A new fintech company which I was presented to previously this year. Can I Use Credit Card To Charge Currensea…
It has won a few awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is drawn from your bank account– just without the typical 3% charge.
Oh, and is totally free to apply for, which also helps.
There are also some fascinating travel benefits if you pick a paid strategy, but the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or less expensive than the competitors
add a growing number of functions which your existing customers don’t really require or desire
include charges, costs or constraints to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Credit Card To Charge Currensea
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current 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 upon the currency. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated spend notification via the app, if you choose to install it.
The cash is drawn from your current account a few days later on.
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 reveals , 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less stress over running out of money and the additional action. But that does not mean it is perfect.
In this Currensea review is the good, 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 Strategy of 0.5% per transaction, permitting us to make income from our Essential Strategy whilst remaining 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 found on our pricing plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can I Use Credit Card To Charge Currensea