A new fintech business which I was presented to earlier this year. Can I Use Currensea Card For Work…
It has won a few awards over current months for what it does (offering you an affordable way 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. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the money is drawn from your bank account– simply without the typical 3% charge.
Oh, and is totally free to get, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, but the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing clients don’t truly want or require
include constraints, charges or costs to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card For Work
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely simple process. You utilize 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 immediately 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 upon the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend alert by means of the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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 daylight break-in that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises huge savings (85%) and a great app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less fret about running out of money and the extra action. That does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on deals.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Can I Use Currensea Card For Work