A new fintech company which I was presented to earlier this year. Can I Use My Currensea Card In Ukraine…
It has won a few awards over current months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– just without the typical 3% cost.
Oh, and is free to request, which also helps.
There are also some fascinating travel benefits if you choose a paid strategy, but the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competitors
add increasingly more features which your existing consumers do not actually desire or need
add costs, constraints or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 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 Ukraine
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely simple process. You use 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 confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your bank account a couple of 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 shows �,� 4.33 scheduled to leave my HSBC account a few days later:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards assures big savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less fret about lacking cash and the extra action. That does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, permitting us to make earnings from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full information can be discovered on our prices strategies.
Subscription fees.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on deals.
Interchange.
Each time you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Can I Use My Currensea Card In Ukraine