A brand-new fintech business which I was introduced to previously this year. Can You Use App Instead Of Currensea Card…
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, successfully, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your present account– just without the usual 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some fascinating travel benefits if you pick a paid plan, but the totally free strategy works fine. You can use here.
There is a business model 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 competition
add increasingly more features which your existing customers do not actually desire or require
include charges, charges or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Use App Instead Of Currensea Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs 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 impact your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item 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 cash when taking a trip.
How does work in practice?
It is, as I said previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 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 couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t 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 actually popped onto the scene … and like other excellent cards promises huge savings (85%) and a terrific app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over running out of money and the additional step. However that does not imply it is best.
In this Currensea review is the great, the bad, the awful 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 deal, permitting us to make income from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full information can be discovered on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Can You Use App Instead Of Currensea Card