A brand-new fintech business which I was presented to previously this year. Currensea Free Card Promo Code…
It has won a few awards over recent months for what it does (using you an inexpensive method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– just without the usual 3% charge.
Oh, and is totally free to look for, which also assists.
There are also some intriguing travel benefits if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more functions which your existing consumers do not actually require or want
add fees, constraints or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Free Card Promo Code
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic spend alert through the app, if you pick to install it.
The cash 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 sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the inflated currency conversion fees happening 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 fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and an excellent app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less fret about lacking cash and the extra action. However that does not suggest it is ideal.
In this Currensea review is the great, the bad, the awful 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 Necessary Strategy of 0.5% per transaction, permitting us to make income from our Necessary 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 complimentary quantity on all our plans, full information can be found on our pricing plans.
Membership fees.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee also eliminates all FX markup on deals.
Interchange.
Each time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Free Card Promo Code