A brand-new fintech company which I was introduced to previously this year. Can I Use My Currensea Card In Singapore…
It has won a couple of awards over recent months for what it does (providing you a low-priced way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, 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 spend as you would on a normal debit card and the money is drawn from your current account– just without the normal 3% charge.
Oh, and is totally free to request, which likewise helps.
There are likewise some fascinating travel benefits if you select a paid strategy, but the complimentary plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competition
include increasingly more features which your existing customers don’t truly want or need
include charges, restrictions or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In Singapore
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make 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 fees, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially 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 credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. There are no charges if you have among their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards guarantees big cost savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less fret about running out of cash and the additional action. That does not imply it is perfect.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full information can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Can I Use My Currensea Card In Singapore