A brand-new fintech company which I was introduced to previously this year. Can You Use Your Currensea Card To Get Your Salary…
It has actually won a few awards over recent months for what it does (using you an inexpensive method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% charge.
Oh, and is complimentary to make an application for, which also assists.
There are also some intriguing travel advantages if you choose a paid plan, but the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
add more and more features which your existing clients don’t really desire or need
add charges, restrictions or fees 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 ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is basic 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 Your Currensea Card To Get Your Salary
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately validates 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 upon the currency. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notice 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. Without any 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 few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises big cost savings (85%) and a great app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less fret about running out of cash and the additional action. But that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Can You Use Your Currensea Card To Get Your Salary