A brand-new fintech company which I was presented to previously this year. Why Get A Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-priced method to invest abroad) however 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 in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– simply without the typical 3% cost.
Oh, and is complimentary to get, which also helps.
There are also some fascinating travel benefits if you select a paid plan, however the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
include more and more features which your existing consumers do not actually desire or require
add charges, fees or limitations to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Why Get A Currensea Card
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current 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 charge card offering 0% forex costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which provide a partial option 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 credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, 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 basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification by means of the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big cost savings (85%) and a terrific app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less worry about running out of cash and the additional action. But that does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be found on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Why Get A Currensea Card