A new fintech business which I was introduced to previously this year. Can I Use My Currensea Card For Ebay…
It has won a few awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your current account– simply without the typical 3% charge.
Oh, and is totally free to request, which also helps.
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 something well, and totally free or more affordable than the competitors
add a growing number of features which your existing customers don’t actually need or desire
include charges, costs or constraints to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card For Ebay
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (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 don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a small cost beyond , 500).
you desire 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 save them money when travelling.
How does work in practice?
It is, as I stated previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically confirms that you have enough 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 free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated spend notification via the app, if you choose to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up 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 just about to occur (often in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less fret about running out of money and the additional step. That does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be found on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on deals.
Every time you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Can I Use My Currensea Card For Ebay