A brand-new fintech business which I was presented to earlier this year. Can I Use My Currensea Card In The Dominican Republic…
It has won a few awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is basic 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 nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is drawn from your current account– simply without the typical 3% charge.
Oh, and is free to request, which also helps.
There are likewise some interesting travel advantages if you pick a paid strategy, but the free plan works fine. You can apply here.
There is an organization 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
include increasingly more functions which your existing customers don’t truly require or want
add charges, restrictions or costs to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is easy 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 The Dominican Republic
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic 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 current account bank immediately verifies that you have sufficient 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. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic invest alert by means of the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle 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:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking cash and the extra action. But that does not suggest it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make earnings from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Can I Use My Currensea Card In The Dominican Republic