A new fintech business which I was presented to previously this year. Can You Receive Money On Your Currensea Card…
It has actually won a few awards over recent months for what it does (using you an inexpensive way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
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 current account– just without the normal 3% cost.
Oh, and is complimentary to make an application for, which also helps.
There are likewise some fascinating travel benefits if you select a paid plan, but the totally free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include more and more features which your existing consumers do not truly require or want
add charges, costs or limitations to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Receive Money On Your Currensea Card
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish 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 per month with no costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated previously, a really simple procedure. 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 verifies that you have enough cash in your account and authorises the deal.
The transaction 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% fee. There are no costs if you have among their paid cards.
You get an automated invest alert through the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, 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:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less worry about lacking money and the extra action. That does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make profits from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be found on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on deals.
Each time you invest 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. Can You Receive Money On Your Currensea Card