A new fintech company which I was presented to previously this year. Currensea Bank Card Review…
It has actually won a few awards over current months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is drawn from your bank account– simply without the normal 3% cost.
Oh, and is complimentary to look for, which likewise helps.
There are likewise some intriguing travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of functions which your existing clients do not actually need or desire
include charges, fees or restrictions to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Bank Card Review
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
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 credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small charge 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 money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very simple procedure. 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 current account bank immediately confirms that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest notification through the app, if you pick to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (frequently in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra step. But that does not imply 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 strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full information can be found on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Bank Card Review