A new fintech business which I was introduced to previously this year. Currensea Card Visa Or Mastercard…
It has won a couple of awards over recent months for what it does (using you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
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 regular debit card and the cash is drawn from your current account– just without the typical 3% fee.
Oh, and is totally free to get, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid strategy, however the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include more and more features which your existing customers do not truly desire or need
add limitations, charges or costs to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Stage 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 Visa Or Mastercard
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which use a partial option 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 fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank instantly confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% cost. There are no fees if you have among their paid cards.
You get an automatic spend alert via 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. With no 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 on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (typically in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises huge 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 indicates is you can invest cash you have in your existing bank account with less stress over running out of cash and the additional step. That does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make profits from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Visa Or Mastercard