A brand-new fintech company which I was introduced to previously this year. Currensea Card Perks…
It has actually won a few awards over current months for what it does (providing you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your existing account– simply without the typical 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are likewise some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
include more and more features which your existing customers do not truly desire or need
include constraints, charges or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Stage 3 …
is basic 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 Perks
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest notification through the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any 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 scheduled to leave my HSBC account a few days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking cash and the additional step. But 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 strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be found on our rates plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership 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 won’t be charged to you. Currensea Card Perks