A new fintech company which I was introduced to earlier this year. Currensea Card Uk Phone Number…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
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 merely spend as you would on a normal debit card and the cash is drawn from your bank account– simply without the typical 3% charge.
Oh, and is free to request, which also helps.
There are likewise some interesting travel advantages if you select a paid plan, but the free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competitors
add a growing number of features which your existing customers don’t really want or require
add charges, constraints or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve 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 Uk Phone Number
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives 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 don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
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, globally).
Your bank account bank instantly validates that you have enough money 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% fee. There are no fees if you have among their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 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 couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards assures big cost savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less stress over running out of cash and the additional step. However that does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make income from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be discovered on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Uk Phone Number