A new fintech company which I was presented to earlier this year. Create Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is free to look for, which also assists.
There are likewise some fascinating travel advantages if you choose a paid plan, but the complimentary strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include a growing number of functions which your existing customers do not truly want or need
add costs, restrictions or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Create Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. There are no costs if you have among their paid cards.
You get an automated spend notice via the app, if you choose to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 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 few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra action. However that does not indicate it is perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, full details can be discovered on our pricing plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Create Currensea Card