Does The Currensea Card Support The Jamaican Dollar – Best Travel Cards

A new fintech business which I was presented to earlier this year. Does The Currensea Card Support The Jamaican Dollar…

It has actually won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) however what I like about  is that it is basic as hell. This is a good thing.

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 spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% charge.

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

There are also some interesting travel advantages if you select a paid plan, however the free plan works fine. You can use here.

There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and free of charge or more affordable than the competitors
include more and more functions which your existing customers don’t truly need or want

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

It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) make any airline miles or points for utilizing it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a  card, unless you want 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 ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.

IS possibly for you if:

you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I stated previously, a very simple procedure. 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 automatically verifies that you have sufficient 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. If you have the complimentary card,  includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest notice by means of the app, if you pick to install it.
The money is drawn from your current account a couple of 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 arranged to leave my HSBC account a few days later on:.

Transforming pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.

Luckily in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards  assures huge savings (85%) and an excellent app.

But I think the very best bit might be what no other card does: links to your existing high street bank account.

What this means is you can spend money you have in your existing bank account with less fret about running out of cash and the extra action. But that does not mean it is best.

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

FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make income 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 quantity on all our strategies, full information can be found on our pricing plans.

Subscription fees.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on deals.

Interchange.
Each time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Does The Currensea Card Support The Jamaican Dollar