A new fintech company which I was presented to earlier this year. Cancel Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your bank account– just without the typical 3% cost.
Oh, and is free to obtain, which also assists.
There are also some intriguing 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 etc have all followed:
launch by doing something well, and for free or less expensive than the competitors
include increasingly more features which your existing consumers don’t truly require or want
include limitations, charges or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 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 explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Cancel Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
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 charge card offering 0% forex costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide 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 charges and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional 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. includes a 0.5% fee if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated spend alert by means of the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 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:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (often in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less stress over running out of cash and the additional step. That does not imply it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make revenue from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be discovered on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise removes all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Cancel Currensea Card