A new fintech business which I was introduced to previously this year. Do Uber Accept Currensea Card…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) but 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 existing account– just without the typical 3% fee.
Oh, and is complimentary to request, which also assists.
There are also some fascinating travel benefits if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add more and more functions which your existing customers do not really need or desire
add costs, constraints or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Do Uber Accept Currensea Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are few and far in between. The only ‘miles and points’ options which use a partial option 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 charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very 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, worldwide).
Your current account bank immediately validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend alert through the app, if you choose to install it.
The cash is drawn 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 reveals �,� 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (typically in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards guarantees big cost savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend cash you have in your existing current account with less worry about lacking cash and the extra step. That does not suggest it is best.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make profits from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be discovered on our prices strategies.
Membership costs.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on transactions.
Interchange.
Whenever you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Do Uber Accept Currensea Card