A new fintech business which I was introduced to previously this year. Can You Use Your Currensea Card In The Uk…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your existing account– simply without the normal 3% fee.
Oh, and is complimentary to get, which likewise helps.
There are also some fascinating travel advantages if you pick a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include a growing number of functions which your existing consumers don’t truly want or require
add charges, costs or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay 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 bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Use Your Currensea Card In The Uk
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 small 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product 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 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, internationally).
Your bank account bank automatically validates 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 on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice through the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (frequently in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards assures big savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less fret about running out of money and the additional action. However that does not imply it is perfect.
In this Currensea evaluation is the great, 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 Vital Plan of 0.5% per deal, permitting us to make income from our Essential Strategy whilst remaining much cheaper 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 rates plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Can You Use Your Currensea Card In The Uk