A new fintech company which I was presented to earlier this year. Does Currensea Card Work In Spain…
It has won a couple of awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, 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 just spend as you would on a typical debit card and the money is drawn from your bank account– simply without the normal 3% charge.
Oh, and is complimentary to get, which also assists.
There are likewise some fascinating travel benefits if you pick a paid plan, but the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add a growing number of features which your existing consumers don’t truly want or require
add charges, charges or constraints to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo 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? Does Currensea Card Work In Spain
It is a 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 …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately verifies that you have enough 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. adds 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 notification through the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no 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 few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (often in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and an excellent app.
But I believe the best bit might 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 current account with less fret about running out of money and the extra action. That does not suggest it is best.
In this Currensea evaluation is the great, 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 deal, allowing us to make earnings from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be discovered on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also removes all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Does Currensea Card Work In Spain