A new fintech business which I was presented to earlier this year. Can I Use My Currensea Card On Us Website…
It has won a couple of awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your present account– just without the typical 3% fee.
Oh, and is complimentary to apply for, which also helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, however the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include increasingly more features which your existing consumers don’t really need or want
add fees, charges or limitations to the function that made people get your item 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 already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card On Us Website
It is a totally free direct debit card to use abroad and which instantly recharges 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 utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little fee beyond , 500).
you desire 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 travelling.
How does operate in practice?
It is, as I stated earlier, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. There are no fees if you have one of their paid cards.
You get an automatic spend notification via the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (often in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less stress over lacking cash and the additional action. That does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make income 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 quantity on all our strategies, complete details can be discovered on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card On Us Website