A brand-new fintech company which I was introduced to previously this year. How To Get A Currensea Card Ireland…
It has actually won a couple of awards over recent months for what it does (offering you an inexpensive method to spend abroad) however what I like about is that it is simple 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 cash is taken from your current account– simply without the normal 3% charge.
Oh, and is free to get, which also helps.
There are also some interesting travel advantages if you select a paid strategy, however the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competitors
add more and more features which your existing customers don’t actually desire or need
add fees, charges or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How To Get A Currensea Card Ireland
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically confirms that you have sufficient 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% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic invest alert via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, 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 couple of days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less fret about running out of cash and the additional action. However that does not mean it is ideal.
In this Currensea review is the excellent, 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 Necessary Plan of 0.5% per transaction, enabling us to make profits from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be discovered on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. How To Get A Currensea Card Ireland