A new fintech company which I was introduced to earlier this year. Can I Use My Currensea Card Abroad…
It has won a couple of awards over current months for what it does (providing you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% cost.
Oh, and is totally free to make an application for, which also helps.
There are likewise some intriguing travel advantages if you choose a paid plan, however the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add increasingly more functions which your existing customers don’t really want or require
add limitations, charges or charges 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 remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card Abroad
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 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 credit card offering 0% foreign exchange costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not 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 want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item 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 said previously, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank automatically confirms that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you select to install it.
The money is taken from your bank account a few days later on.
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 shows �,� 4.33 set up 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 robbery that is practically to occur (frequently in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards promises huge savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over running out of money and the additional action. However that does not indicate it is best.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full information can be found on our prices strategies.
Subscription costs.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Interchange.
Every time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can I Use My Currensea Card Abroad