A new fintech business which I was introduced to previously this year. Can I Use Currensea As 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 basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is free to make an application for, which likewise helps.
There are also some interesting travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competitors
include a growing number of features which your existing customers do not truly want or require
include charges, costs or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea As Credit Card
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic process. 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 current account bank instantly confirms that you have sufficient 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. includes a 0.5% fee if you have the totally free card. There are no fees if you have among their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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 converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and an excellent app.
I believe the 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 additional step. That does not imply it is perfect.
In this Currensea review is the great, the bad, the ugly 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 transaction, allowing us to make revenue from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full information can be found on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Can I Use Currensea As Credit Card