A new fintech company which I was presented to previously this year. Currensea Card Pros And Cons…
It has won a few awards over current months for what it does (using you an inexpensive way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– simply without the usual 3% fee.
Oh, and is totally free to request, which likewise assists.
There are also some fascinating travel advantages if you choose a paid plan, but the free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing clients do not truly want or need
add charges, restrictions or costs to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Pros And Cons
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, a really 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, worldwide).
Your bank account bank immediately confirms 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 totally free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest alert by means of the app, if you pick to install it.
The money is taken from your bank account a few days later.
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 arranged to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (often in a different language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately recently a handful of great travel debit cards have popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can invest cash you have in your existing current account with less worry about lacking cash and the extra action. That does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be discovered on our prices plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Pros And Cons