A new fintech company which I was introduced to earlier this year. Currensea Card Uk Login…
It has won a few awards over current months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
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 just spend as you would on a regular debit card and the money is drawn from your current account– simply without the typical 3% cost.
Oh, and is free to obtain, which also helps.
There are likewise some fascinating travel advantages if you choose a paid plan, but the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or less expensive than the competitors
include a growing number of functions which your existing clients do not actually require or want
add charges, limitations or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Uk Login
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn 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% forex costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX charges are scarce. The only ‘points and miles’ options 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 costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very 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, internationally).
Your bank account bank automatically validates 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 on the currency. If you have the complimentary card, includes a 0.5% cost. There are no costs if you have among their paid cards.
You get an automated invest notice by means of the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle 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 couple of days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (frequently in a various language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards promises huge savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less stress over running out of money and the extra action. However that does not mean it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make profits from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be discovered on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on deals.
Each time you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Uk Login