A new fintech company which I was presented to previously this year. Do I Need A Currensea Card…
It has won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% charge.
Oh, and is complimentary to request, which also helps.
There are also some interesting travel benefits if you select a paid plan, but the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add more and more features which your existing consumers do not actually desire or require
include charges, fees or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Do I Need A Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
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 credit card offering 0% foreign exchange costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really simple process. 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 current account bank instantly confirms 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 on the currency. adds a 0.5% fee if you have the totally free card. There are no costs if you have among their paid cards.
You get an automatic spend alert through the app, if you choose 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 chose to sprinkle out and buy 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 couple of days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (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 anyhow.
Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards guarantees big cost savings (85%) and a great app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less fret about running out of cash and the additional step. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Strategy 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 complimentary amount on all our strategies, complete information can be found on our rates plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge also removes all FX markup on transactions.
Each time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Do I Need A Currensea Card