A new fintech company which I was presented to previously this year. Currensea Card Rates…
It has actually won a few awards over current months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your bank account– simply without the usual 3% fee.
Oh, and is free to request, which also assists.
There are likewise some interesting travel advantages if you choose a paid strategy, but the free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include a growing number of features which your existing clients don’t actually want or require
include charges, restrictions or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Stage 3 …
is easy 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 Rates
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX costs are scarce. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated earlier, 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, globally).
Your bank account bank instantly validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% charge. There are no costs if you have among their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a various language) while not telling you about the outrageous currency conversion fees happening 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 actually popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and a great app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less stress over running out of cash and the extra step. That does not mean it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Rates