A new fintech business which I was introduced to previously this year. Link Card To Currensea…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the money is taken from your current account– just without the usual 3% charge.
Oh, and is free to get, which likewise helps.
There are likewise some fascinating travel advantages if you choose a paid plan, however the free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add increasingly more features which your existing clients don’t really need or want
add fees, constraints or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Link Card To Currensea
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a very 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 bank account bank instantly verifies 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 on the currency. adds a 0.5% cost if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic spend notice 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. 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 reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees huge cost savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less stress over running out of cash and the additional action. But that does not mean it is best.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be found on our rates plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost likewise removes all FX markup on transactions.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Link Card To Currensea