A brand-new fintech business which I was presented to earlier this year. Currensea Card Benefits Uk…
It has actually won a couple of awards over recent months for what it does (offering you an inexpensive way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your present account– simply without the normal 3% cost.
Oh, and is totally free to look for, which also helps.
There are also some fascinating travel advantages if you choose a paid plan, however the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add increasingly more features which your existing customers do not actually need or want
add costs, constraints or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is easy 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 Benefits Uk
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly 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 charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a very basic process. You use 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 validates that you have sufficient 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 totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend alert via the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided 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 couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less fret about lacking cash and the extra action. That does not suggest it is ideal.
In this Currensea evaluation is the excellent, 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 Vital Strategy of 0.5% per deal, permitting us to make revenue from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be found on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Benefits Uk