A new fintech company which I was introduced to earlier this year. Does Currensea Charge For Using Card Abroad…
It has won a few awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is totally free to request, which also helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, but the free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include increasingly more functions which your existing consumers do not really want or need
include charges, charges or constraints to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Does Currensea Charge For Using Card Abroad
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline 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 don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card 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 want to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per 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 anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice by means of the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about lacking money and the additional step. However that does not imply it is perfect.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
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 profits from our Necessary 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 quantity on all our strategies, full information can be discovered on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Does Currensea Charge For Using Card Abroad