A new fintech company which I was presented to earlier this year. Is Currensea Credit Card…
It has actually won a few awards over recent months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your present account– simply without the usual 3% charge.
Oh, and is free to request, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
include a growing number of functions which your existing clients do not actually need or want
include restrictions, charges or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Credit Card
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX charges are scarce. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact 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 each month without any charges and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice via the app, if you pick to install it.
The money is drawn from your bank account a few days later.
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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards promises huge savings (85%) and a terrific app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less fret about running out of cash and the additional action. That does not mean it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, permitting us to make revenue from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full details can be discovered on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Is Currensea Credit Card