A new fintech company which I was introduced to earlier this year. Currensea Card Add Money…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) but 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 simply spend as you would on a typical debit card and the money is taken from your bank account– just without the usual 3% cost.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some interesting travel advantages if you choose a paid plan, but the complimentary strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add more and more features which your existing clients do not really need or want
add charges, costs or restrictions to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is easy 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? Currensea Card Add Money
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees 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 affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, a very 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, globally).
Your current account bank instantly verifies that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice by means of 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 diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (typically in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards assures big cost savings (85%) and a terrific app.
But I think the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend cash you have in your existing current account with less fret about running out of money and the additional step. That does not imply it is perfect.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make income from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise removes all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Add Money