A brand-new fintech company which I was presented to earlier this year. Currensea Premium Card Review…
It has actually won a couple of awards over current months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your bank account– just without the typical 3% fee.
Oh, and is complimentary to get, which also helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, but the free plan 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 totally free or less expensive than the competitors
include more and more features which your existing consumers don’t really want or require
add costs, charges or constraints to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Stage 3 …
is basic 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 Premium Card Review
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial solution 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 affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the totally free card. There are no charges if you have among their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less worry about lacking cash and the extra action. That does not indicate it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete details can be discovered on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Premium Card Review