A new fintech company which I was introduced to earlier this year. Currensea Virtual Card…
It has won a few awards over current months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% charge.
Oh, and is totally free to get, which likewise assists.
There are likewise some intriguing travel benefits if you pick a paid strategy, however the free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
include increasingly more features which your existing consumers do not truly need or desire
include constraints, charges or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Virtual Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are few and far in between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially 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 charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said earlier, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically confirms that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated spend alert by means of 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 diary, I decided to splash 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 expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can invest cash you have in your existing current account with less stress over running out of cash and the extra action. That does not mean it is best.
In this Currensea review 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 small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Virtual Card