A new fintech company which I was introduced to earlier this year. Can A Currensea Card Be Used As A Credit Card…
It has won a few awards over current months for what it does (offering you a low-priced way to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your existing account– just without the normal 3% cost.
Oh, and is totally free to obtain, which likewise assists.
There are also some interesting travel benefits if you pick a paid strategy, but the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include more and more features which your existing consumers do not truly require or want
add constraints, charges or costs to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can A Currensea Card Be Used As A Credit Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly 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 credit card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a very simple procedure. You use 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 immediately verifies that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less worry about running out of money and the additional action. That does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can decide.
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 revenue from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full information can be found on our rates plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on transactions.
Each time you invest with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Can A Currensea Card Be Used As A Credit Card