A brand-new fintech business which I was presented to previously this year. Can You Use Your Currensea Card In India…
It has actually won a couple of awards over recent months for what it does (using you a low-cost method to spend abroad) but what I like about is that it is easy 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 bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is drawn from your current account– simply without the typical 3% cost.
Oh, and is totally free to make an application for, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, however the free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or less expensive than the competition
include increasingly more functions which your existing consumers don’t actually need or want
include limitations, costs or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Your Currensea Card In India
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards 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 want to affect your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, 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 very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, 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 arranged 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 break-in that is almost to occur (often in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards assures big cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less fret about lacking money and the additional step. But that does not mean it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make earnings from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise removes all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can You Use Your Currensea Card In India