A brand-new fintech company which I was presented to previously this year. How To Apply For A Currensea Card Ireland…
It has actually won a couple of awards over current months for what it does (providing you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to look for, which also helps.
There are also some interesting travel advantages if you pick 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 and so on have all followed:
launch by doing something well, and for free or less expensive than the competition
include a growing number of features which your existing customers do not truly want or need
add limitations, fees or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How To Apply For A Currensea Card Ireland
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really basic procedure. You use 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 immediately confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated spend notice by means of the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. With no 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 set up to leave my HSBC account a few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards promises big savings (85%) and a terrific app.
However I think the best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can spend money you have in your existing current account with less worry about running out of money and the extra action. However that does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make earnings from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. How To Apply For A Currensea Card Ireland