A new fintech company which I was presented to previously this year. Currensea Card Customer Support…
It has won a couple of awards over recent months for what it does (using you an inexpensive method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is free to get, which likewise helps.
There are likewise some interesting travel benefits if you select a paid strategy, however the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add more and more features which your existing customers don’t really desire or need
include restrictions, costs or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Customer Support
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make 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 charges, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX fees 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 do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated spend alert by means of the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards guarantees big cost savings (85%) and a terrific app.
However I think the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest cash you have in your existing current account with less worry about running out of cash and the extra action. That does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make earnings from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full information can be discovered on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Every time you spend 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 Customer Support