A brand-new fintech business which I was introduced to previously this year. Is Currensea Card Credit Or Debit…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
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 simply invest as you would on a typical debit card and the money is drawn from your current account– simply without the usual 3% cost.
Oh, and is free to look for, which likewise helps.
There are likewise some fascinating travel advantages if you choose a paid plan, but the free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include more and more features which your existing consumers do not actually need or want
include limitations, charges or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card Credit Or Debit
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire 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 taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely 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, internationally).
Your current account bank automatically validates that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend alert through the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash 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 few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (typically in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. That does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make profits from our Important 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 complimentary amount on all our strategies, full information can be discovered on our prices plans.
Subscription charges.
We charge a yearly membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.
Interchange.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Is Currensea Card Credit Or Debit