A new fintech company which I was presented to previously this year. Can I Use My Currensea Card In Switzerland…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is complimentary to make an application for, which also helps.
There are likewise some intriguing travel benefits if you pick a paid strategy, but the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add more and more functions which your existing consumers don’t truly require or want
add fees, constraints or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Phase 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? Can I Use My Currensea Card In Switzerland
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
That’s it.
You don’t (yet …) make 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 charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, a very basic procedure. 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 current account bank immediately confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash 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 few days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge cost savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can invest cash you have in your existing bank account with less worry about running out of cash and the additional action. However that does not mean it is best.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make income from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full information can be discovered on our pricing plans.
Subscription fees.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.
Interchange.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Can I Use My Currensea Card In Switzerland