A brand-new fintech company which I was introduced to previously this year. Add Another User To Currensea Card…
It has actually won a few awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% cost.
Oh, and is complimentary to obtain, which likewise helps.
There are likewise some interesting travel advantages if you select a paid plan, however the complimentary plan works fine. You can use here.
There is a service 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
include increasingly more functions which your existing clients do not truly desire or require
include charges, charges or limitations to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Add Another User To Currensea Card
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 credit card offering 0% foreign exchange costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically validates that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic spend notification via the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no 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 scheduled to leave my HSBC account a few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other great cards promises huge savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest money you have in your existing current account with less worry about running out of cash and the extra action. However that does not imply it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, 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, allowing us to make earnings from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, full information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Add Another User To Currensea Card