Can I Use Currensea Without A Card – Best Travel Cards

A brand-new fintech company which I was introduced to previously this year. Can I Use Currensea Without A Card…

It has won a couple of awards over current months for what it does (offering you a low-cost method to invest abroad) however what I like about  is that it is easy as hell. This is a good thing.

is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is taken from your bank account– just without the usual 3% cost.

Oh, and  is totally free to look for, which also assists.

There are likewise some intriguing travel advantages if you pick a paid plan, however the totally free plan works fine. You can apply here.

There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing one thing well, and free of charge or less expensive than the competition
include a growing number of functions which your existing consumers don’t truly need or want

add charges, charges or limitations to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:

It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

You do not (yet …) make any airline miles or points for utilizing it.

Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a  card, unless you desire free ATM withdrawals. You can stop checking out now.

Credit cards which offer rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs 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 impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.

How does  work in practice?
It is, as I stated previously, a really easy process. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately verifies that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card,  includes a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no 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 reveals �,� 4.33 scheduled to leave my HSBC account a few days later:.

But converting pounds was costly.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.

Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards  promises huge savings (85%) and an excellent app.

I believe the best bit may be what no other card does: links to your existing high street bank account.

What this suggests is you can invest cash you have in your existing bank account with less stress over running out of cash and the extra action. That does not suggest it is ideal.

In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be discovered on our rates plans.

Membership fees.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.

Interchange.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Can I Use Currensea Without A Card