A new fintech company which I was introduced to previously this year. Currensea Credit Card Uk…
It has won a couple of awards over current months for what it does (offering you an affordable method 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. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is drawn from your current account– simply without the normal 3% cost.
Oh, and is free to request, which also helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, however the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competitors
add increasingly more functions which your existing consumers don’t truly need or desire
include costs, charges or limitations to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic 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 Credit Card Uk
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline 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 free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small cost 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 stated previously, a very simple 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 confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The money is taken 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 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (frequently in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards promises huge savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less worry about lacking cash and the additional step. However that does not indicate it is best.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full information can be discovered on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Currensea Credit Card Uk