A new fintech business which I was introduced to previously this year. Pride Card Currensea…
It has won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% charge.
Oh, and is complimentary to look for, which also helps.
There are likewise some interesting travel advantages if you select a paid plan, but the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include a growing number of functions which your existing clients don’t really desire or need
include fees, charges or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic 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? Pride Card Currensea
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (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% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which offer a partial option 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 charge card offering 0% FX costs and do not want to affect 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 just a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notice via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a great app.
However I think the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of money and the extra step. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make revenue from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, full information can be discovered on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Plan, 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 little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Pride Card Currensea