A new fintech business which I was introduced to previously this year. Where Can I Use Currensea Card…
It has won a couple of awards over current months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– simply without the usual 3% charge.
Oh, and is free to request, which also helps.
There are also some fascinating travel benefits if you select a paid strategy, but the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add a growing number of features which your existing customers do not truly want or require
include charges, restrictions or fees to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve 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? Where Can I Use Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small cost beyond , 500).
you desire 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 travelling.
How does operate in practice?
It is, as I stated previously, a very easy procedure. 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 immediately verifies that you have adequate money in your account and authorises the deal.
The transaction 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. There are no fees if you have one of their paid cards.
You get an automated invest notification via the app, if you select to install it.
The money is drawn from your bank account a few 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 arranged 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 almost to take place (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards assures huge cost savings (85%) and an excellent app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less fret about running out of money and the additional step. But that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make revenue from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be found on our prices plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Where Can I Use Currensea Card