A new fintech company which I was introduced to previously this year. Currensea Prepaid Card Visa Or Mastercard…
It has actually won a couple of awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your current account– just without the normal 3% cost.
Oh, and is free to make an application for, which also helps.
There are likewise some intriguing travel benefits if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add a growing number of features which your existing consumers do not really need or desire
include charges, restrictions or fees to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Prepaid Card Visa Or Mastercard
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company 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 do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really simple process. 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 bank account bank automatically verifies that you have sufficient 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. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated spend alert via 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. Without any foreign travel in the journal, 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 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards guarantees big savings (85%) and a terrific app.
I think the best bit may 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 fret about running out of cash and the extra step. That does not imply it is best.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full information can be found on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on transactions.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Prepaid Card Visa Or Mastercard