A new fintech business which I was introduced to earlier this year. Can I Use Currensea Card As An Oyster Card…
It has actually won a few awards over current months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your present account– simply without the normal 3% fee.
Oh, and is free to make an application for, which likewise helps.
There are likewise some intriguing travel benefits if you pick a paid plan, but the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
add increasingly more features which your existing customers do not truly desire or require
include charges, fees or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve 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? Can I Use Currensea Card As An Oyster Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you desire complimentary 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 ‘points and miles’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately confirms that you have adequate 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% fee. There are no costs if you have among their paid cards.
You get an automatic spend notification by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash 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 few days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily recently a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a great app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the extra action. That does not imply it is ideal.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make earnings from our Necessary Strategy whilst remaining much cheaper 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 details can be found on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Can I Use Currensea Card As An Oyster Card