A new fintech company which I was introduced to earlier this year. Can A 15 Year Old Have A Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your present account– just without the normal 3% cost.
Oh, and is free to request, which likewise assists.
There are likewise some intriguing travel advantages if you select a paid plan, but the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
include increasingly more functions which your existing consumers do not really want or need
include restrictions, fees or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can A 15 Year Old Have A Currensea Card
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You do not (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 don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ options which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want 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 a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a really simple 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 bank account bank automatically validates that you have adequate 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. If you have the complimentary card, includes a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic invest notification 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. With no foreign travel in the diary, I chose to splash out and buy 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 converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can invest money you have in your existing bank account with less worry about lacking money and the extra step. That does not mean it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make profits from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our pricing strategies.
Membership costs.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee likewise removes all FX markup on deals.
Interchange.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Can A 15 Year Old Have A Currensea Card