A brand-new fintech company which I was presented to previously this year. Can I Use Currensea Card In Dubai…
It has won a few awards over recent months for what it does (providing you a low-cost way to spend 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. You simply invest as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are also some interesting travel advantages if you pick a paid plan, however the free plan 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 more affordable than the competitors
include more and more functions which your existing clients don’t really desire or need
add restrictions, costs or charges to the feature 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. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card In Dubai
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make 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 charges, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows 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 kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a really easy process. You utilize 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 automatically verifies 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. If you have the free card, adds a 0.5% cost. There are no costs if you have among their paid cards.
You get an automatic invest notification by means of the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can invest money you have in your existing bank account with less worry about lacking money and the extra step. However that does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, allowing us to make revenue from our Vital Strategy whilst remaining 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 plans, complete information can be discovered on our rates plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Can I Use Currensea Card In Dubai