A new fintech business which I was presented to previously this year. Can You Use Your Currensea Card In The Uk…
It has won a couple of awards over current months for what it does (using you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% charge.
Oh, and is totally free to make an application for, which also assists.
There are likewise some interesting travel benefits if you select a paid plan, but the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add more and more functions which your existing customers do not really need or desire
add charges, costs or restrictions to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Stage 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 Your Currensea Card In The Uk
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really 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, worldwide).
Your current account bank automatically confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic spend notification through the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea promises big savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can invest money you have in your existing current account with less fret about running out of cash and the extra action. However that does not mean it is ideal.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst remaining 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 amount on all our plans, full details can be found on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Can You Use Your Currensea Card In The Uk