A new fintech business which I was introduced to previously this year. Currensea Card Blocked…
It has won a few awards over current months for what it does (using you an inexpensive method 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 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 regular debit card and the money is taken from your bank account– simply without the usual 3% fee.
Oh, and is totally free to request, which likewise helps.
There are also some intriguing travel advantages if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include increasingly more functions which your existing consumers don’t truly desire or require
add fees, constraints or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is basic 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? Currensea Card Blocked
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current 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 wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs 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 needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic invest notification via the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a great app.
I believe the best bit might be what no other card does: connects 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 money and the extra action. However that does not mean it is best.
In this Currensea review is the excellent, the bad, the ugly 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, permitting us to make profits from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details can be found on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on deals.
Each time you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Blocked