Can I User Currensea Card Online – Best Travel Cards

A new fintech business which I was presented to earlier this year. Can I User Currensea Card Online…

It has won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) however what I like about  is that it is easy 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 nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is taken from your bank account– just without the usual 3% fee.

Oh, and  is totally free to obtain, which also helps.

There are likewise some fascinating travel benefits if you pick a paid strategy, however the complimentary strategy works fine. You can apply here.

There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing something well, and free of charge or less expensive than the competitors
include a growing number of functions which your existing customers don’t actually require or want

include constraints, charges or fees to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain 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:

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 small 0.5% charge.

That’s it.

You don’t (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 fees, then you do not need a  card, unless you desire free ATM withdrawals. You can stop reading now.

However, credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, 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  work in practice?
It is, as I said earlier, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, globally).
Your current account bank automatically verifies 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. includes a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automatic spend alert through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I decided 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 few days later on:.

Converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (typically in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards  promises big savings (85%) and a fantastic app.

However I believe the best bit might be what no other card does: links to your existing high street checking account.

What this means is you can spend cash you have in your existing current account with less fret about lacking cash and the extra action. But that does not suggest it is ideal.

In this Currensea evaluation is the good, the bad, the awful 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 Necessary Strategy of 0.5% per transaction, allowing us to make profits from our Essential Strategy 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 amount on all our strategies, full information can be discovered on our rates strategies.

Subscription costs.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee also removes all FX markup on transactions.

Interchange.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Can I User Currensea Card Online