A new fintech business which I was presented to previously this year. Where Can I Use A Currensea Card…
It has actually won a couple of awards over current months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, 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 spend as you would on a typical debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is totally free to get, which also assists.
There are also some fascinating travel advantages if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
add more and more features which your existing customers don’t truly want or require
include charges, charges or limitations to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Where Can I Use A Currensea Card
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX fees are scarce. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend alert via the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (typically in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less fret about lacking money and the additional action. However that does not mean it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make income from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our pricing plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Each time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Where Can I Use A Currensea Card