A new fintech company which I was presented to earlier this year. Why Currensea Card…
It has actually won a couple of awards over current months for what it does (using you a low-priced method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% cost.
Oh, and is totally free to apply for, which likewise assists.
There are also some intriguing travel benefits if you choose a paid plan, but the totally free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include increasingly more features which your existing customers don’t actually need or desire
include charges, restrictions or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is easy 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? Why Currensea Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a very simple 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 current account bank immediately validates that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The cash is drawn from your bank 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 shows , 4.33 arranged to leave my HSBC account a couple of days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less fret about running out of cash and the extra action. That does not imply it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium plans 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 Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be discovered on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on transactions.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Why Currensea Card