A brand-new fintech company which I was introduced to earlier this year. Who Owns Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is complimentary to obtain, which also helps.
There are also some interesting travel benefits if you pick a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competition
include a growing number of functions which your existing customers don’t really desire or need
include charges, restrictions or costs to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Who Owns Currensea Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically confirms that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. With no 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:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (often in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can invest money you have in your existing current account with less fret about lacking cash and the extra step. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make earnings from our Necessary 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 complimentary quantity on all our strategies, full details can be discovered on our rates strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Who Owns Currensea Card