A brand-new fintech business which I was introduced to earlier this year. Can I Get A Currensea Card For Someone Else…
It has won a couple of awards over recent months for what it does (offering you a low-priced method to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your existing account– just without the usual 3% charge.
Oh, and is totally free to make an application for, which also helps.
There are also some interesting travel advantages if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
add a growing number of features which your existing consumers do not really want or require
add charges, constraints or fees to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Get A Currensea Card For Someone Else
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards promises big cost savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less stress over running out of cash and the extra step. However that does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Can I Get A Currensea Card For Someone Else