A new fintech business which I was introduced to previously this year. Can I Use My Currensea Card In Spain…
It has won a couple of awards over current months for what it does (offering you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your present account– just without the typical 3% charge.
Oh, and is free to apply for, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, however the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or cheaper than the competition
include increasingly more features which your existing customers do not truly require or desire
add fees, charges or limitations to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently 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 explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In Spain
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item 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 money when taking a trip.
How does operate in practice?
It is, as I said previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly confirms that you have enough cash in your account and authorises the transaction.
The deal 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. There are no costs if you have one of their paid cards.
You get an automated spend notification by means of the app, if you pick to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, 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 set up to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards assures big savings (85%) and an excellent app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. That does not mean it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, enabling us to make earnings from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, full information can be discovered on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on transactions.
Each time you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Can I Use My Currensea Card In Spain