A new fintech company which I was introduced to earlier this year. Currensea Daily Card Top Up Limit…
It has won a few awards over recent months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is drawn from your bank account– simply without the typical 3% fee.
Oh, and is totally free to get, which likewise helps.
There are likewise some interesting travel advantages if you select a paid strategy, but the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competition
add increasingly more functions which your existing customers don’t actually require or desire
add restrictions, charges or charges to the feature that made people get your item in the first place, eliminating 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 describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Daily Card Top Up Limit
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
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 credit card offering 0% foreign exchange 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 fees are couple of and far in between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a really 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, worldwide).
Your current account bank instantly validates that you have adequate money 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, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated spend notification by means of the app, if you choose 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 journal, I decided to sprinkle out and buy 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (often in a different language) while not telling you about the expensive currency conversion fees 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 terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less stress over lacking money and the additional step. However that does not suggest it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Vital Plan whilst remaining 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 strategies, complete details can be found on our pricing strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Daily Card Top Up Limit