A new fintech company which I was presented to earlier this year. Can You Use Currensea Card Anywhere…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your present account– simply without the normal 3% cost.
Oh, and is complimentary to obtain, which likewise helps.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include more and more features which your existing clients don’t actually need or want
add charges, charges or limitations to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Currensea Card Anywhere
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% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges 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 credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose 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:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less fret about lacking money and the extra step. However that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, 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, allowing us to make revenue from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be discovered on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Can You Use Currensea Card Anywhere