A new fintech business which I was presented to previously this year. Card Currensea Beneficii…
It has won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is totally free to request, which also helps.
There are also some fascinating travel advantages if you select a paid plan, however the free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add more and more features which your existing clients do not really desire or require
include charges, limitations or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Card Currensea Beneficii
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are scarce. The only ‘points and miles’ 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 fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately 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. includes a 0.5% cost if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to splash 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:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often 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.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can invest cash you have in your existing current account with less stress over running out of cash and the extra step. That does not indicate it is perfect.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make income from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be found on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Every 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. Card Currensea Beneficii