A brand-new fintech company which I was introduced to earlier this year. Currensea Gold Card Review…
It has won a couple of awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is basic 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 just spend as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% fee.
Oh, and is free to make an application for, which also helps.
There are also some intriguing travel advantages if you choose a paid plan, but the free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include a growing number of functions which your existing customers do not truly want or need
include limitations, fees or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Gold Card Review
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% fee.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically verifies that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automatic spend alert through 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 splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. 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 great cards Currensea guarantees big cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing current account with less fret about running out of cash and the extra action. However that does not suggest it is perfect.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Gold Card Review