A new fintech company which I was presented to earlier this year. How To Get A Currensea Visa Card…
It has won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
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 regular debit card and the cash is taken from your current account– just without the normal 3% charge.
Oh, and is free to apply for, which also assists.
There are likewise some interesting travel advantages if you choose a paid strategy, but the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competition
add a growing number of features which your existing clients do not actually need or want
add limitations, charges or costs to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How To Get A Currensea Visa Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic charge card 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 wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a very easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately validates that you have enough cash in your account and authorises the transaction.
The transaction 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. If you have one of their paid cards, there are no costs.
You get an automated spend alert via the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and a great app.
I believe the best bit may 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 bank account with less worry about running out of money and the extra action. However that does not imply it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make revenue from our Necessary Plan whilst remaining more affordable 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, complete information can be found on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. How To Get A Currensea Visa Card