A new fintech business which I was introduced to earlier this year. Can I Use Currensea Card As An Oyster Card…
It has actually won a few awards over current months for what it does (using you an inexpensive method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, effectively, 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 normal debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is free to look for, which also assists.
There are also some interesting travel advantages if you pick a paid plan, but the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more functions which your existing clients do not actually want or need
include charges, charges or limitations to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card As An Oyster Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very 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 bank account bank automatically 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, includes a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automated spend alert through the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, 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 arranged to leave my HSBC account a couple of days later on:.
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 outrageous currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards promises huge savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. That does not mean it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make profits from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full information can be found on our rates plans.
Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Interchange.
Each time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Can I Use Currensea Card As An Oyster Card