A new fintech company which I was presented to earlier this year. Can You Use Your Mobile To Pay With Currensea Card…
It has won a couple of awards over recent months for what it does (using you a low-cost method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– just without the typical 3% fee.
Oh, and is complimentary to look for, which also helps.
There are also some intriguing travel advantages if you select a paid strategy, however the free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
include increasingly more features which your existing clients don’t truly want or require
include limitations, charges or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Stage 3 …
is simple 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? Can You Use Your Mobile To Pay With Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish 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 totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX charges are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically verifies 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 upon the currency. If you have the free card, adds a 0.5% charge. There are no costs if you have among their paid cards.
You get an automatic spend notification via the app, if you pick to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose 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 on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and a fantastic app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less fret about lacking cash and the extra action. That does not suggest it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make income from our Necessary 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 quantity on all our plans, full information can be discovered on our rates strategies.
Subscription costs.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Interchange.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Can You Use Your Mobile To Pay With Currensea Card