Does Currensea Card Work In Colombia – Best Travel Cards

A new fintech company which I was introduced to previously this year. Does Currensea Card Work In Colombia…

It has actually won a few awards over current months for what it does (using you a low-cost method to spend abroad) but what I like about  is that it is simple as hell. This is a good idea.

is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.

Oh, and  is complimentary to get, which likewise helps.

There are also some intriguing travel benefits if you pick a paid plan, however the free plan works fine. You can apply here.

There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and for free or more affordable than the competition
add a growing number of features which your existing clients do not actually require or want

add charges, fees or constraints to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:

It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.

That’s it.

You don’t (yet …) make any airline miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a  card, unless you want complimentary ATM withdrawals. You can stop checking out now.

However, credit cards which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS possibly for you if:

you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I said earlier, a really 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 automatically validates that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated invest alert by means of the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 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 couple of days later:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (often in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea assures huge cost savings (85%) and an excellent app.

I think the finest bit might be what no other card does: links to your existing high street bank account.

What this means is you can spend money you have in your existing current account with less stress over lacking cash and the extra step. That does not mean it is ideal.

In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, permitting us to make income from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be found on our rates strategies.

Membership charges.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on deals.

Interchange.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Does Currensea Card Work In Colombia