A new fintech company which I was introduced to earlier this year. Can You Use Currensea Without Card…
It has won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your present account– just without the typical 3% charge.
Oh, and is free to request, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, but the complimentary plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
include increasingly more functions which your existing consumers don’t really require or want
include charges, costs or limitations to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve 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 Without Card
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which allows 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 desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely simple process. 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 deal.
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% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend notification through the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Thankfully recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and an excellent app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less stress over lacking money and the additional action. But that does not mean it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make income from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be discovered on our prices plans.
Subscription charges.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on transactions.
Interchange.
Whenever you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Use Currensea Without Card