A new fintech business which I was introduced to previously this year. Can You Use Currensea Card In Shops…
It has actually won a couple of awards over current months for what it does (using you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits 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 current account– just without the normal 3% cost.
Oh, and is totally free to look for, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid plan, but the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add a growing number of features which your existing consumers do not truly require or desire
add charges, charges or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut 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 You Use Currensea Card In Shops
It is a totally free direct debit card to utilize abroad and which automatically 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 company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really simple process. 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 immediately confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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 on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a terrific app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less worry about lacking money and the extra step. However that does not imply it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
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, permitting us to make profits from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be discovered on our prices strategies.
Membership fees.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee also removes all FX markup on transactions.
Interchange.
Each time you invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Can You Use Currensea Card In Shops