A brand-new fintech company which I was introduced to previously this year. Change Debit Card On Currensea…
It has won a few awards over recent months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your existing account– simply without the usual 3% cost.
Oh, and is free to apply for, which likewise helps.
There are also some fascinating travel advantages if you choose a paid plan, however the complimentary plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include more and more functions which your existing consumers don’t really desire or need
add charges, costs or limitations to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Change Debit Card On Currensea
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody 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 said earlier, an extremely basic procedure. 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 immediately 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. adds a 0.5% charge if you have the free card. There are no charges if you have among their paid cards.
You get an automated invest alert via the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any 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 shows , 4.33 arranged to leave my HSBC account a few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and an excellent app.
I think the best bit may 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 bank account with less stress over running out of money and the extra action. But that does not mean it is best.
In this Currensea review is the excellent, the bad, the unsightly 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 Plan of 0.5% per transaction, allowing us to make earnings from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be discovered on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Change Debit Card On Currensea