A brand-new fintech business which I was presented to earlier this year. Can I Use My Currensea Card In Sri Lanka…
It has won a couple of awards over recent months for what it does (providing you a low-priced method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your existing account– just without the normal 3% cost.
Oh, and is free to make an application for, which also helps.
There are likewise some interesting travel advantages if you select a paid strategy, however the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
include increasingly more features which your existing consumers do not really need or desire
add fees, charges or constraints to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic 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 My Currensea Card In Sri Lanka
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) make any airline company 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 desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ alternatives which use 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 charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, a really basic procedure. 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 instantly verifies that you have sufficient cash 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% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic invest notification through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and a great app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less fret about running out of cash and the extra action. That does not mean it is perfect.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be discovered on our pricing strategies.
Membership costs.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card In Sri Lanka