A brand-new fintech company which I was presented to previously this year. Advantage Of Currensea Card…
It has won a few awards over recent months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is complimentary to obtain, which likewise assists.
There are likewise some intriguing travel benefits if you choose a paid plan, however the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add increasingly more features which your existing clients don’t actually desire or require
add charges, costs or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay 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 bar in 30 seconds?’ test:
What countries can I use Currensea? Advantage Of 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% charge.
You do not (yet …) make 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 fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial solution 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 credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs 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 previously, an extremely basic process. 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 adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic spend alert through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
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 shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a terrific app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less worry about running out of cash and the additional action. That does not mean it is ideal.
In this Currensea review is the good, 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 Plan of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be discovered on our rates plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Every time you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Advantage Of Currensea Card