A new fintech business which I was presented to earlier this year. How Much Is A Physical Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you an inexpensive method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is free to make an application for, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid strategy, but the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include more and more features which your existing clients do not actually require or want
include constraints, charges or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How Much Is A Physical Currensea Card
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely easy process. 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 current account bank instantly validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest notification through the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any 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 costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a great app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of cash and the extra step. However that does not indicate it is perfect.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make profits 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 usage over the totally free quantity on all our plans, full information can be discovered on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise removes all FX markup on transactions.
Each time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. How Much Is A Physical Currensea Card