A new fintech company which I was presented to previously this year. Can Currensea Be Used In Place Of A Credit Card…
It has actually won a couple of awards over current months for what it does (using you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the cash is taken from your current account– simply without the normal 3% cost.
Oh, and is totally free to apply for, which also helps.
There are likewise some intriguing travel benefits if you pick a paid strategy, but the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competition
add a growing number of features which your existing clients do not actually desire or require
include costs, charges or constraints to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can Currensea Be Used In Place Of A Credit Card
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX charges are few 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 charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional 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. adds a 0.5% charge if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated spend alert by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a terrific app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can spend cash you have in your existing current account with less stress over running out of money and the additional action. That does not mean it is perfect.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, allowing us to make profits from our Essential Plan whilst staying much cheaper than other pre-paid 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 found on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Can Currensea Be Used In Place Of A Credit Card