A brand-new fintech company which I was introduced to previously this year. How Do I Use My Currensea Card Abroad…
It has won a couple of awards over current months for what it does (using you an affordable way to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, 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– just without the usual 3% fee.
Oh, and is complimentary to make an application for, which also helps.
There are also some intriguing travel advantages if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add more and more features which your existing clients do not truly desire or need
add charges, limitations or fees to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple 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? How Do I Use My Currensea Card Abroad
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 little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank instantly validates 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. If you have the free card, includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated spend notice through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, 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 on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards assures huge cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less fret about running out of cash and the additional step. That does not mean it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be discovered on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. How Do I Use My Currensea Card Abroad