A new fintech company which I was introduced to previously this year. Liam Payne Currensea Card…
It has won a couple of awards over recent months for what it does (using you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, 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 just spend as you would on a typical debit card and the cash is taken from your bank account– simply without the usual 3% charge.
Oh, and is free to apply for, which also assists.
There are also some interesting travel benefits if you choose a paid strategy, however the complimentary plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
add more and more features which your existing clients do not really need or desire
include costs, restrictions or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is basic 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? Liam Payne Currensea Card
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
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 credit card offering 0% foreign exchange charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a really basic process. You utilize 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 automatically confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated invest notice through the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any 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 reveals �,� 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards promises big cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend money you have in your existing current account with less stress over lacking cash and the extra step. That does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make revenue from our Essential Strategy 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 plans, complete details can be discovered on our pricing plans.
Subscription charges.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Liam Payne Currensea Card