A brand-new fintech business which I was presented to previously this year. Do You Get Charged For Using Currensea Card Abroad…
It has won a couple of awards over current months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your bank account– simply without the usual 3% fee.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid plan, however the free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add a growing number of features which your existing customers don’t actually want or require
add restrictions, fees or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo 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? Do You Get Charged For Using Currensea Card Abroad
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 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 don’t 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 in between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automatic spend notice through the app, if you pick to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 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 couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about lacking cash and the additional step. But that does not suggest it is ideal.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make income from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be found on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on deals.
Every time you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Do You Get Charged For Using Currensea Card Abroad