A new fintech business which I was introduced to previously this year. Unfreeze Card Currensea…
It has actually won a couple of awards over current months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current 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 bank account– simply without the typical 3% charge.
Oh, and is totally free to look for, which likewise assists.
There are also some interesting travel benefits if you select a paid strategy, however the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add more and more features which your existing consumers do not truly desire or need
include fees, charges or limitations to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Unfreeze Card Currensea
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. 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 immediately verifies that you have sufficient money in your account and authorises the transaction.
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 totally free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash 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 on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and a great app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less stress over running out of cash and the additional action. That does not indicate it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make income from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise removes all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Unfreeze Card Currensea