A brand-new fintech business which I was presented to earlier this year. Currensea Card Uk Contact…
It has won a few awards over current months for what it does (offering you an affordable method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, 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 normal debit card and the cash is taken from your bank account– simply without the usual 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some interesting travel benefits if you select a paid plan, but the free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
add a growing number of functions which your existing consumers don’t really want or need
include charges, limitations or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Uk Contact
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want totally free 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 ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically confirms that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 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:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (typically in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking cash and the extra action. However that does not suggest it is perfect.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full information can be found on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Uk Contact