A brand-new fintech company which I was introduced to previously this year. Bank Card Currensea…
It has actually won a couple of awards over current months for what it does (using you an affordable way to spend abroad) however what I like about is that it is basic 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 nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is taken from your current account– simply without the usual 3% cost.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some interesting travel advantages if you choose a paid plan, but the totally free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or less expensive than the competition
include a growing number of functions which your existing customers don’t actually need or desire
add charges, constraints or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Bank Card Currensea
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely simple process. 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 instantly validates that you have enough 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. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notification via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 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 few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards assures huge savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can invest cash you have in your existing current account with less worry about running out of money and the extra step. However that does not mean it is best.
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 nominal FX markup on our Important Strategy of 0.5% per deal, enabling us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete information can be found on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Bank Card Currensea