A new fintech company which I was introduced to earlier this year. Currensea Card Standard…
It has won a few awards over recent 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 a good thing.
is, successfully, 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 typical debit card and the money is drawn from your bank account– simply without the usual 3% fee.
Oh, and is free to get, which likewise assists.
There are likewise some intriguing travel benefits if you choose a paid strategy, however the complimentary 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 totally free or less expensive than the competitors
add a growing number of features which your existing clients don’t really desire or require
include charges, charges or limitations to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Standard
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are few and far in between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly 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 charge card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult kids, 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 travelling.
How does operate in practice?
It is, as I stated earlier, an extremely simple process. You utilize 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 automatically confirms that you have enough 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. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend notification through the app, if you pick to install it.
The cash is taken from your bank account a few 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 set up 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 burglary that is practically to take place (typically in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this means 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 mean it is ideal.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be discovered on our rates plans.
Membership costs.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Interchange.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Standard