A brand-new fintech business which I was introduced to previously this year. How To Get A Currensea Card…
It has actually won a few awards over recent months for what it does (using you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are also some fascinating travel advantages if you choose a paid plan, however the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
add increasingly more features which your existing customers don’t truly need or desire
add restrictions, charges or charges to the feature 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 remain there. Curve, monzo and revolut are already in Phase 3 …
is basic 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 To Get A Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn 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% foreign exchange charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really simple procedure. 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 immediately verifies that you have adequate money 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 free card. There are no costs if you have one of their paid cards.
You get an automated invest notice by means of the app, if you pick to install it.
The money is taken from your current 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 shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less stress over running out of cash and the additional action. That does not mean 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 strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make income from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full details can be found on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on deals.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. How To Get A Currensea Card