A brand-new fintech company which I was presented to earlier this year. Currensea Prepaid Card Review…
It has actually won a few awards over recent months for what it does (providing you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your present account– just without the typical 3% cost.
Oh, and is free to apply for, which likewise assists.
There are likewise some fascinating travel benefits if you select a paid strategy, 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 for free or more affordable than the competitors
include a growing number of features which your existing consumers don’t actually want or need
include costs, charges or restrictions to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Prepaid Card Review
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really easy procedure. You utilize 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 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 upon the currency. includes a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automatic spend notice by means of the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less stress over lacking cash and the additional action. But that does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, full information can be found on our pricing plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Prepaid Card Review