A new fintech company which I was presented to previously this year. How To Use Currensea Card In Europe…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely invest as you would on a regular debit card and the money is taken from your existing account– simply without the typical 3% charge.
Oh, and is totally free to get, which also helps.
There are also some fascinating travel advantages if you select a paid strategy, but the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
include a growing number of functions which your existing consumers do not actually need or want
add charges, charges or limitations to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How To Use Currensea Card In Europe
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees 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 don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, 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, a really basic procedure. You use 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 validates 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 upon the currency. adds a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automated invest alert via the app, if you select 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 sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards assures huge savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less worry about running out of cash and the additional action. That does not suggest it is best.
In this Currensea review is the good, the bad, the awful and the options, 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 deal, enabling us to make income from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be found on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Each time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. How To Use Currensea Card In Europe