A new fintech company which I was introduced to earlier this year. Can You Pay Euros Into Currensea Card…
It has won a few awards over current months for what it does (using you a low-priced way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a normal debit card and the money is taken from your bank account– simply without the typical 3% cost.
Oh, and is totally free to request, which likewise helps.
There are also some intriguing travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competitors
include more and more functions which your existing customers do not really need or desire
include limitations, costs or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 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 You Pay Euros Into Currensea Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide rewards and charge 0% FX charges are rare. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees 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 impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody 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 stated earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately validates that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automated spend notification through the app, if you select to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (typically in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards promises huge savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less stress over running out of cash and the extra step. That does not mean it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Pay Euros Into Currensea Card