A new fintech company which I was presented to previously this year. Can I Use Currensea Card To Receive Salary…
It has won a few awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– simply without the usual 3% charge.
Oh, and is free to apply for, which also assists.
There are also some fascinating travel advantages if you pick a paid plan, but the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competitors
add a growing number of functions which your existing customers do not truly need or desire
include charges, fees or constraints to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy 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 To Receive Salary
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
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 charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which offer rewards and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice via the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no 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 reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and an excellent app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less fret about running out of money and the extra step. That does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be found on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Can I Use Currensea Card To Receive Salary