A brand-new fintech company which I was introduced to previously this year. Currensea Accept Credit Card Payments…
It has won a few awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is drawn from your current account– simply without the normal 3% cost.
Oh, and is free to obtain, which likewise assists.
There are also some fascinating travel benefits if you pick a paid plan, however the complimentary strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competitors
add increasingly more functions which your existing consumers do not actually require or desire
include charges, charges or limitations to the function that made individuals 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 remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic 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? Currensea Accept Credit Card Payments
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a very little 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 a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, 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, internationally).
Your bank account bank automatically confirms that you have sufficient cash 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, adds a 0.5% fee. There are no fees if you have among their paid cards.
You get an automated invest notice via the app, if you select to install it.
The money is taken from your current account a few days later on.
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 on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards promises big savings (85%) and an excellent app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less stress over running out of money and the additional step. That does not suggest it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make profits from our Necessary Plan 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 amount on all our plans, full details can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also removes all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Accept Credit Card Payments