A brand-new fintech business which I was introduced to previously this year. Is A Currensea Card Worth It…
It has actually won a couple of awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your current account– simply without the usual 3% fee.
Oh, and is totally free to get, which also helps.
There are also some intriguing travel advantages if you choose a paid plan, however the complimentary 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 for free or less expensive than the competitors
include more and more functions which your existing clients do not really want or require
add costs, constraints or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is A Currensea Card Worth It
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish 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 each 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, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does work 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 bank account bank instantly confirms 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. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated invest notice through the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (often in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of great travel debit cards have popped onto the scene … and like other fantastic cards promises big cost savings (85%) and a great app.
However I think the best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend money you have in your existing current account with less stress over running out of money and the additional action. That does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be found on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Is A Currensea Card Worth It