A new fintech business which I was introduced to earlier this year. Currensea Card Scam…
It has won a couple of awards over recent months for what it does (using you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
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 simply invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is free to make an application for, which also assists.
There are also some intriguing travel benefits if you choose a paid plan, however the free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competition
add increasingly more features which your existing consumers do not really want or need
include costs, charges or constraints to the function 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. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Scam
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately confirms that you have enough cash in your account and authorises the transaction.
The deal 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 charges if you have one of their paid cards.
You get an automated spend alert via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 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 on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the inflated currency conversion charges 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 popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and an excellent app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less stress over running out of money and the extra step. But that does not indicate it is ideal.
In this Currensea evaluation is the good, 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, permitting us to make profits from our Vital Strategy 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, complete information can be found on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Scam