A new fintech business which I was presented to earlier this year. Currensea Card Country List…
It has won a few awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is free to apply for, which likewise helps.
There are likewise some interesting travel benefits if you select a paid strategy, but the totally free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
add a growing number of functions which your existing clients do not actually require or want
include restrictions, charges or fees to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Country List
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards 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 particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees 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 conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely simple process. You use 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 instantly 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. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notification by means of the app, if you select to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. Without any 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 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (typically in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards assures huge cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend money you have in your existing bank account with less worry about lacking money and the extra action. That does not suggest it is best.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be discovered on our prices plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Country List