A new fintech business which I was introduced to earlier this year. Currensea Card Verification Failed…
It has actually won a few awards over current months for what it does (using you an affordable way to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, 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 taken from your current account– just without the usual 3% cost.
Oh, and is complimentary to get, which likewise assists.
There are also some interesting travel advantages if you select a paid strategy, however the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include a growing number of functions which your existing consumers don’t really want or require
include fees, limitations or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently 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 Verification Failed
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said previously, a really easy 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 current account bank immediately confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notification by means of the app, if you select 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 decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards promises big savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less stress over lacking money and the extra action. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make profits from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, full details can be found on our rates plans.
Membership costs.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Verification Failed