A new fintech business which I was presented to previously this year. Can I Pay My Currensea With Another Credit Card…
It has won a few awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
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 invest as you would on a regular debit card and the money is drawn from your bank account– just without the usual 3% fee.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some fascinating travel advantages if you choose a paid plan, but 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 actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include a growing number of functions which your existing clients don’t really require or want
include costs, charges or limitations to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Pay My Currensea With Another Credit Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs 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 a basic, 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 really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically validates that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notification by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to splash 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 on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can spend money you have in your existing current account with less worry about lacking money and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make profits from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our rates plans.
Membership charges.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost likewise removes all FX markup on deals.
Interchange.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Can I Pay My Currensea With Another Credit Card