A brand-new fintech company which I was presented to earlier this year. Can You Use Currensea Like A Debit Card…
It has won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is taken from your current account– simply without the usual 3% cost.
Oh, and is complimentary to obtain, which likewise helps.
There are likewise some interesting travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing consumers do not actually want or require
include charges, fees or constraints to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Currensea Like A Debit Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which offer benefits and charge 0% FX charges 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 do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically verifies that you have adequate cash in your account and authorises the deal.
The transaction 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% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (frequently in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards promises big savings (85%) and a terrific app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about running out of money and the extra action. However that does not imply it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Use Currensea Like A Debit Card