A brand-new fintech business which I was introduced to earlier this year. Can Anyone Have 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) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is free to obtain, which also assists.
There are also some fascinating travel benefits if you select a paid plan, however the complimentary plan works fine. You can apply here.
There is a business 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 functions which your existing consumers don’t truly require or desire
add charges, fees or limitations to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo 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? Can Anyone Have A Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make 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 costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically validates 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. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest alert via the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. Without any 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:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a great app.
But I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can invest cash you have in your existing current account with less stress over lacking money and the extra action. But that does not indicate it is ideal.
In this Currensea evaluation is the good, 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 Vital Plan of 0.5% per deal, enabling us to make income from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full details can be found on our pricing plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Can Anyone Have A Currensea Card