A brand-new fintech company which I was introduced to previously this year. Where Can I Use A Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-cost way to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% cost.
Oh, and is complimentary to look for, which likewise helps.
There are likewise some interesting travel advantages if you select a paid plan, but the complimentary strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competition
include more and more functions which your existing customers do not truly desire or require
add charges, fees or constraints to the function 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 hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Where Can I Use A Currensea Card
It is a complimentary direct debit card to use abroad and which automatically charges 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 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 costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX costs are rare. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately verifies 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 on the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you choose to install it.
The cash is drawn from your current account a few 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 shows �,� 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (typically in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and a great app.
However I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend money you have in your existing current account with less stress over running out of money and the additional step. That does not indicate it is ideal.
In this Currensea evaluation 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 small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, full details can be found on our pricing strategies.
Subscription fees.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Interchange.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Where Can I Use A Currensea Card