A new fintech company which I was introduced to previously this year. Can I Be Paid In Euros To A Currensea Card…
It has won a few awards over current months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your present account– simply without the typical 3% charge.
Oh, and is totally free to get, which also helps.
There are likewise some fascinating travel advantages if you choose a paid strategy, however the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more functions which your existing consumers do not truly desire or require
add charges, constraints or costs to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, curve 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 I Be Paid In Euros To A Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees 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 credit card specifically to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a very 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, internationally).
Your current account bank automatically verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. There are no fees if you have among their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less fret about running out of money and the additional action. But that does not suggest it is best.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make revenue from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, full details can be found on our rates plans.
Membership fees.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on deals.
Interchange.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Can I Be Paid In Euros To A Currensea Card