A new fintech business which I was introduced to previously this year. Can I Use Currensea Card In Hong Kong…
It has won a few awards over recent months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is drawn from your current account– simply without the normal 3% charge.
Oh, and is complimentary to make an application for, which also assists.
There are also some interesting travel advantages if you pick a paid plan, however the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competitors
include increasingly more functions which your existing clients don’t truly require or desire
add restrictions, fees or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card In Hong Kong
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish 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 reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically confirms that you have enough 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. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest alert via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a various language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge cost savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less stress over running out of cash and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, permitting us to make income from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full information can be found on our pricing strategies.
Subscription charges.
We charge an annual subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee also removes all FX markup on deals.
Interchange.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Can I Use Currensea Card In Hong Kong