A new fintech company which I was introduced to previously this year. Currensea Card Review Martin Lewis…
It has won a couple of awards over current months for what it does (using you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is drawn from your bank account– simply without the typical 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some intriguing travel benefits if you select a paid strategy, however the totally free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
add more and more functions which your existing customers don’t actually require or want
include fees, charges or restrictions to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Review Martin Lewis
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just 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 needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really simple 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 current account bank instantly verifies that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated spend notification by means of the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no 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 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyhow 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 fantastic cards Currensea assures big cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less worry about lacking cash and the extra action. But that does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
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 earnings from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete information can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Review Martin Lewis