A new fintech business which I was presented to previously this year. Can You Pay Euros Into Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% charge.
Oh, and is free to apply for, which likewise assists.
There are also some interesting travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competitors
add increasingly more features which your existing customers do not really desire or require
include limitations, fees or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is simple 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 You Pay Euros Into Currensea Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
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 charge card offering 0% forex fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want a product 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 fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, 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 operate in practice?
It is, as I stated earlier, a very easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately confirms that you have sufficient 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 totally free card, includes a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automated invest alert through the app, if you choose to install it.
The money is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle 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:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and an excellent app.
However I think the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend cash you have in your existing current account with less stress over running out of cash and the additional step. But that does not imply it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make income from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full information can be discovered on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Can You Pay Euros Into Currensea Card