A brand-new fintech business which I was introduced to earlier this year. Currensea Credit Card Cash Advance…
It has actually won a couple of awards over recent months for what it does (providing you an inexpensive way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your existing account– simply without the usual 3% charge.
Oh, and is totally free to apply for, which likewise helps.
There are also some interesting travel benefits if you choose a paid plan, however the complimentary plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
include a growing number of functions which your existing customers do not really want or require
add restrictions, fees or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Monzo, revolut and curve 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 Credit Card Cash Advance
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (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 do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ choices which provide 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 charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely simple 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 instantly confirms that you have sufficient cash 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, adds a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The cash is drawn from your current 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 shows , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards assures huge cost 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 spend money you have in your existing current account with less stress over lacking money and the extra step. That does not indicate it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge also gets rid of 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 Credit Card Cash Advance