A new fintech business which I was introduced to previously this year. Currensea Card Freeze…
It has actually won a couple of awards over current months for what it does (providing you a low-priced way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– just without the usual 3% charge.
Oh, and is totally free to look for, which also helps.
There are likewise some fascinating travel benefits if you select a paid plan, but the free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
add more and more features which your existing clients don’t really want or need
add fees, restrictions or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Freeze
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
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% foreign exchange costs, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, an extremely 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, globally).
Your current account bank instantly confirms that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification via 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 decided to splash out and purchase 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures big savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less stress over lacking cash and the extra action. However that does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make income from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.
Each 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 Freeze