A new fintech business which I was presented to previously this year. Currensea Credit Card Countries…
It has won a few awards over current months for what it does (using you an affordable method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your present account– just without the typical 3% cost.
Oh, and is complimentary to get, which also helps.
There are likewise some interesting travel advantages if you choose a paid plan, but the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add more and more functions which your existing clients don’t actually want or need
include fees, charges or restrictions to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain 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 Credit Card Countries
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big savings (85%) and a great app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about running out of cash and the extra action. That does not imply it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete information can be found on our pricing strategies.
Membership fees.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Interchange.
Each time you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Credit Card Countries