A new fintech business which I was introduced to previously this year. Currensea Credit Card Usa…
It has actually won a couple of awards over current months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your existing account– just without the normal 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some interesting travel advantages if you choose a paid plan, however the free plan works fine. You can apply 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 for free or cheaper than the competition
include more and more functions which your existing customers don’t really require or want
include limitations, costs or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Credit Card Usa
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% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect 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 each month without any costs and just a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, 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 earlier, a very easy 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 current account bank instantly verifies 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 on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic invest notification via the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose 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 on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards assures huge savings (85%) and a great app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less fret about lacking money and the extra action. But that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make income from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, full information can be found on our prices strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also removes all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Credit Card Usa