A brand-new fintech business which I was introduced to previously this year. Will My Currensea Card Work In Canada…
It has won a couple of awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is simple 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 absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is taken from your bank account– simply without the usual 3% cost.
Oh, and is complimentary to make an application for, which likewise helps.
There are also some interesting travel benefits if you pick a paid plan, however the complimentary plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include a growing number of functions which your existing customers do not actually want or need
include charges, charges or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is basic 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? Will My Currensea Card Work In Canada
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really easy 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 instantly confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. There are no charges if you have among their paid cards.
You get an automated spend notification by means of the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, 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 arranged to leave my HSBC account a couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a great app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less fret about lacking cash and the additional step. However that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, enabling us to make profits from our Vital 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 quantity on all our strategies, complete information can be found on our pricing plans.
Membership charges.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Interchange.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Will My Currensea Card Work In Canada