A new fintech company which I was presented to earlier this year. Currensea Card Moneysavingexpert…
It has won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is totally free to request, which likewise assists.
There are likewise some intriguing travel benefits if you choose a paid plan, however the complimentary plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add a growing number of functions which your existing clients don’t really need or want
add limitations, costs or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is easy 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 Moneysavingexpert
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (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% forex fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automatic spend notice by means of the app, if you select to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (typically in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises big cost savings (85%) and a great app.
However I think the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can spend money you have in your existing bank account with less fret about running out of money and the extra action. That does not indicate it is perfect.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make profits from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete information can be found on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Moneysavingexpert