A new fintech business which I was introduced to previously this year. Additional Currensea Card…
It has won a couple of awards over current months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your present account– just without the normal 3% cost.
Oh, and is totally free to look for, which likewise helps.
There are also some interesting travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of functions which your existing customers don’t really desire or need
include costs, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are already 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? Additional Currensea Card
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automatic spend notice by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged 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 robbery that is just about to occur (frequently in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately recently a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards promises big savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less fret about lacking cash and the extra step. But that does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Additional Currensea Card