A brand-new fintech company which I was introduced to previously this year. Can I Use Currensea Card In Ukraine…
It has won a couple of awards over recent months for what it does (providing you an affordable way to invest 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 current account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– simply without the normal 3% cost.
Oh, and is free to obtain, which also assists.
There are also some interesting travel benefits if you pick a paid strategy, however the free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include more and more functions which your existing clients do not truly want or require
include charges, fees or constraints to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card In Ukraine
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX costs are scarce. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately verifies that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification via the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no 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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and an excellent app.
But I think the best bit might be what no other card does: links to your existing high street savings account.
What this means is you can spend cash you have in your existing bank account with less fret about running out of cash and the additional action. That does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Important 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 plans, complete details can be discovered on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Can I Use Currensea Card In Ukraine