A brand-new fintech business which I was presented to earlier this year. What Countries Can I Use My Currensea Card…
It has won a couple of awards over current months for what it does (providing you an affordable way to invest 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 in between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is drawn from your bank account– simply without the normal 3% fee.
Oh, and is complimentary to look for, which likewise helps.
There are likewise some interesting travel advantages if you choose a paid strategy, however the totally free plan works fine. You can apply 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 free of charge or cheaper than the competitors
add increasingly more features which your existing customers don’t really desire or require
include restrictions, charges or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple 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? What Countries Can I Use My Currensea Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a really simple process. 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 verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automatic invest notification via the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards promises big savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less worry about lacking money and the additional action. However that does not indicate it is best.
In this Currensea evaluation is the great, 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 Necessary Strategy of 0.5% per deal, enabling us to make profits from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our prices strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. What Countries Can I Use My Currensea Card