A new fintech business which I was introduced to previously this year. Does Currensea Card Work In Japan…
It has won a few awards over current months for what it does (using you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your present account– just without the typical 3% fee.
Oh, and is complimentary to obtain, which also assists.
There are also some interesting travel advantages if you select a paid plan, however the free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
add a growing number of features which your existing customers do not truly desire or need
add charges, charges or restrictions to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Does Currensea Card Work In Japan
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn 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 require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ options which offer a partial option 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 charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a little cost 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 cash when taking a trip.
How does work in practice?
It is, as I stated previously, a very simple 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 current account bank instantly confirms that you have sufficient cash 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% fee if you have the free card. There are no fees if you have one of their paid cards.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and an excellent app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less stress over running out of money and the extra action. That does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the options, 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 deal, permitting us to make earnings from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be found on our pricing strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Does Currensea Card Work In Japan