A new fintech company which I was presented to previously this year. Can I Use My Currensea Card In China…
It has won a couple of awards over recent months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is free to get, which also helps.
There are also some intriguing travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or less expensive than the competition
include increasingly more functions which your existing customers do not actually need or desire
include costs, restrictions or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In China
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely easy procedure. 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 immediately validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. There are no fees if you have one of their paid cards.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 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 few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (frequently in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend money you have in your existing bank account with less worry about lacking cash and the extra step. That does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, full details can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also removes all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card In China