A new fintech company which I was introduced to earlier this year. Currensea Card For Holiday…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% cost.
Oh, and is complimentary to get, which likewise helps.
There are likewise some interesting travel advantages if you select a paid plan, but the complimentary 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 cheaper than the competition
add more and more functions which your existing customers don’t actually need or desire
add charges, constraints or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card For Holiday
It is a free direct debit card to use abroad and which immediately recharges 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 want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which provide a partial service 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 want to affect your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely easy 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 immediately validates that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated spend notice by means of the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a fantastic app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less worry about running out of money and the extra action. That does not imply it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make revenue from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.
Each time you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card For Holiday