A new fintech company which I was presented to previously this year. Can I Use My Currensea Card In Switzerland…
It has won a couple of awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your current account– just without the usual 3% fee.
Oh, and is free to make an application for, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, however the totally free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
add a growing number of features which your existing clients do not really need or want
include limitations, fees or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is basic 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 Switzerland
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 small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps 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 credit card particularly to use abroad
you desire a product 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 a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically validates that you have enough money 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% cost if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automatic invest notice through the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
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 set up to leave my HSBC account a couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less worry about running out of cash and the extra action. That does not suggest 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 small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, complete information can be found on our rates strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Every time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can I Use My Currensea Card In Switzerland