A new fintech business which I was presented to earlier this year. Does Currensea Card Work In Greece…
It has actually won a few awards over current months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% cost.
Oh, and is totally free to make an application for, which also helps.
There are likewise some intriguing travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include a growing number of functions which your existing customers do not actually desire or require
include charges, limitations or fees to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Does Currensea Card Work In Greece
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
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% forex costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 charge card particularly to use abroad
you desire 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 cost beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple process. 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 current account bank instantly 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 upon the currency. includes a 0.5% fee if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a couple of days later:.
Transforming 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 fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a terrific 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 stress over lacking cash and the additional step. But that does not indicate it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be found on our rates plans.
Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost also removes all FX markup on deals.
Interchange.
Each time you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Does Currensea Card Work In Greece