A new fintech business which I was presented to previously this year. Delivery Time Currensea Card…
It has won a few awards over recent months for what it does (providing you an affordable 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 simply spend as you would on a regular debit card and the money is taken from your present account– just without the usual 3% fee.
Oh, and is complimentary to get, which also helps.
There are also some interesting travel benefits if you pick a paid plan, but the complimentary plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competition
add a growing number of functions which your existing clients don’t really need or desire
include restrictions, costs or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is easy 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? Delivery Time Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank 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 charge card offering 0% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want a product which allows 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 want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly validates that you have adequate 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, includes a 0.5% cost. There are no costs if you have among their paid cards.
You get an automatic spend alert by means of the app, if you select to install it.
The money is drawn from your bank account a few days later on.
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 arranged to leave my HSBC account a few days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. 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 fantastic cards Currensea promises big savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less worry about lacking cash and the additional step. But that does not mean it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete information can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Delivery Time Currensea Card