A new fintech company which I was presented to previously this year. Free Currensea Card 2022…
It has won a couple of awards over current months for what it does (using you an inexpensive method 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. You simply spend as you would on a regular debit card and the cash is taken from your existing account– simply without the normal 3% charge.
Oh, and is free to request, which likewise assists.
There are likewise some interesting travel benefits if you select a paid strategy, but the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add increasingly more features which your existing consumers don’t truly need or desire
include costs, constraints or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain 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? Free Currensea Card 2022
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for using 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 complimentary ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX charges are rare. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small fee beyond , 500).
you want an item 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 conserve them cash when travelling.
How does work in practice?
It is, as I said previously, a really simple process. You utilize 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 sufficient cash in your account and authorises the transaction.
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. There are no costs if you have among their paid cards.
You get an automatic invest alert via the app, if you choose to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided 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 couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other great cards promises huge savings (85%) and an excellent 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 means is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. However that does not indicate it is best.
In this Currensea review is the excellent, the bad, the unsightly 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 deal, allowing us to make earnings from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full information can be found on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost likewise removes all FX markup on deals.
Each time you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Free Currensea Card 2022