A new fintech company which I was introduced to previously this year. Can I Use Currensea Card In Uk…
It has won a couple of awards over current months for what it does (offering you an inexpensive method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your existing account– just without the normal 3% cost.
Oh, and is free to get, which likewise helps.
There are also some intriguing travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competition
include a growing number of functions which your existing customers don’t really need or want
add constraints, fees or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is simple 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 In Uk
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just 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 needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automatic spend notification via the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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 few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing current account with less fret about lacking cash and the extra step. That does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Each time you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Can I Use Currensea Card In Uk