A new fintech business which I was presented to earlier this year. Do You Get Charged For Using Currensea Card Abroad…
It has won a couple of awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is drawn from your bank account– simply without the typical 3% cost.
Oh, and is totally free to look for, which also helps.
There are also some fascinating travel benefits if you choose a paid plan, but the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add increasingly more features which your existing consumers don’t truly desire or require
add limitations, charges or costs to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 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 describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Do You Get Charged For Using Currensea Card Abroad
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a really simple procedure. 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 automatically confirms that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no costs if you have among their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your bank account a few 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 set up to leave my HSBC account a few days later on:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can invest cash you have in your existing bank account with less stress over lacking money and the extra action. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make revenue from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full information can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Do You Get Charged For Using Currensea Card Abroad