A new fintech company which I was presented to previously this year. Can I Use Currensea Card For Work…
It has won a couple of awards over recent months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is easy 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 money is taken from your existing account– just without the usual 3% fee.
Oh, and is free to apply for, which likewise assists.
There are likewise some interesting travel advantages if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competition
add more and more functions which your existing customers don’t actually want or need
include charges, constraints or costs to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Stage 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? Can I Use Currensea Card For Work
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows 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 small cost beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really simple 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 immediately verifies that you have sufficient cash in your account and authorises the transaction.
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 free card. There are no fees if you have among their paid cards.
You get an automatic invest notice by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no 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 shows �,� 4.33 set up to leave my HSBC account a couple of days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea promises huge savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less worry about lacking money and the extra step. That does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be discovered on our rates plans.
Membership costs.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Interchange.
Every time you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Can I Use Currensea Card For Work