A new fintech business which I was introduced to previously this year. Can I Use Currensea Card In India…
It has won a few awards over current months for what it does (using you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is totally free to look for, which also helps.
There are also some interesting travel advantages if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include a growing number of features which your existing customers do not truly want or need
add limitations, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic 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 Card In India
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need 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 few and far in between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely easy 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 bank account bank instantly validates that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of cash and the extra action. However that does not imply it is best.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make revenue from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full information can be found on our pricing strategies.
Subscription costs.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost likewise removes all FX markup on deals.
Interchange.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Can I Use Currensea Card In India