A brand-new fintech company which I was introduced to earlier this year. Can I Use Currensea Card In Australia…
It has won a few awards over recent months for what it does (using you an affordable method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is free to look for, which likewise helps.
There are also some interesting travel benefits if you select a paid plan, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add a growing number of features which your existing clients don’t truly want or need
include costs, limitations or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card In Australia
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank 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, adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automated invest notification by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, 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 arranged to leave my HSBC account a few days later:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (often in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less stress over lacking cash and the extra step. However that does not suggest it is best.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be discovered on our rates strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also removes all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Can I Use Currensea Card In Australia