A new fintech business which I was introduced to previously this year. Currensea Card Promo Code…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is drawn from your bank account– just without the normal 3% charge.
Oh, and is free to apply for, which also assists.
There are also some intriguing travel benefits if you select a paid strategy, however the totally free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include increasingly more features which your existing clients do not actually require or want
include limitations, charges or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Promo Code
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which provide 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 fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no fees if you have among their paid cards.
You get an automated spend alert via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 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 couple of days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (typically in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less worry about lacking cash and the extra action. That does not indicate it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, permitting us to make revenue from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be found on our pricing strategies.
Membership fees.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Interchange.
Whenever you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Promo Code