A brand-new fintech company which I was presented to earlier this year. Currensea Card Won T Tap…
It has actually won a few awards over recent 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 a good idea.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– just without the normal 3% charge.
Oh, and is complimentary to look for, which also helps.
There are also some interesting travel advantages if you pick a paid strategy, but the complimentary strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include more and more functions which your existing clients do not actually need or want
include restrictions, fees or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 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 Won T Tap
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone 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 basic procedure. 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 automatically confirms that you have enough money in your account and authorises the transaction.
The transaction 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% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest notice by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 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 few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (frequently in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards promises big savings (85%) and an excellent app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less stress over running out of cash and the additional action. But that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make revenue from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be found on our rates strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Won T Tap