A new fintech business which I was introduced to earlier this year. Can I Use Currensea Card For Online Shopping…
It has actually won a few awards over recent months for what it does (providing you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is free to apply for, which likewise helps.
There are also some fascinating travel benefits if you pick a paid strategy, but the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competition
include a growing number of features which your existing customers don’t actually require or want
include fees, charges or constraints to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is basic 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 I Use Currensea Card For Online Shopping
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX fees are scarce. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said previously, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically verifies that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated invest alert via the app, if you pick to install it.
The money is taken 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can spend money you have in your existing bank account with less worry about lacking cash and the extra step. That does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make earnings from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be found on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Can I Use Currensea Card For Online Shopping