A brand-new fintech company which I was presented to previously this year. Currensea Card Thailand…
It has won a couple of awards over current months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your bank account– simply without the normal 3% cost.
Oh, and is free to apply for, which likewise assists.
There are likewise some intriguing travel advantages if you select a paid strategy, but the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
include more and more functions which your existing clients do not actually want or require
add costs, charges or restrictions to the feature 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 ideally stay there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Thailand
It is a complimentary 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.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX charges are rare. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire 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 money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automated invest notice through the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards assures huge savings (85%) and an excellent app.
But I believe the very 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 worry about lacking cash and the additional action. That does not imply it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make income from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete information can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Thailand