A new fintech company which I was presented to previously this year. Card Currensea Copii…
It has won a few awards over current months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% charge.
Oh, and is free to look for, which also helps.
There are likewise some intriguing travel advantages if you choose a paid strategy, however the totally free plan works fine. You can apply 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 for free or cheaper than the competition
include more and more features which your existing customers don’t actually want or need
include costs, charges or constraints to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is easy 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? Card Currensea Copii
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item 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 fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically verifies that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% cost. There are no charges if you have among their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The cash 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 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:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (often in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of great travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less worry about running out of cash and the extra step. That does not imply it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full information can be found on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise eliminates 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 straight from the merchant and will not be credited you. Card Currensea Copii