A brand-new fintech company which I was presented to earlier this year. Currensea Credit Or Debit Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% charge.
Oh, and is totally free to request, which also helps.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more features which your existing clients don’t truly require or desire
add charges, restrictions or costs to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already 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 Credit Or Debit Card
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item 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 little cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically confirms that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic spend notice via the app, if you select 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 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 transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less worry about lacking money and the extra action. However that does not mean it is best.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make revenue from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be found on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Credit Or Debit Card