A new fintech company which I was introduced to earlier this year. Can You Use Your Currensea Card To Get Your Salary…
It has won a couple of awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your current account– simply without the typical 3% charge.
Oh, and is complimentary to look for, which likewise assists.
There are also some fascinating travel advantages if you select a paid plan, however the complimentary plan 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 something well, and for free or cheaper than the competition
include increasingly more functions which your existing clients do not actually want or require
include restrictions, costs or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 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 You Use Your Currensea Card To Get Your Salary
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very 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, worldwide).
Your current account bank automatically confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic spend notification by means of the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash 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 on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (frequently in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend cash you have in your existing current account with less stress over lacking money and the extra step. But that does not suggest it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make revenue from our Necessary 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 totally free amount on all our plans, complete information can be found on our prices plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Can You Use Your Currensea Card To Get Your Salary