A new fintech company which I was presented to earlier this year. Can I Use My Currensea Card In The Us…
It has actually won a couple of awards over current months for what it does (providing you an inexpensive way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is free to request, which likewise assists.
There are likewise some interesting travel advantages if you select a paid plan, but the complimentary strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or less expensive than the competition
include more and more functions which your existing clients don’t truly require or want
add restrictions, charges or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Use My Currensea Card In The Us
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
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 costs, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially 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 credit card specifically to utilize abroad
you desire a product which allows 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 little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a really basic 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 immediately confirms that you have adequate money 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% cost. There are no costs if you have one of their paid cards.
You get an automated spend alert by means of the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
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 (frequently in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less fret about running out of money and the extra step. That does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, permitting us to make earnings from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our rates strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can I Use My Currensea Card In The Us