A new fintech company which I was presented to earlier this year. Currensea Card Pride…
It has actually won a couple of awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your existing account– simply without the usual 3% charge.
Oh, and is totally free to make an application for, which likewise assists.
There are likewise some intriguing travel benefits if you pick a paid plan, but the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add a growing number of functions which your existing customers don’t actually require or want
add costs, charges or constraints to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Pride
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX costs 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 potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely basic 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 verifies that you have adequate money 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, adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend alert via the app, if you pick 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 chose 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 few days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (frequently in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea assures big savings (85%) and a great app.
However I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest cash you have in your existing bank account with less worry about lacking money and the extra step. But that does not imply it is best.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make revenue 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 strategies, full details can be discovered on our prices plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Pride