A brand-new fintech company which I was introduced to previously this year. Currensea Card Age Limit…
It has won a couple of awards over current months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your current account– simply without the normal 3% fee.
Oh, and is free to get, which also assists.
There are also some fascinating travel advantages if you select a paid plan, however the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing customers don’t truly want or require
include costs, charges or restrictions to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut 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? Currensea Card Age Limit
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which offer 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 fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no 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 save them cash when travelling.
How does work in practice?
It is, as I said 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 bank account bank instantly confirms that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automated invest notice by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and an excellent app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less fret about running out of money and the additional step. However that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, allowing us to make profits from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full details can be found on our prices strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Age Limit