A new fintech business which I was introduced to earlier this year. Currensea Remove Card…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is basic 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 merely spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the usual 3% charge.
Oh, and is totally free to look for, which also helps.
There are likewise some intriguing travel benefits if you select a paid strategy, but the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add more and more functions which your existing customers don’t really desire or need
include costs, constraints or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Phase 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 Remove Card
It is a 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% cost.
You don’t (yet …) earn 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% forex costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs 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 use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just 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 anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very easy 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 automatically validates that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less stress over lacking money and the extra step. But that does not mean it is perfect.
In this Currensea review is the excellent, 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 Important Plan of 0.5% per deal, permitting us to make profits from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be discovered on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on transactions.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Remove Card