A new fintech company which I was introduced to earlier this year. Currensea Card Age…
It has actually won a couple of awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your present account– just without the normal 3% charge.
Oh, and is complimentary to request, which also helps.
There are likewise some intriguing travel benefits if you pick a paid strategy, however the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include a growing number of features which your existing customers do not actually need or desire
add charges, charges or limitations to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple 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 Age
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which use a partial service 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 wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. You use 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 immediately 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 on the currency. includes a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated spend notification via the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less stress over lacking money and the extra action. That does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make profits from our Essential 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 plans, full information can be found on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.
Every 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 charged to you. Currensea Card Age