A new fintech company which I was introduced to previously this year. Currensea Usd Card…
It has actually won a few awards over recent months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your bank account– simply without the usual 3% cost.
Oh, and is totally free to make an application for, which also helps.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or less expensive than the competitors
add more and more features which your existing consumers do not really require or desire
include constraints, costs or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Usd Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely simple procedure. 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 immediately confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. There are no costs if you have among their paid cards.
You get an automated spend notice through the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 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 couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (typically in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and a great app.
But I think the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less worry about lacking money and the extra step. But that does not suggest it is perfect.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Currensea Usd Card