A new fintech business which I was introduced to previously this year. Can I Use Currensea Without A Card…
It has won a couple of awards over recent months for what it does (using you an inexpensive method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is free to request, which also helps.
There are likewise some intriguing travel benefits if you select a paid strategy, however the totally free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include more and more features which your existing clients do not really desire or need
add constraints, fees or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Without A Card
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which offer a partial solution 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 fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product 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 taking a trip.
How does operate in practice?
It is, as I stated earlier, a very easy 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 automatically verifies that you have enough money 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 complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you select to install it.
The cash is drawn from your current account a few days later.
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 shows , 4.33 arranged 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 daytime break-in that is practically to occur (often in a various language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards assures big savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about lacking money and the additional action. That does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make earnings from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Can I Use Currensea Without A Card