A brand-new fintech business which I was introduced to previously this year. Can I Share My Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your existing account– just without the normal 3% cost.
Oh, and is totally free to apply for, which also assists.
There are also some fascinating travel benefits if you pick a paid strategy, however the free strategy works fine. You can apply here.
There is an organization model 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 competitors
include increasingly more functions which your existing customers don’t truly want or need
include costs, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve 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? Can I Share My Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which permits 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 little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly 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. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest alert by means of the app, if you select 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 sprinkle out and purchase 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 couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (frequently in a various language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less worry about lacking cash and the additional step. But that does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, permitting us to make earnings from our Important 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 complimentary quantity on all our strategies, complete information can be found on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Can I Share My Currensea Card