A brand-new fintech company which I was introduced to earlier this year. Can You Get A Currensea Card Under 18…
It has won a few awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is totally free to get, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, however the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competition
add a growing number of features which your existing customers do not actually desire or require
include fees, charges or limitations to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Get A Currensea Card Under 18
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want 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 conserve them money when travelling.
How does operate in practice?
It is, as I said earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly verifies that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic spend notification by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any 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 arranged to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards promises huge savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over lacking cash and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Can You Get A Currensea Card Under 18