A brand-new fintech business which I was introduced to earlier this year. Currensea Card Philippines…
It has actually won a couple of awards over current months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your present account– simply without the usual 3% cost.
Oh, and is free to get, which also helps.
There are likewise some interesting travel advantages if you select a paid plan, but the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
add increasingly more functions which your existing customers do not actually require or want
add restrictions, charges or costs to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Philippines
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a very basic process. You use 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 instantly verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend alert by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 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:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (typically in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a fantastic app.
But I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend money you have in your existing current account with less stress over running out of cash and the extra action. That does not indicate it is best.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make earnings from our Vital 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 totally free quantity on all our strategies, full details can be found on our prices plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Philippines