A brand-new fintech company which I was presented to previously this year. Can I Pay With Currensea Card…
It has won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your current account– simply without the typical 3% cost.
Oh, and is complimentary to make an application for, which also assists.
There are likewise some fascinating travel advantages if you choose a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competitors
add a growing number of functions which your existing customers don’t truly require or want
include constraints, charges or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic 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? Can I Pay With Currensea Card
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially 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 charge card specifically to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really basic procedure. You utilize 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 automatically confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automated spend notification via the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I chose 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 few days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards promises huge cost savings (85%) and a terrific app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about lacking cash and the additional action. But that does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make income from our Important Plan whilst staying 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, complete information can be discovered on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Can I Pay With Currensea Card