A new fintech company which I was presented to earlier this year. Unfreeze Currensea Card…
It has won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your present account– simply without the normal 3% fee.
Oh, and is totally free to obtain, which likewise helps.
There are also some intriguing travel advantages if you select a paid strategy, however the free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add increasingly more functions which your existing clients do not actually require or desire
add costs, charges or constraints to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are currently in Stage 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? Unfreeze Currensea Card
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% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a really simple procedure. You use 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 transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic invest notification by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later.
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 set up to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less fret about running out of cash and the additional step. But that does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make earnings from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be discovered on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on transactions.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Unfreeze Currensea Card