A new fintech business which I was introduced to earlier this year. Why Was My Currensea Card Declined…
It has won a couple of awards over recent months for what it does (offering you a low-cost 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 bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your bank account– simply without the typical 3% fee.
Oh, and is free to request, which likewise assists.
There are likewise some interesting travel advantages if you select a paid plan, but the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include increasingly more features which your existing customers don’t actually require or want
include costs, constraints or charges to the feature that made people 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 Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Why Was My Currensea Card Declined
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank 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 wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card 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 affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies that you have sufficient cash 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% charge. There are no fees if you have one of their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other great cards guarantees huge savings (85%) and a great app.
But I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about running out of cash and the extra step. 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 decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Necessary Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full information can be discovered on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Why Was My Currensea Card Declined