A new fintech company which I was introduced to previously this year. Why Cant My Currensea Card Work With Dvla…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to invest 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. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is free to get, which likewise assists.
There are also some interesting travel benefits if you choose a paid plan, but the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more features which your existing customers don’t actually require or want
add charges, limitations or costs to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is basic 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? Why Cant My Currensea Card Work With Dvla
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges 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 an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, 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 simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and an excellent app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less worry about lacking money and the extra step. That does not imply it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our prices plans.
Membership charges.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge also eliminates all FX markup on deals.
Interchange.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Why Cant My Currensea Card Work With Dvla