A new fintech company which I was presented to previously this year. Can You Use A Currensea Card Abroad…
It has actually 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 simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the money is drawn from your bank account– simply without the typical 3% fee.
Oh, and is complimentary to get, which also helps.
There are also some fascinating travel advantages if you choose a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add a growing number of features which your existing consumers do not actually want or require
include fees, restrictions or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Use A Currensea Card Abroad
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product 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 save them cash when travelling.
How does work in practice?
It is, as I stated previously, a very 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 current account bank automatically confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. There are no costs if you have among their paid cards.
You get an automated invest notification via the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of money and the additional action. However that does not imply it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be found on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Use A Currensea Card Abroad