Can I Use My Currensea Card In Russia – Best Travel Cards

A brand-new fintech business which I was introduced to previously this year. Can I Use My Currensea Card In Russia…

It has actually won a few awards over current months for what it does (using you a low-priced way to invest abroad) but what I like about  is that it is easy as hell. This is an advantage.

is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the normal 3% fee.

Oh, and  is free to make an application for, which also helps.

There are also some intriguing travel advantages if you select a paid strategy, but the totally free strategy works fine. You can use here.

There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:

launch by doing one thing well, and totally free or less expensive than the competitors
include increasingly more features which your existing customers don’t really want or require

add charges, fees or restrictions to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.

That’s it.

You don’t (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 fees, then you don’t need a  card, unless you desire totally free ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.

IS perhaps for you if:

you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.

How does  operate in practice?
It is, as I stated earlier, an extremely simple 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 cash 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 complimentary card,  adds a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic invest notification through the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a couple of days later:.

However transforming pounds was pricey.

A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a different language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.

Fortunately over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards  assures big savings (85%) and a fantastic app.

I think the best bit may 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 stress over running out of cash and the extra step. That does not mean it is ideal.

In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make income from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our pricing strategies.

Membership charges.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.

Interchange.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card In Russia