A new fintech company which I was presented to earlier this year. Currensea Card Account…
It has won a few awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some fascinating travel advantages if you choose a paid plan, however the free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include a growing number of features which your existing customers don’t truly want or require
include fees, limitations or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is basic 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? Currensea Card Account
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very basic process. 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 current account bank instantly confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic spend alert through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, 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 couple of days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and an excellent app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less fret about lacking cash and the additional action. But that does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make income from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete information can be found on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Account