A brand-new fintech company which I was introduced to earlier this year. Can You Use Currensea Card Abroad For Free…
It has won a few awards over current months for what it does (offering you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your existing account– just without the normal 3% fee.
Oh, and is totally free to make an application for, which also assists.
There are also some intriguing travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can use here.
There is a business design 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
add a growing number of functions which your existing clients don’t truly want or need
include charges, constraints or fees to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Currensea Card Abroad For Free
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX charges are scarce. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automatic spend alert through the app, if you choose to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (typically in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards guarantees big savings (85%) and a fantastic 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 invest cash you have in your existing current account with less worry about running out of money and the additional action. That does not indicate it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Vital 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 quantity on all our strategies, full details can be discovered on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also removes all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can You Use Currensea Card Abroad For Free