A new fintech business which I was introduced to earlier this year. Can I Use A Currensea Card In Spain…
It has won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, 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 spend as you would on a normal debit card and the money is taken from your current account– simply without the usual 3% fee.
Oh, and is free to request, which also assists.
There are likewise some intriguing travel benefits if you choose a paid plan, but the totally free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competitors
include a growing number of functions which your existing customers don’t truly desire or require
include charges, restrictions or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Phase 3 …
is easy 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 I Use A Currensea Card In Spain
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little 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 basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately validates that you have adequate cash 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 complimentary card, adds a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automatic spend notice via the app, if you pick to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (typically in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards assures big cost savings (85%) and a terrific app.
But I believe 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 money you have in your existing current account with less stress over lacking money and the extra action. However that does not suggest it is best.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies 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 Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full information can be found on our rates plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Every time you invest 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. Can I Use A Currensea Card In Spain