A brand-new fintech business which I was presented to previously this year. Can I Use Currensea Card In Vietnam…
It has won a couple of awards over recent months for what it does (using you an inexpensive method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the money is taken from your bank account– just without the normal 3% charge.
Oh, and is totally free to get, which also helps.
There are likewise some fascinating travel benefits if you choose a paid plan, however the complimentary strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add more and more features which your existing customers do not really need or desire
add charges, restrictions or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use Currensea Card In Vietnam
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very simple process. You use 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 adequate money 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 free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend notice via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 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:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea assures big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking money and the extra action. However that does not indicate it is best.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make profits from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, 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 Plan. The subscription cost likewise eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Can I Use Currensea Card In Vietnam