Say I receive a refund of 100€. What I would like is for that 100€ to be credited to Curve Cash. I could then, using the planned Curve functionality, put that 100€ back to one of my cards, or I could spend it directly from Curve cash. It’s simple, and there’s no FX involved.
The way it would work with a GBP only Curve Cash is that when I receive the 100€ it automatically gets converted to, say, £90. I would have to do some mental gymnastics to keep knowing how much spending power I have in my Curve Cash, and then when I decide to spend/load back the money, there would be another FX from the £90 to, say, 99€. Much more cumbersome and wasteful too.
Even without refunds in the picture, it’s also quite annoying for cashback too. I currently have 6 GBP in Curve Cash. I have no idea how much that is in EUR, and having to do calculations for it is just cumbersome.
So then you get a refund from like ebay it converted, and if you buy something again it converted again ?
Intro like USD or HK, yuan, ETC
If I get another refund in another currency, I would still like it not to be converted. So, after the scenario above if I were to receive $30, my Curve Cash would be 100€ + $30. Still no conversion. I could then load the USD to my USD card, the EUR to my EUR card, etc.
Another big advantage of having multicurrency Curve Cash is that once this functionality is in place, implementing multicurrency Curve Send would be a breeze.
Curve send with a forced FX to GBP as I last remember it done was sadly quite unusable for me.
In a perfect world
Curve will support every single currency
In case you buy something online
Or in a store, then travel or pay a deposit and use the curve card
And get a refund
Then the money are hold in the original currency
And you can spend them or send it to you card
Or convert it intro like
EUR, GBP, DKK; SEK, NOK, BGN, Or what your currency are
Precisely. Now, to be realistic, we cannot hope for every currency to be supported, but if this functionallity was to be implemented for the 26 currencies Curve already supports, it would still be a huge usability improvement when compared to the forced FX to GBP approach.
It will only withdraw if it can cover the full payment
We’re also building out the functionality to allow you to draw from your Cash balance first when buying something. If there’s enough money to cover the full purchase, it will deduct from your Cash Balance, regardless of what payment card you have selected. Just toggle-on “use automatically” and make use of your Cash without having to think about it
This is a must on a service that offers services in multiple countries. You should at least cover all the currencies for places Curve Card is available!!!
With refunds coming to Curve Cash, this is more important than before.
No, why every currency? The domestic currencies of the majority of Curve’s customers should suffice, particularly EUR, GBP and PLN.
Why not all the domestic currencies which are used in countries that Curve sends cards to (accepts customers from)? I would like my refunds (and Curve points) to be in SEK.
What if the original purchase and the underlying card were both in another currency (e.g. EUR)? Surely you wouldn’t want this converted to SEK?
So still converting and lost money from me
If I purchase something in say EUR, Curve converts this to SEK and debits my underlying card in SEK. The old way of refunds worked in a similar fashion, Curve got the refund, converted it to SEK and credited my underlying card. This is what I would like to happen still.
But you are right, if the incoming transactions are sent to Curve Cash, they should be kept in the original currency, and then Curve needs to support all currencies in which we can spend.
After the rebuild of refunds, I received a refund today which was late due to the Wirecard issue. The fact that I got back my refund that way is fantastic. Really good work Curve!
But the original amount was in SEK and now I got the refund in GBP on my curve-cash. That instantly made me think of the Borderless multi-currency account idea for curve cash i.e. being able to hold money in several currencies.
If I had a curve-cash account in SEK then the refund would go directly to my SEK cash instead of unnecessary exchange SEK -> GBP -> SEK since I will spend this money in SEK anyway.
Coming from Curve Borderless cash
Looks like a perfect fit with the Borderless account offered by Transferwise which lets you receive and spend money in multiple currencies and skip the currency exchange. Basically combine Curve & Transferwise cards.
Yes please to this. I have to perform gymnastics in my YNAB budget app to keep track of the Curve Cash balance.
I agree with what you’re saying here and I think a few people have missed your point.
Due to the way curve are refunding money back on to curve cash card I absolutely agree your money should be refunded back to you in the currency of the underlying card that you purchased on. Having the option of setting up a curve cash card in your primary location of where you live should be considered and able to change through customer services if you change country you live in. I don’t believe it should be changed for the sake of using it from country to country when you are holidays as there will be a cost that would have to be passed on the curve due to fx charges however this could be a premium feature down the road.
As people have said curve operate in multiple countries in multiple currencies and having everything converted to £’s is not only impractical for people living outside a country that’s currency is £ but surely there must be some laws that kick in from each Country that stipulates how a refund should be paid which will be different from one place to another (understand it is the same banking passport across Europe so laws are similar).
If I lived in France using a euro card and purchased something in France I would 100% expect to get the euros back I paid. If I then came to the UK and paid for something in £’s I would still expect to be paid back in to my curve card in the charged euros that hit my account so I was not losing money. - realistically there won’t be many people asking for refunds from another country unless there are in that period of moving over to the new country as the refund would have to be done in store of purchase (yes also buying online too)
Think it’s a little odd refunds are done in £’s was though I wouldn’t be happy!
To add I live in the UK and it is ideal for me, but as an investor and someone that travels a lot I am very considerate and sympathetic to others that do use card. Will be interesting in seeing how this all pans out if there is a no deal scenario and we have to leave the European financial passport :s