A new fintech business which I was introduced to previously this year. Can I Use My Currensea Card In The Caribbean…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is easy 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 bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is taken from your bank account– just without the typical 3% charge.
Oh, and is complimentary to obtain, which also assists.
There are likewise some fascinating travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing consumers don’t truly want or require
include restrictions, charges or costs to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In The Caribbean
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices 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 do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely easy procedure. 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 bank account bank instantly confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification via the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (typically in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other great cards guarantees huge cost savings (85%) and a great app.
I think 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 bank account with less worry about running out of cash and the additional action. But that does not indicate it is perfect.
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 small FX markup on our Essential Plan of 0.5% per deal, allowing us to make profits from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be found on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Can I Use My Currensea Card In The Caribbean