spend notification by means of the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash 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 converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and an excellent app.
I think the best bit may 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 bank account with less fret about running out of money and the extra action. That does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make profits from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete details can be found on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also removes all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Can I Use My Currensea Card In France