A new fintech business which I was presented to earlier this year. Currensea Order A Card…
It has won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your present account– simply without the typical 3% charge.
Oh, and is free to obtain, which likewise assists.
There are also some fascinating travel benefits if you select a paid plan, however the complimentary plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add more and more functions which your existing customers do not truly desire or require
add charges, charges or limitations to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Order A Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very 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, globally).
Your bank account bank immediately confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notification by means of the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up 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 daytime robbery that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and a terrific app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of money and the additional action. However that does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make earnings from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full details can be discovered on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on deals.
Each time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Order A Card