A brand-new fintech business which I was introduced to earlier this year. Can I Use My Currensea Card In The Dominican Republic…
It has actually won a few awards over current months for what it does (using you an inexpensive method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend 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 free to obtain, which likewise helps.
There are likewise some fascinating travel benefits if you choose a paid plan, but the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include increasingly more features which your existing customers don’t actually require or desire
add charges, constraints or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut 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 In The Dominican Republic
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which use a partial option 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 credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a really basic process. You utilize 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 verifies that you have enough 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. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice through the app, if you choose to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 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 few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards assures huge 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 means is you can spend cash you have in your existing current account with less fret about lacking cash and the additional action. That does not imply it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Can I Use My Currensea Card In The Dominican Republic