A brand-new fintech business which I was presented to previously this year. Currensea Card Atm Fees…
It has actually won a few awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% cost.
Oh, and is totally free to request, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, but the free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add more and more features which your existing consumers do not truly want or require
include limitations, charges or costs to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Atm Fees
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 little 0.5% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really basic 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 current account bank instantly verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest notification via the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyway 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 assures big savings (85%) and a terrific app.
I believe the finest 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 bank account with less fret about lacking cash and the extra step. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, 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, allowing us to make earnings from our Essential Plan whilst remaining more affordable 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 plans, full details can be found on our rates plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also gets rid of all FX markup on transactions.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Atm Fees