A new fintech company which I was introduced to previously this year. Sidemen X Currensea Card…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is easy 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 bank account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your current account– just without the typical 3% fee.
Oh, and is free to obtain, which likewise assists.
There are likewise some intriguing travel benefits if you select a paid strategy, but the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include a growing number of features which your existing customers don’t really desire or need
add charges, restrictions or fees to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic 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? Sidemen X Currensea Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are scarce. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely 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 automatically confirms that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the free card. There are no costs if you have among their paid cards.
You get an automatic invest alert via the app, if you select 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 diary, 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 set up to leave my HSBC account a few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can spend money you have in your existing current account with less fret about lacking cash and the extra step. That does not suggest it is best.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make income from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be found on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Each time you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Sidemen X Currensea Card