A new fintech company which I was presented to earlier this year. Currensea Card Spain…
It has actually won a few awards over recent months for what it does (offering you an inexpensive way to spend abroad) but 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 bank account. There is nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your current account– just without the usual 3% charge.
Oh, and is complimentary to obtain, which also assists.
There are also some interesting travel advantages if you select a paid strategy, 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 all followed:
launch by doing something well, and for free or more affordable than the competitors
add increasingly more features which your existing consumers don’t truly need or desire
include charges, charges or limitations to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Spain
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly confirms that you have sufficient 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. includes a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
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 scheduled 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 daytime robbery that is practically to happen (often in a various language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and a great app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less stress over lacking money and the extra step. That does not mean it is best.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make profits from our Essential Strategy whilst remaining more affordable 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 details can be found on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Spain