A new fintech business which I was presented to previously this year. How Do I Spend Euros On A Currensea Card…
It has actually won a couple of awards over current months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the usual 3% charge.
Oh, and is totally free to obtain, which also helps.
There are also some intriguing travel benefits if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include more and more functions which your existing customers don’t truly desire or need
include constraints, charges or fees to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are already 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? How Do I Spend Euros On A Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (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% foreign exchange fees, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend notification by means of the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any 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 shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (typically in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards promises 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 bank account.
What this means is you can spend cash you have in your existing current account with less worry about lacking money and the extra action. That does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be found on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. How Do I Spend Euros On A Currensea Card