A new fintech business which I was introduced to earlier this year. Can I Use My Currensea Card In Morocco…
It has actually won a few awards over recent months for what it does (offering you an affordable method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in 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 money is drawn from your bank account– simply without the normal 3% charge.
Oh, and is complimentary to request, which also helps.
There are also some fascinating travel advantages if you pick a paid strategy, but the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include increasingly more features which your existing clients don’t truly desire or require
add fees, constraints or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is easy 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? Can I Use My Currensea Card In Morocco
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a very 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, worldwide).
Your bank 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, includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 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 on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a fantastic app.
But I believe the 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 bank account with less stress over running out of money and the extra action. That does not mean it is best.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make earnings from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete details can be discovered on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Can I Use My Currensea Card In Morocco