A new fintech business which I was introduced to previously this year. Do Currensea Charge For Using Card…
It has won a few awards over current months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is taken from your bank account– just without the usual 3% cost.
Oh, and is free to obtain, which also helps.
There are also some interesting travel benefits if you pick a paid strategy, however the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competitors
add more and more features which your existing consumers don’t actually need or want
add charges, limitations or fees to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are already 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? Do Currensea Charge For Using Card
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really basic process. You utilize 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 instantly verifies that you have sufficient 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. includes a 0.5% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend notice by means of the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures big cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking cash and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the great, 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 Strategy of 0.5% per deal, allowing us to make revenue from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full information can be found on our prices plans.
Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost likewise removes all FX markup on transactions.
Interchange.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Do Currensea Charge For Using Card