A new fintech business which I was presented to earlier this year. How To Pay With Currensea Card…
It has won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is easy 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 typical debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is totally free to apply for, which also assists.
There are also some fascinating travel benefits if you select a paid plan, however the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competition
include increasingly more functions which your existing customers do not really desire or require
add fees, charges or constraints to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 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 Pay With Currensea Card
It is a totally free 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 utilizing 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 want totally free ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices which use a partial service 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 wish to impact your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a really easy procedure. 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 bank account bank automatically confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
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 shows , 4.33 set up to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking cash and the additional action. That does not indicate it is perfect.
In this Currensea evaluation is the excellent, 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 deal, permitting us to make revenue from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete information can be discovered on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. How To Pay With Currensea Card