A new fintech company which I was introduced to previously this year. How To Use Currensea Card Overseas…
It has won a few awards over recent months for what it does (using you a low-cost method to spend abroad) but what I like about is that it is basic 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 simply spend as you would on a typical debit card and the money is taken from your bank account– just without the usual 3% cost.
Oh, and is free to make an application for, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid strategy, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competition
add more and more features which your existing consumers do not truly need or desire
include constraints, charges or fees to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How To Use Currensea Card Overseas
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend notification through the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest cash you have in your existing current account with less worry about lacking cash and the additional action. However that does not indicate it is best.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, permitting us to make revenue from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. How To Use Currensea Card Overseas