A brand-new fintech company which I was presented to previously this year. Can You Rent A Car With Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your existing account– simply without the typical 3% charge.
Oh, and is totally free to request, which also assists.
There are also some intriguing travel advantages if you select a paid plan, however the free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more features which your existing customers don’t really require or want
add limitations, costs or charges 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 hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Rent A Car With Currensea Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little cost 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 conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely easy procedure. 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 immediately verifies 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. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards promises big cost savings (85%) and a fantastic app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less worry about lacking money and the additional step. That does not mean it is best.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make revenue 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 use over the complimentary quantity on all our plans, full details can be found on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on transactions.
Whenever you invest with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Can You Rent A Car With Currensea Card