A brand-new fintech company which I was introduced to previously this year. Why Cant You Use Currensea Card On Wizz Air…
It has won a few awards over recent months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is simple 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 absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your current account– simply without the normal 3% fee.
Oh, and is complimentary to look for, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid plan, however the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
include more and more features which your existing consumers do not really desire or need
add limitations, charges or costs to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is easy 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? Why Cant You Use Currensea Card On Wizz Air
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic credit cards 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 utilize abroad
you want a product which enables 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 little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a very basic procedure. 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 validates that you have sufficient 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 totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend alert by means of the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
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 arranged to leave my HSBC account a couple of days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards promises big cost savings (85%) and a terrific app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less stress over lacking money and the additional action. But that does not imply it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly 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 transaction, enabling us to make income from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, full information can be discovered on our prices plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Why Cant You Use Currensea Card On Wizz Air