A new fintech business which I was introduced to previously this year. Can I Use Currensea As Credit Card…
It has won a few awards over recent months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the money is taken from your present account– simply without the normal 3% fee.
Oh, and is totally free to make an application for, which also assists.
There are also some interesting travel benefits if you select a paid plan, however the totally free plan 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 for free or cheaper than the competition
include increasingly more features which your existing clients don’t actually want or need
include costs, charges or restrictions to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea As Credit Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX costs are scarce. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a minimal 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 requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest alert via the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking cash and the extra step. However that does not indicate it is best.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete details can be found on our rates strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Can I Use Currensea As Credit Card