A brand-new fintech company which I was introduced to earlier this year. Can I Use Currensea Card For Work…
It has actually won a couple of awards over recent months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your bank account– simply without the typical 3% cost.
Oh, and is free to obtain, which likewise assists.
There are also some interesting travel benefits if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc 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 clients do not really want or require
include constraints, charges or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card For Work
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using 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 want free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially 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 charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, parents, 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 previously, a really easy procedure. You use 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 instantly validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend 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. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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 on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and an excellent app.
I think the best bit may be what no other card does: links 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 step. That does not imply it is perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our prices plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Can I Use Currensea Card For Work