A new fintech business which I was introduced to previously this year. Can I Use Currensea Without A Card…
It has won a couple of awards over current months for what it does (offering you an inexpensive way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your present account– simply without the usual 3% fee.
Oh, and is complimentary to get, which likewise helps.
There are also some interesting travel benefits if you choose a paid strategy, however the complimentary strategy works fine. You can apply 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 for free or cheaper than the competition
include more and more features which your existing customers do not actually desire or require
add charges, charges or restrictions to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic 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 Without A Card
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.
That’s it.
You do not (yet …) make 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 charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely 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, worldwide).
Your current account bank instantly validates that you have sufficient 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. includes a 0.5% fee if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automated spend alert via the app, if you choose to install it.
The money 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 shows �,� 4.33 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards assures big cost savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend money you have in your existing current account with less stress over lacking cash and the extra step. However that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make revenue from our Essential Plan 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 free quantity on all our plans, complete information can be discovered on our prices strategies.
Membership fees.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge also removes all FX markup on transactions.
Interchange.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Can I Use Currensea Without A Card