A new fintech business which I was presented to previously this year. Order Currensea Card Online…
It has won a few awards over recent months for what it does (providing you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, 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 normal debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is totally free to request, which also assists.
There are likewise some intriguing travel advantages if you pick a paid plan, however the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competition
add increasingly more functions which your existing consumers don’t actually require or desire
add charges, costs or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy 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? Order Currensea Card Online
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, 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 costs are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not 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 an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, a very basic 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 automatically 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 upon the currency. If you have the complimentary card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notice by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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 on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards guarantees big savings (85%) and an excellent app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less stress over running out of cash and the extra step. However that does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, 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 transaction, permitting us to make earnings from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Order Currensea Card Online